Financial resilience is an important life skill to learn
There is money well spent and money well saved. Financial resilience is perhaps one of the most important life skills to learn. Many Americans find it harder to save today than previous generations. A penny isn’t as valuable as it once was, but the old adage “a penny saved is a penny earned” still rings true today as it did when our grandparents were growing up.
Last week, America Saves Week (February 21-25) was a national campaign to encourage all Americans to set and commit to a savings goal, no matter how big or small.
The key to building a nest egg is not how much money you have to start saving, but how often you are able to contribute to your savings. Sustainable growth is essential to building a healthy savings account.
An easy way to get started is to simply set up an automatic transfer from your checking account to your savings account each month. Start small with just $20 a month, and over time you’ll realize savings that could be used to cover something unexpected. Another way to save is to refinance your car loan or home loan. By getting lower interest rates on these larger investments, you could potentially save hundreds of dollars a month, which can then be paid into a savings account. If you’re struggling with credit card debt, consolidate your debt at a lower interest rate to lower your monthly payments and deposit the savings from your bill payments into a savings account.
There are many ways to start saving, and you can never start too early or too late in life. This is not a journey you should undertake alone. Schedule an appointment at your local financial institution to speak with someone about your savings goals. For example, at Jax Federal Credit Union, one of our financial experts will meet your unique needs and provide personal guidance so you can make the decisions that are right for you. Everyone has different goals when it comes to long-term financial health, but we all share a common desire for security and preparation for the unexpected.
Karen DeSalvo, Director of Experience at Jax Federal Credit Union