By: Alecia D. Blair, Military Saves Communications Project Manager, AFC® Candidate, FINRA Foundation Fellow
While you may be basking in the summer sun, enjoying some much-deserved leave and time away from your usual duty day responsibilities, now is not the time to take a hands-off approach to your money.
Rather, revisiting your savings goals, paying yourself first (automatically) and taking other decisive financial action is just as important as ever now that 2016 is halfway over.
Check Your Savings Goals
What are your savings goals for 2016? Have you taken the Military Saves Pledge to help you move those ideas into action? Remember, studies show that people who have a plan save more than those who do not. Taking the pledge should be a first step in executing your plan.
If you haven’t taken the pledge, take a moment to do so today. Follow the prompts to also subscribe to the new text message service, which sends financial tips, quizzes, surveys and reminder texts to subscribers once or twice a month, based on the savings goal you choose on the Military Saves Pledge. It’s like having your own personal savings coach on your cell phone in your purse or pocket, and signing up is easy!
Pay Yourself First, Automatically
It’s a concept worth mentioning over and over again—make personal savings part of your monthly budget. Using whatever budgeting system you prefer (Excel spreadsheet, etc.), write in the amount you want to save each month towards emergency savings, rainy day savings and retirement and save automatically through an automatic transfer or allotment. Be prepared, you may have to cut expenses or increase your family income to find the money to save.
Other Important Financial Checks
Enjoy a break from the stress of military life this summer, but don’t take a vacation from your financial goals. Checking in with your goals will help you achieve them in time for 2017! Set a goal, make a plan, save automatically.