America Saves wrapped up its annual America saves week in March of this year. It’s a campaign to motivate low-to-moderate-income households to save money, reduce debt, and build wealth.
The site is full of resources and advice for everyone, and some of the suggested to-dos for America Saves week are worth doing all year.
Here are 7 simple strategies to start today.
1. Save Automatically. Use direct deposit, and automatically transfer money from your checking account to savings accounts and retirement accounts.
2. Family Savings Day. Build good savings habits at home by sharing budgeting, saving, retirement, and workplace benefits decisions with your children.
3. Save for Retirement. Participate in workplace savings programs and contribute to an Individual Retirement Account (or IRA).
4. Saving at Tax Time. Save all or a portion of your tax refund to meet your savings goals more quickly.
5. Pay Off High-Interest Debt. Find places to cut your spending so you can pay down debts faster.
6. Save for Emergencies. Start with small, regular contributions to slowly build an emergency fund.
7. Assess your plan. Check your savings plan annually to be sure you’re saving enough and saving for the right things.
They say it’s never too late; but if you think it’s too late for you, it’s not too late for your children.