America Saves Week

The Secret To Saving More

Did you know that there is a Secret To Saving more? Well, it's not really a secret, you just have to be motivated to save and find way's to do it.

Well most of the time I can keep a secret, however this is one of those times I just can’t hold water. Did y’all know it was a secret to saving more? Well, really it isn’t a secret. It’s actually being motivated to save and finding way’s to save.

According to a new, 15-part checklist released this week, the most important steps toward creating a solid nest egg include making a plan with specific goals, avoiding high-interest debt and saving at least 5 percent of your income. Before you bash me 5% is not that much. The campaign also recommends making savings deposits automatic through bank accounts and contributing regularly to retirement accounts. You can read more about automatic saving here.

In a survey of more than 1,000 people conducted in September, it was found that young people between ages 18 and 35 were particularly interested in saving. This fact is attributed partly to the lingering effects of the Great Recession as well as concerns over the stability of Social Security. That younger group also had the highest rating for effort made to save. Go head young people whoop whoop!

It can only be speculated that the late, Great Recession especially influenced young people, and that they’re skeptical about receiving Social Security benefits. Heck, I’m not even young and I’m skeptical about receiving Social Security benefits. It’s also noted that the median income of young adults has fallen, which further underscores their financial insecurity and need to save. Sorry young people.

The survey also found that higher-income individuals reported the highest levels of interest in savings, as well as the greatest amount of effort made to save. The group attributes that finding to the fact that it’s likely easier for higher-income individuals to find ways to tuck money away. Unsurprisingly, higher-income individuals also reported being able to save more effectively than lower-income individuals. The highest levels of interest, effort and effectiveness of saving were found among respondents earning over $100,000 a year.

It can be said that those with the greatest ability to save also make the greatest effort to save. Hold up, I don’t make $100 grand a year but I manage to find way’s to save. If you are looking for way’s to save you can find them here.  The findings illustrate the pessimism among low-income Americans and the pervasive belief that it is too difficult to save. That’s why I believe it’s just as important to help motivate people to save and to provide opportunities to do so, as it is to inform them how to save effectively. Don’t forget to grab my FREE report, 54 Way’s To Save Money

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I want to convince those in the lower-income brackets, including those earning under $50,000 or even $25,000 a year, to find ways to save more. That way, they can avoid credit card debt or high-interest rate payday loans and build up greater financial security. According to the report, moderate, and not just low-income families, did not believe they could save $1,000. One of my principal goals is to persuade people that they have the ability to save.

Believing that they can save is one of the first steps toward helping low-income families do so. Even starting with just accumulating loose change, which can add up to $100 a year or more, can be a good start. In my years of personal finance coaching, I have heard stories where that’s how people started to save. It wasn’t the amount of dollars that was important, it was seeing that they could save.

Even though this is not automatic it is still an opportunity to save. At the end of the day save you change in a jar and after a month deposit what you have into your savings account and watch it grow
Save Save Save

While several hundred dollars might not sound like significant savings, it can actually make a big difference for those in the low- and middle-income brackets,  In a 2008 study from the Consumer Federation of America found that having at least $500 in savings was correlated with a slew of other positive financial factors, including less concern over paying monthly bills, the ability to keep up with the mortgage or rent and general concern over personal finances. The survey data suggest that this figure [$500], or something close to it, may represent a threshold that distinguishes both attitudes and behaviors.

For people on the financial edge, saving $100, or $200, or $500 can make all the difference in the world. The most important financial step for low-income individuals is to increase their incomes.

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5 Opportunities for Automatic Savings

I thought this time I would give you 5 opportunities for automatic savings. If it's one thing for sure, all this automatic stuff has certainly helped me in getting my finances in order.

 

 

Since my last post was about 7 way’s to automate your saving’s if you didn’t catch that post you can click on the link and read it there.  I thought this time I would give you 5 opportunities for automatic savings. If it’s one thing for sure, all this automatic stuff has certainly helped me in getting my finances in order.

Sure, we understand that saving regularly is one of the simplest ways to reach our financial goals.  Let’s face it, we don’t all take advantage of easy ways to automate our savings. As part of America Saves Week, I’ve devised a list of five automatic savings opportunities that are often overlooked. These go a step beyond the normal mere automatic transfers from checking to savings. They’re easy, straight-forward ways to save money automatically that most of us don’t take advantage of yet, and they increase your chances of reaching your goals even faster.

1.  Direct Deposit Your Tax Refund Into Savings
According to the IRS, the average American’s tax refund now stands at over $3,100. Don’t let that windfall slip through your fingers. Deposit all or part of it into your savings account, instead, and watch your money grow. Don’t just take that windfall and ball till you fall. I used to be guilty of that, but thank God when you know better you do better.  Plus, the IRS allows direct deposits into one or more accounts, such as a checking and savings account, which means you can choose to spend a portion and save the rest. (I’d recommend saving all you can.) Conveniently, you can also direct deposit all or part of your refund into your Individual Retirement Account (IRA), or use it to purchase up to $5,000 in U.S. Series I Savings Bonds. You can split your refund using tax preparation software, or Form 8888, if you use paper filing.

2. Don’t Forget Bonuses or Commissions
Do you get quarterly or yearly bonuses? Are commissions a part of your earnings? If you answered yes to either of those questions, count yourself lucky. Don’t forget to direct deposit all or part of these funds into your savings. Consult with your employer about direct depositing the funds into your savings account, or set up automatic transfers from your checking to savings accounts when you expect the funds.

Another alternative? During those times you receive extra earnings, increase the contributions on your employer-sponsored retirement plan, such as a 401(k). It’ll help you max out your contributions faster and earn any applicable company match to boost your savings even further. Consult with your HR representative or your company’s online retirement plan portal to manage your contributions.

Have you gotten my FREE REPORT 54 Way’s To Save Money? If not, you can still get it while it’s free and the getting is good.

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3. Save Your Spare Change
Some banks and credit unions offer programs which automatically round up to the next dollar on any purchases you make, and transfer the spare change from your checking to savings account. These programs are free, and provide a fool-proof way to jumpstart your savings and always pay yourself first. You probably won’t miss the spare change in your checking account, but your savings will sure be glad for the extra boost. Even small amounts saved over time add up. Also save any spare change at the end of the day. Put it in a jar and hide the jar from your kids and grand children, jk. At the end of the month see how much you have in the jar and deposit that into your saving account. (ok I know that wasn’t automatic,but I just wanted to throw that in)

Even though this is not automatic it is still an opportunity to save. At the end of the day save you change in a jar and after a month deposit what you have into your savings account and watch it grow
Save Save Save

4. Credit Card Rewards Can Boost Savings, Too
Many popular credit cards rewards programs offer several rewards options, ranging from airline miles or hotel points to cash back. Sadly, many credit card rewards perks often go unused, making them less than rewarding. But if you choose to receive rewards in the form of cash back, instead, many cards will deposit the rewards sum directly into an account of your choice. If you’re limited to receiving the funds into checking, you can always transfer the funds to savings. Either way, you’re boosting your savings painlessly. Don’t forget to pay off the balance on your card at the end of every month to avoid costly interest fees, otherwise you’ll spend more on interest than you’ll receive in rewards.

5. Set Your Savings Rate Higher
So, you think you’re a savings pro now that you’ve got regular transfers or direct deposits into your savings account? Well, you can go a step further still by periodically increasing your savings rate, whether to your employer-sponsored retirement plan or your savings account. Many 401(k) plans allow users to opt-in to periodic increases in their savings rates, such as a 1 percent increase in their contributions per year. If you prefer to contribute to a savings account or other savings vehicle, consider increasing your contributions regularly, such as every time you get a raise.

Having the foresight to automate your savings can help you beat temptation and stay ahead financially. And the techniques described above are easy ways to take your savings to the next level. For more way’s 54 to be exact, don’t forget to download my FREE report 54 Way’s To save Money. As you can see, you can’t leave any stones unturned when it comes to saving. Tell me in the comments below, what opportunities you use to save automatically.

 

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7 Ways to Automate Your Savings

 

If saving money is hard for you, you should try automating your savings. With these 7 ways to automate your savings you will have a great little nest egg in no time. While you're here be sure to download my FREE report showing you 54 way's you can save. Hurry and grab it while it's free

Sometimes, building a healthy cushion of savings can seem like a daunting task. We all know how easy it is to make a late credit card payment, or  end up spending all of your paycheck without remembering to save part of it. One easy way to get started on saving during America Saves Week is to automate your savings. Having technology work to save money for you takes much of the effort out of the equation, saves time, and makes it easier for you to achieve your goals. Keep reading for 7 ways to automate your savings.

 

  1. Automate Retirement Contributions

If your employer matches retirement contributions to your 401K or retirement plan, be sure to take advantage of the free money! Sign up for retirement contributions to be automatically taken out of your paycheck. This saves you money in several ways. First, it contributes money before you even see your paycheck and have an opportunity to spend that money. Second, it saves you money on taxes as it is withdrawn from your pre-tax income. (Who doesn’t like saving on taxes?)

Even if you don’t have a retirement plan with your employer, you can still schedule your account to contribute automatically to your own retirement plan. Scheduling your contribution a day or two after you receive your paycheck ensures that saving for retirement is a priority.

 

Get my FREE report 54 Way’s To Save Money. In this report, I show you way’s to save on entertainment to transportation and so much more! Grab it today because it won’t be FREE for long
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  1. Transfer Money to Savings Accounts

To prioritize savings, schedule an automatic transfer of a certain amount of your monthly income into a savings account. Your savings will benefit from being set aside from your regular spending, as well as benefiting from a higher dividend rate. Eventually, just a small amount squirreled aside every month can translate into a healthy buffer of savings to hold you over on a rainy day.

If you are self-employed or a freelancer and you have to pay quarterly or yearly taxes on your income, sending the estimated tax you owe to a separate account every month will help you to avoid an unpleasant surprise at tax time.

 

  1. Pay Bills Automatically

Avoid late fees by paying your bills automatically. Some bills can be put on your credit card, whereas others can be set up to be paid directly from your bank account. I have my car insurance come directly out of my paycheck, because I get a hefty discount with one of our partner companies.

It’s also a good idea to set up your credit card bill to be directly paid from your bank account. That way, you avoid late fees as well as costly interest on overdue amounts. Be sure, however, that you have enough money in your account to avoid overdrawing your account and incurring additional fees.

 

  1. Get Money Back With Credit Card Rewards

There are many no-fee credit cards that offer cash back or rewards points. Use your card for all your regular purchases (and your monthly bills), and you’ll earn free rewards or cash back for your spending. If you plan to spend money on travel, rewards points that allow you to buy airplane tickets or hotel stays can also help save you money. Choosing the right credit card can also net you additional perks like car rental and travel insurance when you pay with your card.

It’s important to use your credit card responsibly, so be sure you can pay your balance in full every month to avoid extra fees.

 

  1. Use Technology to Cut Energy Costs

If you spend a lot on heating and cooling costs, investing in a smart thermostat can automatically save you energy and money, by reducing your energy usage during hours that you are away from home or at night. Many thermostats can also set different zones of your house to heat and cool differently depending on your needs, making your energy usage more efficient.

When your appliances are in need of replacement, replace them with energy-efficient models that will automatically reduce your energy usage every time you use them.

 

  1. Simplify and Save While Shopping

I’m old fashioned, but many people can’t be bothered to cut out physical coupons and fiddle with all those little slips of paper at the store. With smartphones, it’s much easier to automate the couponing process. Many grocery and big box stores have apps that allow you to choose the coupons you need from the app, and then apply them all by scanning your phone at checkout. Other apps aggregate coupons from many different retailers.

For regular purchases of things like diapers, toilet paper, and other necessities, consider joining an online subscription service. These services will deliver your purchases to your door regularly, as well as offer a discount in the process. That way, you won’t be stuck paying full price when you have to run out and buy these items at the last minute.

 

  1. Keep an Eye on Your Accounts

Staying aware of the activities in your accounts helps you to track your spending, as well as detect any fraudulent activity. I know it can be a bit of a pain to sign into each individual credit card and bank account separately. Instead, tie your accounts into an app (such as Mint.com) that allows you to see your transactions at a glance. This will help you to rein in your spending if needed, transfer money to savings or investment accounts, as well as save time keeping track of your accounts.

 

By setting your finances to automatically save for you, you’ll quickly be on your way to saving both time and money.

 

For more savings tips, don’t forget to download my FREE report, 54 Way’s to Save Money

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America Saves Week February 27 – March 4, 2017

America Saves Week
America Saves, I save, You save!

 

America Saves Week (February 27 – March 4, 2017) is an annual opportunity for individuals to assess their savings and take financial action. Each year, we encourage savers – or potential savers – just like you to set a goal, make a plan, and save automatically.

This America Saves Week, try these five simple steps to help yourself save automatically – and successfully:

  1. Assess Your Savings.
    Like your health, you should assess your savings annually to make sure your savings priorities are on the right track. Complete this simple 12-question assessment to find out your current standing and help you plan for the future.
  2. Evaluate your Savings Preparedness
    Check off your savings accomplishments on the Saver Checklist to further evaluate where your savings habits need strengthening for your future goals.
  3. Take the America Saves Pledge
    Those with a savings plan are two times as likely to save for emergencies and retirement than those without one. Join more than 500,000 American Savers who have already committed to save. When you take the pledge, you can choose to receive text message tips and reminders to help you save towards your goals.
  4. Share Your Savings Goal
    Take part in the 2017 #ImSavingFor photo contest. Share a selfie or video that shows what you’re saving for on Facebook, Twitter, or Instagram. Then check AmericaSavesWeek.org in early 2017 to learn more about contest entry details and prizes. Savings never looked so good.
  5. Make Your Savings Social
    Are you on Twitter or Facebook? Join America Saves and the American Savings Education Council in encouraging your friends, family, and colleagues to save this week. Better yet, join one of the many Twitter chats that America Saves will be a part of this week to get real-time savings tips and advice.

With that being said, what are you saving for? Let me know in the comments

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Celebrate America Saves Week

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celebrate america saves week
America Saves, You Save, I Save

 

America Saves Week is almost over, but there’s still time to start or grow your savings. I love a great celebration, so to help you celebrate America Saves Week, here are 4 simple way’s for you to do that. 

4 Ways to Celebrate America Saves Week

Happy saving!

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7 Way’s To Automate Your Savings

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7 Way's To Automate Your Savings
America Saves, You Save, I Save

 

The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union.

How to Save Automatically

The best automatic saving is when you make a decision to do so, then it just happens:

  • Every month, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
  • Every pay period, your employer deducts a certain amount from your paycheck and transfers it to a retirement or savings account. Ask your HR representative for more details and to set this up.
  • If your employer doesn’t offer a retirement account start saving with myRA, a new retirement savings account from the United States Department of the Treasury. The account features no cost or fees, no complicated investment options, and no risk of losing money. Learn more.

Not sure how much to save each month? Take the America Saves Pledge. The pledge will help you create a monthly savings plan and will help you stay committed to your plan all year long!

Sometimes, building a healthy cushion of savings can seem like a daunting task. We all know how easy it is to make a late credit card payment, or to end up spending all of your paycheck without remembering to save part of it. One easy way to get started on saving this America Saves Week is to automate your savings. Having technology work to save money for you takes much of the effort out of the equation, saves time, and makes it easier for you to achieve your goals.

1. Automate Retirement Contributions

If your employer matches retirement contributions to your 401K or retirement plan, be sure to take advantage of the free money! Sign up for retirement contributions to be automatically taken out of your paycheck. This saves you money in several ways. First, it contributes money before you even see your paycheck and get an opportunity to spend that money; and second, it saves you money on taxes as it is withdrawn from your pre-tax income.

Even if you don’t have a retirement plan with your employer, you can still schedule your account to contribute automatically to your own retirement plan. Scheduling your contribution a day or two after you receive your paycheck ensures that saving for retirement is a priority.

2. Transfer Money to Savings Accounts

To prioritize savings, schedule an automatic transfer of a certain amount of your monthly income into a savings account. Your savings will benefit from being set aside from your regular spending, as well as benefitting from a higher dividend rate. Eventually, even just a small amount squirreled aside every month can translate into a healthy buffer of savings to hold you over on a rainy day.

If you are self-employed or a freelancer and you have to pay quarterly or yearly taxes on your income, sending the estimated tax you owe to a separate account every month will help you to avoid an unpleasant surprise at tax time.

3. Pay Bills Automatically

Avoid late fees by paying your bills automatically. Some bills can be put on your credit card, whereas others can be set up to be paid directly from your bank account.

It’s also a good idea to set up your credit card bill to be directly paid from your bank account. That way, you avoid late fees as well as costly interest on overdue amounts. Be sure, however, that you have enough money in your account to avoid overdrawing your account and incurring additional fees.

4. Get Money Back With Credit Card Rewards

There are many no-fee credit cards that offer cash back or rewards points. Use your card for all your regular purchases (and your monthly bills), and you’ll earn free rewards or cash back for your spending. If you plan to spend money on travel, rewards points that allow you to buy airplane tickets or hotel stays can also help save you money. Choosing the right credit card can also net you additional perks like car rental and travel insurance when you pay with your card.

It’s important to use your credit card responsibly, so be sure you can pay your balance in full every month to avoid extra fees.

5. Use Technology to Cut Energy Costs

If you spend a lot on heating and cooling costs, investing in a smart thermostat can automatically save you energy and money, by reducing your energy usage during hours that you are away from home or at night. Many thermostats can also set different zones of your house to heat and cool differently depending on your needs, making your energy usage more efficient.

When your appliances are in need of replacement, replace them with energy-efficient models that will automatically reduce your energy usage every time you use them.

6. Simplify and Save While Shopping

Many people can’t be bothered to cut out physical coupons and fiddle with all those little slips of paper at the store, but with smartphones, it’s much easier to automate the couponing process. Many grocery and big box stores have apps that allow you to choose the coupons you need from the app, and then apply them all by scanning your phone at checkout. Other apps aggregate coupons from many different retailers.

For regular purchases of things like diapers, toilet paper, and other necessities, consider joining an online subscription service, which will deliver your purchases to your door regularly, as well as offer a discount in the process. That way, you won’t be stuck paying full price when you have to run out and buy these items at the last minute.

7. Keep an Eye on Your Accounts

Staying aware of the activities in your accounts helps you to track your spending, as well as detect any fraudulent activity. But it can be a bit of a pain to sign into each individual credit card and bank account separately. Instead, tie your accounts into an app (such as Mint.com) that allows you to see your transactions at a glance. This will help you to rein in your spending if needed, transfer money to savings or investment accounts, as well as save time keeping track of your accounts.

By setting your finances to automatically save for you, you’ll quickly be on your way to saving both time and money.

What will you do during America Saves Week to automate your savings?

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Share Your Savings Goal to Enter The #imsavingfor Contest

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Share Your Savings Goal to Enter The #imsavingfor Contest
America Saves, You Save, I Save

 

Want to win $500 to start or build your savings? Enter the America Saves Week #imsavingfor contest. It’s easy to enter. Just share a picture of you and what you are saving for and then enter to win $500 at AmericaSavesWeek.org/imsavingfor.

Get creative with your pictures!

  • You can take a picture in front of the item you’re saving for – like a new car or house
  • Photoshop yourself with your goal – like a trip to the Grand Canyon or Mount Rushmore
  • You can even use a photo app to add a caption to your picture

How to enter:

  • Share a picture of what you’re saving for to your favorite social media platform (Twitter, Google+, Facebook, Instagram, Pinterest, Vine, LinkedIn, Tumblr) using #imsavingfor
  • Enter to win at AmericaSavesWeek.org/imsavingfor

Bonus chance to win:

Only one entry per person, but you can get an extra 3 entries by taking the next step in saving and completing the America Saves Pledge. After you enter, look for an email with your bonus opportunity information.

The contest runs from January 20 – March 6. America Saves will pick one entry at random on March 9 and contact them by email. Click here for the full official rules. 

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5 Simple Steps To Save Successfully During America Saves Week 2016

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5 Simple Steps To Save Successfully During America Saves Week 2016
America Saves, You Save, I Save

America Saves Week (February 22 – 27, 2016) is an annual opportunity for individuals to assess their savings and take financial action. The theme for this year’s America Saves Week is simple: Save Automatically.

Try these five simple steps during America Saves Week to help yourself save automatically – and successfully:

1.Assess Your Savings.

Like your health, you should assess your savings annually to make sure your savings priorities are on the right track. Complete this simple 12-question assessment (link at the bottom of the post) to find out your current standing and help you plan for the future.

2. Evaluate your Savings Preparedness.

Check off your savings accomplishments on the Saver Checklist to further evaluate where your savings habits need strengthening for your future goals.

3.Take the America Saves Pledge.

Those with a savings plan are two times as likely to save for emergencies and retirement than those without one. Join more than 450,000 American Savers who have already committed to save. When you take the pledge, you can choose to receive text message tips and reminders to help you save towards your goals.

4. Share Your Savings Goal.

Take part in the 2016 #imsavingfor Photo Contest. Share a selfie that shows what you’re saving for on Facebook, Twitter, or Instagram, and enter the contest at http://americasavesweek.org/imsavingfor for a chance to win $500. Savings never looked so good.

5.Make Your Savings Social.

Are you on Twitter or Facebook? Join America Saves in encouraging your friends, family, and colleagues to save this week. Better yet, join one of the many Twitter chats that America Saves will be a part of this week to get real-time savings tips and advice.

America Saves Week is a national effort to set a savings goal, make a savings plan, and save automatically. Join thousands of others who are taking time this week to start or grow their savings.

Make it official and take the America Saves Pledge. The pledge will help you stay committed to your plan all year long!

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

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America Saves Week

America Saves Week
America Saves, I save, You save!

 

Next week begins America Saves Week, and I am excited to partner with http://americasavesweek.org/ to help my readers and my community begin or increase their savings accounts.

America Saves Week, February 22 – 27, 2016, is an annual opportunity for organizations and individuals to promote good savings behavior and a chance for individuals to assess their own saving status. Millions of individuals learn the importance of saving.

How Can Individuals Participate?

Take the America Saves Pledge

  • Set a goal and make a plan to save. Join over 390,000 people who have pledged to save and take the America Saves Pledge today. Already taken the pledge?  America Saves encourages you to recommit to your savings goal and re-pledge today. Military? Take the Military Saves Pledge.

Assess Your Savings Progress

  • Find out if you are saving in all the right places.

Saver Checklist

  • Check off your savings accomplishments to see how you’re doing.

#imsavingfor Photo Contest

  • To celebrate the upcoming America Saves Week, America Saves is launching the #imsavingfor contest. It’s easy to enter. Just share a picture of you and what you are saving for and then enter to win $500 at AmericaSavesWeek.org/imsavingfor

I hope you will join me by taking the pledge to SAVE!

 

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