Everyone in your household can play a role in the financial success of your home. Here are four easy ways to make saving a priority for everyone under your roof.
- Have a conversation
Get the whole family together, make some popcorn or hot chocolate and make talking about money fun. Keep it positive by talking about ways the family can work together to lower expenses, increase income and save money.
- Involve everyone
Take time to explain how things that everyone in your household uses comes with a cost, like the utilities, internet and cable. Teach the whole family how to comparison shop, choose generics and/or use coupons, sale ads, etc. Make it an activity for everyone to review your local grocery store circular/app and identify products that you can save on that week.
- Set a goal
Decide as a family what your financial goals should be. These could be household goals and individual goals. Is it saving for college? Is it saving for a family vacation? A car? Having a financial cushion for unexpected emergencies? Whatever you decide, make a commitment to save. Jumpstart that commitment by taking the America Saves Pledge, and we’ll help keep you on track by sending goal-based emails and texts.
- Make a plan
Setting a goal is a great start, but how will you reach it without a plan? Making a plan to reach a savings goal requires establishing a plan for how you will spend and save your money. Savers with a plan are twice as likely to accomplish their savings goals. Get some tips and tricks about making a plan with our Save with a Plan Toolkit.
Now that you have a few ideas to start saving as a family, remember to celebrate your successes and know saving is an activity and not an amount. Start Small and Think Big.
Written by America Saves
Resources:
From America Saves:
- Making Family Savings Happen
- Coping with the Cost of Caregiving
- Moving? Start Preparing Your Finances Early
- Save Your Family Money By Going Green
Other:
- ConsumerFinance.gov - Money As You Grow Bookshelf
- ConsumerFinance.gov - How Life Events Can Teach Kids About Money
- ConsumerFinance.gov - Tips for School Age Kids
- ConsumerFinance.gov - Tips for Teens and Young Adults
- Wisebread.com - The Envelope Method
ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM
The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County. Nino may be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit http://www.bouldercounty.org/family/financial/pages/pie.aspx. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.
