America Saves is an organization that promotes saving and each year the Personal Investment Enterprise program participates in America Saves Week which occurs in February. Throughout the year, America Saves also promotes saving through their website at http://www.AmericaSaves.org.
Over the next few months, the PIE program will be joining America Saves in sharing materials and resources that America Saves provides to encourage people to save. This month we offer 10 Keys for Financial Success.
We hope this will be helpful as you save for the future. Some of this information may be common sense, but it is certainly not always easy to save consistently.
Ten Keys for Financial Success
1. Spend Less Than You Earn. Keep a budget or spending plan and track your spending.
2. Have a Plan. Get organized, write down your financial goals, track your expenses.
3. Prepare for Expected Events. i.e. Retirement, Holidays, etc.
4. Prepare for Unexpected Events. i.e. Emergencies, Job loss, etc.
5. Always Know Your Interest Rates. Never exceed 13% interest on loans and know what you pay on interest and fees. Know how your interest is being calculated.
6. Keep a Healthy Credit Report. Receive a free annual credit report at annualcreditreport.com
7. Avoid Waste. Eat at home, clip coupons, return purchases you won’t use.
8. Take advantage of tax breaks. Earned Income Credit, VITA
9. Fill in the Financial Gaps. Garage sale, eBay, recycle, sell excess produce at a Farmer's Market, house cleaning, etc.
10. Give Back to Your Community. Angel Tree, Food Bank
Plan to be Financially Successful
- Know where your money is going
- Save for specific needs
- Write down immediate, short term, intermediate and long term goals
- Create a spending plan that works for you and track what you spend
Start Saving Now to be Prepared
- Save lump sum payments / windfalls like tax refunds, gifts or inheritance.
- Be prepared for sudden illness, theft, natural disasters or the loss of your job.
- Have adequate Health, Car, Home, and Life Insurance.
Improve Your Credit Score
Your Credit Score is a number that indicates if you have good credit history. You can improve your Credit Score by paying your bills on time. Don’t apply for credit (cards) frequently. Pay off your balances each month.
Content provided by Utah Saves and America Saves
For more information visit http://www.AmericaSaves.org
America Saves is a campaign coordinated by the nonprofit Consumer Federation of America (CFA) and is dedicated to helping individuals save money, reduce debt, and build wealth.
The Personal Investment Enterprise Program provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit www.bouldercountypie.org.
