No the matter level of household income, committing to saving can help individuals and families gain better control of their finances. During America Saves Week, the University of Minnesota Extension offers these steps to help make saving achievable.
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ST. PAUL, Minn. (2/23/2015)—For many Americans, sound financial health can seem out of reach.
Yet no the matter level of household income, committing to saving can help individuals and families gain better control of their finances. During America Saves Week, the University of Minnesota Extension offers these steps to help make saving achievable.
Take the pledge: The savers pledge, and connections to resources that help encourage savings, is at http://www.americasaves.org/for-savers/pledge.
Set a goal: Even $500 in savings for emergencies can help families weather unforeseen expenses. Remember that "slow and steady" works, especially with long-term goals such as retirement.
Get out of debt: It can be daunting, but it can be done. With planning, discipline and patience, almost anyone can reduce debt and start saving.
Save automatically: Employers, banks and credit unions all offer ways to conveniently transfer your earnings into savings and retirement accounts.
"Saving goals are achievable," says Mary Jo Katras, Extension family resiliency educator. "The savers pledge is a great way to start a lifetime of saving and help build short- and long-term individual and family financial security."
More details are available by visiting www.americasaves.org. America Saves is coordinated by the Consumer Federation of America.
Extension is part of the Minnesota Saving Steering Group. The group includes the Better Business Bureau of Minnesota and North Dakota, First Resource Bank, Trust Vets and Comer Consulting/Financial Planning Association of Minnesota. Extension's personal finance page offers a wide range of resources geared toward financial health at www.extension.umn.edu/family/personal-finance.
For more news from U of M Extension, visit www.extension.umn.edu/news or contact Extension Communications at firstname.lastname@example.org. University of Minnesota Extension is an equal opportunity educator and employer.