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.
- 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.
- Banks
- Savings and Loans
- Brokerage Firms
- Credit Unions
- 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.