Capital Region parents: are you lying awake at night, worrying about money? If so, you’re not alone: 85% of respondents in a recent survey say they are losing sleep because of money fears. (“Learn to Stop Worrying – And Start Saving,” Finance.Yahoo.com, August 2, 2013). Instead of worrying, take these steps to protect your financial future! This holiday season, Capital Region families can achieve financial solutions, free-up extra money, and achieve greater peace of mind.
- Start now. Every month or year that goes by without saving, your chances of becoming financially secure decrease. Time and compounding interest are your two best allies when it comes to growing money, so try not to waste them. Even if you’re in debt, you’re not making much money or you have a lot of expenses, you can still save something — even if it’s a small amount. The longer you wait to save, the less time you have for compounding interest to work its magic!
- Put savings on autopilot. Do you routinely spend everything you bring in? Then develop the saving habit slowly by arranging for an automatic transfer or direct deposit of 5-10% from your checking to your savings account (when the money doesn’t appear in your account, you are far less likely to spend it!)
- Label your accounts. What do you want to save for? An emergency fund? A vacation next summer? People who label their savings accounts with specific goals put away 31% more than those who don’t. Also, try using a picture as a reminder of what (or who) you are saving for.
Start now. Every month. Come meet your neighbors at at the community workshop to be held at the Downtown Schenectady YMCA.