A Penny Saved
Putting money away today can serve as a protective cushion in the future. Since unexpected expenses and major purchases occur from time to time, it’s wise to have money in savings to back you up if you need it.
These tips can help you get started:
- Think small. Every dollar you save now will add up in the future, making life easier down the road.
- Set goals. Identify short-term, intermediate and long-term goals for yourself. These will help you successfully budget and manage your money in the future.
- Pay yourself first. Saving doesn’t mean you can’t spend, just make sure you pay yourself first. You can do this by putting a portion of everything you earn — whether allowance, gifts or a paycheck — in a savings account.
- Start early. And the earlier, the better. The younger you are when you start saving, the longer your money stays in your savings account collecting interest.