Top 5 Tips to Increase Savings at Any Age
Leisl L. Langevin, CFP®, CDFA®
Senior Vice President & Financial Advisor
Successfully saving for short-term and long-term goals is an important part of any financial strategy. Since 2007, every April, we have celebrated America Saves Week, which is dedicated to helping people save.
In honor of America Saves Week, here are the top 5 tips and tricks to help you save for what matters most.
What is America Saves Week?
America Saves Week is an annual celebration that encourages Americans to take charge of their financial futures by promoting the value of saving. Launched in 2007 by America Saves and the American Savings Education Council, the event is supported by various government agencies, nonprofit organizations, and businesses.1 This year, America Saves Week will be observed from April 8 to 12.1
America Saves Week 2024
This year’s theme for America Saves Week is “Saving for What Matters Most.” Whether it’s building an emergency fund, planning for retirement, or achieving short-term financial goals, the act of saving provides a safety net and peace of mind. America Saves Week serves as a reminder that saving is not just a sound financial choice; it’s a key to enjoying and protecting what matters most.
Each day of America Saves Week has a focus:
- Monday, April 8, 2024: Saving Automatically
- Tuesday, April 9, 2024: Saving for the Unexpected
- Wednesday, April 10, 2024: Saving for Major Milestones
- Thursday, April 11, 2024: Paying Down Debt is Saving
- Friday, April 12, 2024: Saving at Any Age
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Tips and Tricks for Successful Saving
In 2020, the Federal Reserve reported that only 64% of Americans had enough money on hand to cover a $400 emergency.2 In conjunction with the theme of saving for what matters most, we wanted to share some tips to help more Americans build their savings.
Tip #1: Set Clear Goals
Before you start saving, it’s crucial to define your financial goals. Whether it’s buying a home, paying off debt, or taking a dream vacation, establishing clear goals provides a roadmap for your savings journey to Live Well.
Tip #2: Create a Budget
A well-constructed budget is the foundation of successful saving. Track your income, categorize your expenses, and identify areas where you can cut back. Allocating a specific portion of your income to savings ensures consistency in your savings habits.
Tip #3: Automate Your Savings
Take advantage of technology by setting up automatic transfers to your savings account. This ensures that a portion of your income is consistently earmarked for savings before you have a chance to spend it.
Tip #4: Build An Emergency Fund
Establishing an emergency fund is a critical savings goal. Aim to save the equivalent of three to six months of living expenses to safeguard against unexpected financial shocks.
Tip #5: Take Advantage of Employer Benefits
If your employer offers a retirement savings plan, such as a 401(k), make the most of it. Contribute enough to maximize any employer match, which is essentially free money that can significantly boost your long-term savings.
America Saves Week is an important reminder that saving should be the cornerstone of any robust financial strategy. Developing successful saving and investing habits is crucial for achieving your financial goals.
If you're looking to learn more strategies for building a secure retirement, don't miss our "Learning In Retirement" presentation at Connecticut State Community College Quinebaug Valley on April 29th. Our team of advisors will share valuable insights on saving, investing, and creating a comprehensive plan to enjoy a comfortable retirement. Must preregister at https://qvcc.edu/programs/lir/.
To learn more about our strategic Plan Well, Invest Well, Live Well™ process and how you can build your savings, request a complimentary consultation on our website or call us at (860) 928-2341.
Authored by Senior Vice President, Financial Advisor Leisl L. Langevin, CFP® CDFA®. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. 697 Pomfret Street, Pomfret Center, CT 06259 and 392-A Merrow Road, Tolland, CT 06084, 860.928.2341. http://www.whzwealth.com These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your financial advisor. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice.
- https://americasavesweek.org/
- https://www.federalreserve.gov/publications/2021-economic-well-being-of-us-households-in-2020-dealing-with-unexpected-expenses.htm
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