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It’s America Saves Week!
Each year we encourage our community to dedicate this week to pause and do a financial check-in, and this year is no different.
Chances are that you are someone you love has experienced a loss of income since the onset of Covid-19 in America — so what better time to take this week to get a clear view of your finances, set your financial goals, and make a plan to achieve them?
The easiest and most effective way to save is to SAVE AUTOMATICALLY.
How do you save automatically?
Splitting Your Direct Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). No amount is too small!
Setting Up An Automatic Bank Transfer: At a chosen time, Better Banks can transfer a fixed amount from your checking account to a savings or investment account.
For decades financial gurus have told us that we need to have 3 to 6 months of expenses saved to be financially secure. While the more you can have socked away for a rainy day, the better, but for most Americans, saving that amount is overwhelming and scary. Start small and make it automatic.
Many Americans have expressed that the pandemic has helped them realize what matters most to them. Family, stability, creating memories, and travel were sentiments that we repeatedly heard when asked what was most meaningful to them.
With so many Americans being affected financially by the pandemic, actively paying down your debt may not be a priority, and that’s okay. Be sure that you talk to your creditors and take advantage of any repayment options or arrangements that allow you to keep your credit score intact and avoid additional interest and late payment fees.
Remember, saving is a HABIT, not a destination.