Monday, October 31st is World Savings Day, so it’s a time to remember how important saving money can be to our members.
The first World Savings Day began in 1924 to support the organizations around the world who wanted to help people save money, which is vital for anyone at any age. Getting a head start on savings can help members achieve life goals, like paying for college, buying a house, or cashing out for retirement.
Saving money can also give you peace of mind, knowing that you are secure in case of a change in income or fluctuating economy.
Here are a few ways members can improve their saving and spending habits:
1. Saving takes commitment. Everyone has a goal of saving money, but you need to commit yourself to wanting to do it. Look closely on where your money is going on a monthly basis and how that money is being spent. It is important to recognize where you stand financially and where you would like to be in the future before you begin the saving process.
2. Look for ways to positively impact the cash flow in your life so that you can have left over funds to save at the end of every month. I always recommend taking a look at what you are spending your money on. Go over your monthly subscription plans and cancel any you aren’t actively using. Try to get the most basic plans when it comes to cellular or cable bills. There are so many services that we don’t use fully, so finding little ways to cut back can help you save big money in the long run.
3. Pay yourself first. Treat yourself like a payee and set up automatic payments so that a certain amount of money will go directly to your savings account every pay period. Also look for opportunities after getting a raise or unexpected inflows of cash to automatically increase that savings amount. Members sometimes underestimate the power of saving even the smallest amount of money over a long period of time – it does eventually add up!
Saving money requires a timely period of education and understanding; the earlier you learn, the better off you will be. Take some time to meet with a member representative at your local Credit Union and have them outline different strategies that fit your personal financial situation to steer you towards the best course of action.
Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.