Save Every Day: Financial Goals
June 13, 2012 | Alliant Credit Union
We all have heard it a million times: it is important to save money. But, why is it so important? Because there are essential reasons to boost your savings account, beyond being able to pay for emergencies or accidents.
Sit down and think about your future. Where you would like to travel? What car you would like to drive? What loans you would like to pay off? Create a list of your "Financial Goals" and hang it where you will see it regularly. Saving more of your hard earned money will help you achieve these goals. And resisting the urge to spend excessively helps provide you more financial stability. Every chance you get, transfer money directly into your savings account. (HINT: Using the Alliant Mobile Banking App is fast & easy!)
Achieving Your Goals
Once you have listed your financial goals, pay attention to your spending and start saving toward your goals. Using the "Save Every Day" tips as guides for action, you will find ways to save a few dollars at a time, or a few hundred dollars at a time.
• Make an extra car payment every time you can. This will pay off the car faster, saving you interest. Once the vehicle has been paid off, you can now put that payment amount into savings every month.
• Find ways to save time OR money - it is unusual to save both since usually there's a trade-off involved. So, understand that hiring a house cleaner or spending a few dollars to wash your car may be worth it, depending on how valuable your time is hourly.
• Take advantage of free stuff. When there is an opportunity to get a quality item which you or your family needs and get it free of charge, go for it! Free grills, couches and dining room sets are a click away, saving you big money!
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