7 Steps to Start Your Savings Journey

Knowledge Center

7 Steps to Start Your Savings Journey

7 Steps to Start Your Savings Journey

This week we are celebrating America Saves Week, a national campaign where financial institutions and thousands of other organizations join together to encourage our communities to focus on financial wellness. The purpose of this week is to encourage savers to set goals and make plans to achieve financial stability. America Saves Week represents the Robins Financial vision of “enhancing the financial well-being of our members and our community.” We invite our members to participate in America Saves Week with us and examine your savings goals and habits. Follow these tips to help you start saving today!

1. Open Your Savings Account

If you don’t already have a savings account, now is the perfect time to open one! At Robins Financial, we want to assist you in reaching your savings goals. Whether you’re saving for something specific, or just want to prepare for the future or an emergency, we are here to help make your money work for you. Your account is federally insured and we offer competitive dividend rates so you can save even more!

2. Make a Plan

Create a saving and spending plan that allows you to easily see your income, expenses, and anything that’s left. Once you have a clear view of your finances, you can identify where to make changes to free up more room in your budget and determine what else you should be saving for based on your financial goals.

3. Save Automatically

The easiest way to save is automatically. It doesn’t matter how much or what you’re saving for, by automatically depositing a portion of your income into your savings account, you are increasing your savings success. Set up automatic transfers to your savings account in Digital Banking to let us do the work for you so you can make your savings goals a reality. Our Change the Way You Save program is a great way to start small with saving automatically by rounding up your debit card purchases and transferring the change to your savings account. Every savings contribution matters, no matter how small. You can sit back and watch your savings grow.

4. Save for the Unexpected

If this past year has taught us anything, it’s that we need to try to be as prepared as possible for the unexpected. Unexpected emergencies can sabotage even the most calculated financial plans. 1 in 3 working Americans said they would run out of savings in 1 month or less if their income suddenly stopped, according to Edelman Financial Engines in partnership with the America Saves Week team. While we all have savings goals for the future, having an emergency fund provides support for unplanned expenses today. It’s okay to start small and build your savings over time. Our Super Saver Certificate is the perfect way to kick-start your emergency fund so you can save for the unexpected. This certificate has a higher dividend rate so your savings will grow even faster, plus we offer one penalty-free withdrawal for when life throws you a curveball.

5. Save for the Future

While it’s important to have long-term savings goals such as saving for a house or a car a few years down the road, it’s also important to visualize your savings needs for several years into the future and start making plans to meet those needs. It’s never too soon to start preparing for retirement. In fact, the earlier you start to prepare, the easier it is to save. Increasing your retirement contributions by 1% each year can go a long way!

6. Save by Reducing Debt

Paying down debt IS saving! Actively reducing your debt means you are saving money on interest, avoiding late fees, and maintaining or even improving your credit score. Paying down debt should be celebrated as a form of saving, and included as a component in your financial plan. Create a debt reduction plan that works best for you and stick to it.

7. Save Together

Once you’ve determined your short-term and long-term savings goals and crafted a plan to help you get there, identify the people in your life who can provide accountability and support. Turning to your loved ones will help keep you engaged with your plan and encouraged to make your goals a reality. It’s proven that parents being intentional about money models positive financial behaviors for children and encourages healthy spending and saving habits. Save as a family to get everyone involved in the financial planning and save for things together. Save with your friends to keep each other accountable and encouraged with your goals.

At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.

Start Saving Today