Money Smart Main Topics
Saving can help you achieve any financial goal. Whether it’s a down payment on a house or car, new furniture, college tuition or retirement, you can get there by setting money aside for your goals. Saving gives YOU control of your money, prevents debt and helps you reach your financial goals.
Saving is easier when you set goals. Be sure to define your goal, define the timetable, and define the cost. Ask yourself …What’s important to me? What do I need? What do I want?
Keys to Saving:
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Saving for Periodic Expenses
Periodic Expenses are NOT part of your regular monthly expenditures. Cushioning your savings account for those “unplanned” expenses can make the difference between a minor financial setback and a major financial disaster.
Apprisen has a worksheet to help plan for periodic expenses.
Saving for Emergencies
Prepare for the unexpected by saving three to six months of living expenses. An emergency fund should be easy to access in the event of unemployment, illness or a major unplanned expense. Practical Money Skills has an online calculator to determine your goal for an emergency fund. Use this BankRate link to learn how to grow an Emergency Fund: 5 Ways to Grow Your Emergency Fund
Saving for Retirement
It’s never too early or late to plan your retirement. Whether you’re putting money in your 401K, buying IRA’s or annuities, planning is key!
Saving for Large Purchases
A Large Purchase would be a car, home, vacation, or home repair and upgrades.
- Saving for a car from Practical Money Skills
- Saving for a home from Practical Money Skills
- Tips on saving for large purchases from Smart About Money
- Tips on saving for large purchases from America Saves
Understanding Compound Interest
Visit our Topic on Loans
College on a Budget: Smart Tips for Saving Money –Learn valuable strategies for reducing your living expenses, including common support programs that can save you money on healthcare, housing, utilities, and more.
Visit our Topic on College
Links on Saving
Savings With Multimedia
- Connect with Money Smart KC Facebook and Twitter accounts
- Connect with NEFE on Facebook, Twitter, Youtube, etc.
- America Saves Blogs
- CFPB Savings Blogs
- What’s Your Savings Story? from Treasury Direct’s Youtube account
- From Forbes – How I Achieved My Biggest Money Goal: 4 Inspirational Stories
- Saving success story from Daily Finance
- Take the 52 week savings challenge! Check out many different ways here to save each week of the year for a total savings of at least $1,378.