Saving 2017-08-17T13:03:35+00:00

Project Description

Money Smart Main Topics

Saving

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.

Set Savings 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?

Helpful Links
For Goal Savings Calculators:

Practical Money Skills

Practical Money Skills has many online games, apps and calculators that can help make saving easier.

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 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 College

College can be one of the most important savings goals, because it can dramatically affect your lifelong earnings. The cost of college has been rising every year, so planning ahead is your best option.

Helpful Links
On Saving for College:

FAFSA – Make sure to fill out the FAFSA (Free Application for Federal Student Aid).

Also check out Nerdwallet’s guide to FAFSA (Free Application for Federal Student Aid)

Scholarships – Don’t forget to apply for scholarships which can alleviate some college costs.  Check out College Board’s scholarship search.

Saving for Large Purchases

A Large Purchase would be a car, home, vacation, or home repair and upgrades.

Helpful Links
On Saving for a Large Purchase:

Also check out our Smart Spending Topic.

Helpful Links
For Savings Resources

Local Resources

Find out about local savings banks and credit unions where you can start on the path to saving for a bright future! Visit our Financial Services Topic.

National Resources

Helpful Links
For Savings Multimedia

Helpful Links
For Savings Presentations

  • Your Spending, Your Savings, Your Future: A Beginner’s Guide to Financial Readiness, this workshop emphasizes a basic approach to spending, saving, and planning and will help you provide tools for learners so they can achieve financial stability (by NEFE).
  • CFPB offers a toolkit called, Your Money. Your Goals.  This toolkit is a comprehensive and interactive guide designed for organizations that serve low-income consumers. It covers topics like budgeting for daily expenses, managing debt, and avoiding common financial traps. You’ll find three versions of the toolkit for: organizations that engage volunteers, Legal Aid organizations, workers’ organizations.
  • FDIC offers Money Smart for Adults –  instructor-led curriculum consists of eleven training modules that cover basic financial topics.  Money Smart for Young People – The FDIC’s new Money Smart for Young People series features four free, age-appropriate curricula that are designed to promote financial understanding in young people. Money Smart for Older Adults provides awareness among older adults and their caregivers on how to prevent elder financial exploitation and to encourage advance planning and informed financial decision-making.
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