One of my New Year’s resolutions is to save more money in 2018. One of the most important things anyone can learn in life is how to save money. The best financial advice given to me was, “Pay Yourself First”. This means each pay period, before I am tempted to spend all my paycheck, I commit a set amount of money to be automatically transferred into a savings account. Each paycheck it is only a small amount, but over time it will add up and build wealth.
Factors that help people save money
Studies show that those with a savings plan, regardless of income, are more likely to spend less than they earn.
- Having a reason to save is an important factor in goal setting.
- Save automatically via a direct deposit
- Put “savings” as a category in your budget
- People who keep track of their savings often end up saving more, because they keep that goal in the front of their minds.
- Keep a photo of your goal posted on your fridge or phone as a constant reminder of why you are saving.
- To help hold you accountable, tell a trusted friend or family member about your savings goal.
America Saves Campaign Strategy
I’m using the America Saves campaign to help me reach my savings goal to build my wealth. It all starts by making a commitment to myself to save. That’s what this pledge is all about, and it doesn’t stop there. America Saves will keep me motivated with periodic information, advice, tips, and reminders sent by either email or text message to help me reach my savings goal. I think of the America Saves campaign as my own personal support system.
With America Saves Week, February 26 – March 3, 2018, this is a great time to pledge to save. By pledging to save, I commit to a simple savings goal and plan. I challenge you to take the America Saves Pledge at https://americasaves.org/for-savers/pledge.