Challenge Yourself to Increase your Savings in 2018 by Saving Automatically
By Andia Dinesen, AFC ®, VP Communications & Operations, Association of Military Banks of America
Set a goal. Make a plan. Save automatically. These simple instructions and theme for Military Saves Week could help you reach your saving goals in 2018.
The start of this year gives many of us opportunities to save more. Maybe you received a raise, or are seeing a bump in your take-home pay because of the new tax laws, or are getting ready to get a tax refund or all three. Use these opportunities to save automatically and increase your savings – challenge yourself to see how much you can save by the end of 2018.
- You got a raise. Congratulations! Now, take that raise (or at least a portion of it) and start an automatic transfer to a savings account. What you don’t see, you can’t spend. Set up this transfer to happen the day you get paid. Tip: make this a habit for the future as well, every time you get a raise or a promotion, take a portion of that money and save it – automatically!
- You have more take-home pay than you were expecting. This is great news and should be taken advantage of. You weren’t expecting it. You didn’t prepare for it, but it can help you prepare for the future. Take that amount and set up another automatic transfer to your saving account. Tip: Allocate this extra money to start saving for something on your “want” list. A new couch, down payment for a new car, that awesome flat-screen TV you saw at the Exchange during the holidays!
- Tax refund is coming. There are great ways to save during tax time. You could wait for your tax refund and take some of that money and transfer it to your savings account. The best way, however, is to allocate a portion of your refund directly to your savings account using IRS Form 8888 when you file. Bonus: Save at least $50 of your refund and then enter to win at SaveYourRefund.com – you could win one of several $100 prizes and submit a photo for the grand prize!
The dust has settled from the holiday season and it’s the end of February – there are still ten months to reach your 2018 goals. Use the tips above to help you get there. How much can you save by the end of 2018?
Are you trying to save money? Let Military Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. We'll keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.
@AndiaDinesen identifies three opportunities to save automatically >> http://bit.ly/2CiH8b3 @MilitarySaves
- Written by Guest Blogger
- Category: Blog
- Published: 26 February 2018