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Fri Sep 13, 2019 12:53 pm
The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union.
How to Save Automatically
The best automatic saving is when you make a decision to do so, then it just happens:
Every pay period, your employer deducts a certain amount from your paycheck and transfers it to a retirement or savings account. Ask your HR representative for more details and to set this up.
Every month, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
Why Automatic Savings Works
Over time, these automatic deposits add up. $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded. Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high cost loan.
If you can’t afford to save even $50 a month, there are alternatives. Many banks and credit unions will transfer as little as $25 monthly from checking to savings and, as an added bonus, waive any monthly savings fees.
I Don’t Have enough Money to Save
But if even $25 is too much, just save your loose change. If every day you just put some or all of the loose change in your pocket or purse into a jar, and don’t spend it, you will find that in a year you will probably accumulate over $100.
Just saving loose change has persuaded many Americans that they are able to save. And when they become convinced that they can save, they find other ways to build an emergency fund or save for other goals.
Everyone has the ability to save. At America Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month. Over time, your deposits will add up. Even small amounts of savings can help you in the future.
Save automatically. As millions of savers have learned, what you don’t see you won’t miss.
- See more at: http://www.americasaves.org/for-savers/save-automatically#sthash.uwp5xcJv.dpuf
- Posts : 35367
Join date : 2011-08-09
I personally know people in New Hampshire that had 401K's, and lost them due to a bad non business venture- The company that you have your 401K plan through, can use that money, with consent of the holder, and invest it back into the company, or other companies, or a non business venture, and IF the company folds up, or, goes bankrupt, you lose your money- One person that was employed at a lumbermill in upstate New Hampshire, in Woodsville,had over $56,000 built up over a number of years, and I knew him personally- He and I were very good friends- He came to my house, and asked me if he could talk to me about something, and I said, 'sure, of course', all the while, having tears in his eyes, and then he told me what had happened- I told him I was sorry that this had happened to him, and he explained that he was going to use the money to rebuild his house, shortly after his house had burned,and then he said 'now I'm screwed, because I had a plan to withdraw some money to do this', and this man was 56 years old at that time, and this was in 1997- So, think twice before putting your money in a 401K, there are viable alternatives, so I am asking that you be careful, and look into anything like that thoroughly before deciding what to do with your money- :shock:
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Join date : 2011-06-18
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Location : Central Florida-
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