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Family Resource Management

Living for Today — Planning for Tomorrow

News You Can Use

Guidelines For Saving

Basic Information
  • A spending plan should accompany a saving plan. (A financial plan should help you reach your goals.)
  • Establish goals for saving. Involve your family in identifying goals. Savings are to take care of emergencies as well as long-term and short-term wants and needs.
  • If you save a small amount per pay period, your savings account will grow steadily.
Ways To Save
  • Get into the habit of saving on a regular schedule. Pay yourself first.
  • Save refunds or bonuses.
  • Fill a coin jar with change.
  • Use debt-to-credit switch. At end of installment payment, switch that payment to a savings program.
  • Kick-the-habit plan. If you are a smoker spending $20 a week for cigarettes, cut out or at least cut down on cigarettes and put up to $1040 in savings yearly.
  • Put overtime money in savings.
  • Develop a short-term austerity program. Buy nothing unless you really need it.
  • When you get a raise, save it.
  • Put monetary gifts into savings.
  • Use automatic deduction -- to credit union from payroll check, or automatic transfer to savings account from checking account.
Where To Save
  • Banks
  • Savings and Loans
  • Brokerage Firms
  • Credit Unions
Who Can Save
  • Anyone with proof of identification and a social security number may open a savings account with a bank or savings and loan institute.
  • Membership is required to have a savings account with a credit union.