Steps to Keep Saving During a Challenging Financial Time
March 10, 2020
It's not easy to save during a challenging financial time, but a few tips can keep you on track.
1. Save what you can.
It doesn’t matter how much you save, just make sure to save consistently. Start with a comfortable amount (even $10 or $20 per paycheck), then slowly increase it. Ultimately, if you can put 10 percent of your paycheck into savings, you should be in great shape.
2. Make it automatic.
Use automated transfers to get in the habit of saving. Another option is to have your employer directly deposit a set amount into savings from your paycheck.
3. Plan ahead.
Open separate accounts for specific savings goals, such as vacations or holiday shopping. By putting money in accounts designated for specific goals, you are less likely to use the funds for other purposes.
4. Increase your financial knowledge.
Knowledge is power. Take advantage of our Dollars & Sense blog and the FDIC Financial Education Center.
This content is for informational purposes only. Readers should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific advice from their own counsel.