5 Steps to a Summer of Savings
By Madeline Daniels, America Saves Communications Director
It's the first day of summer! Between the backyard barbeques, days at the beach, and summer vacations -- the average vacation expense per person in the United States is $1,145 -- it's also the perfect opportunity to give your finances a fresh start and set your seasonal savings goal.
Make a plan to save money, reduce debt, and build wealth. So when it’s time to pay for that day trip to the amusement park, you’re not taking on more debt, or squeezing another budget category.
It all starts when you set a goal and make a plan to reach that goal, because those with a plan are twice as likely to save successfully. So let’s get started.
Step 1: Set a goal
What are you saving for this summer? Here are some ideas to get you started:
- Save for a vacation
- Save for an emergency fund
- Save for fall school supplies or education
- Save for a new air conditioner or appliance
- Save for a summer wardrobe
Step 2: Make a pledge to yourself to save
Deciding what to save for is the easy part. Not it’s time to really commit so that you are able to meet your summer savings goals. That’s where we can help you.
Our Military Saves pledge is designed to help you save money and reduce debt by thinking through your goals, and how much you want to save. Whether you are saving for a family camping trip, a 4th of July barbeque, or a day at the beach with your best friends, our pledge can help you save.
But it doesn’t stop there. After you pledge to save, we keep you motivated with information, advice, tips, and savings reminders to help you reach your goal. Think of us as your own personal support system.
Ready to get started? Click here to make a commitment to yourself today by taking the pledge.
Step 3: Create a budget
One of the first things you need to do to save more efficiently is to keep track of what you spend with a budget. There are many different ways to do this, so you’ll want to try a few out and choose the system that works best for you. The key to saving more successfully is to find a system that works for you and to stick with it through the entire summer.
We can help with that too. Click here to learn how to create a budget and to download our budget worksheet for first time budgeters.
Step 4: Save automatically
The easiest and most effective way to save is automatically. This is how millions of employees save for retirement through 401(k)s and other programs at work. It is also how millions of Americans save at their bank or credit union. Not only does it ensure you will be saving every month, but it also puts your cash out of sight and out of mind so you feel less of an urge to spend it. It also helps if you keep your savings in a separate bank from your checking account, or at least an account you don’t have easy access to.
Step 5: Find more money to save
Learn how to cut back on summer spending so you can save some cash and put it in your savings account instead. When you take the Military Saves pledge, we’ll send savings tips and advice straight to you.
In the meantime, check out these steps for saving for a summer getaway.
Summer is here! 5 easy steps to get a fresh financial start this season >> http://bit.ly/2tjQZJf v/ @MilitarySaves
- Written by Madeline Daniels
- Category: Blog
- Published: 27 June 2017