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

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.