We are always going to have “wants” throughout life, whether it’s the latest smart phone, some flashy new clothes or a top of the line television or computer. We are a population of consumers, and that’s where we tend to spend our funds. But there is something to be said for saving, too. It’s what allows us to have enough money for larger purchases in life like a vehicle or home, or gives us the ability to live comfortably into retirement without having to worry about running out of money.
Take some time this week to reevaluate how much you are saving and to create savings goals for your money.
This week is America Saves Week, a time dedicated to promoting good savings behaviors and self-assessments of saving situations. A 2012 national survey found that:
- Only 66 percent of Americans spend less than their income and save the difference.
- Two-thirds of Americans have sufficient emergency savings.
- Only 42 percent of Americans say they have specific savings goals.
- Only 52 percent of non-retired Americans think they will have enough for retiring with a good quality of living.
One big key to saving correctly is having a savings goal to shoot for. This can allow for better tracking and breakdown of monthly and weekly savings goals, giving you a better idea of where you are with your savings. It’s easier to have a goal to shoot for rather than just blindly putting money into your savings account.
Security State Bank can assist you in becoming a smarter saver. We offer a variety of savings accounts to choose from including certificates of deposit (CDs), individual retirement accounts (IRAs) and other tools to help you build a solid financial future for yourself and your family.
Money is something you shouldn’t have to worry too much about, so take charge of your savings starting this week during America Saves Week. Contact us or come by today to get started!