4 Steps to Keeping A Savings Goal for 2018

4 Steps to Keeping A Savings Goal for 2018

Saving money is a popular New Year’s resolution, but it's frequently abandoned before summer arrives.

So what can you do to make the resolution more than just a good intention?  We have four great tips that can help you save money in 2018.

number one in blue box  Assign Your Savings Effort to a Specific Goal

Part of your resolution is choosing a purposeful savings goal — something more than simply having extra money at your disposal for the unexpected.  

For example, you may be saving to buy a home or putting money aside to make a health insurance deductible more affordable. The more purposeful your savings goal, the more inspired you’ll feel to keep it.   

Visit our interactive Savings Module to get you started with assigning different savings goals.

Open a traditional savings account today.

number two in blue box  Select a Savings Account

After choosing a savings goal, consider which type of savings account would most help you succeed. You may have a regular savings account, but a more specific type of savings could work best.     

Saving for retirement?  An Individual Retirement Account (IRA) could be the best option.

Saving for healthcare?  A Health Savings Account (HSA) may be what the doctor ordered.

Saving to purchase a home?  Using a Money Market Account (MMA) that earns daily compounded interest may help you reach the goal faster.

number three in blue box  Identify "Wants" from "Needs"

Separating financial wants and needs doesn’t mean you should only make need-based purchases.  There are still ways to treat yourself or celebrate without going over budget.

Take advantage of our budget tool to keep on track with fixed expenses--you might even want to include a savings portion for holidays, special occasions, or other unique events to help prevent compromising any new savings goals. 

Open a holiday savings account to automate special savings

number four in blue box  Don’t Let a Slip Up Make You Give Up

It happens.

Too often, isolated episodes of straying from New Year’s resolutions make us abandon them.  Remember this: If you have a slip up that makes you feel like giving up, put the episode behind and return to your money saving ways.  

Ready to Start a Savings Goal?

Helping people save money is one of our specialties.  To learn how we can help you save more in 2018, call us today at 1-877-325-2848, or reach us with our contact form.

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