In order to achieve your financial goals, it is important to make saving a habit. But after all the bills are paid, most people find they don't have anything left over to save. If you are looking for ways to jump start your savings program, consider the following:
- Have Provident Credit Union automatically transfer a set amount every pay period to an investment account.
- Sign up for a 401(k) or tax sheltered annuity program if offered by your employer, contributing the maximum amount possible.
- Set up an IRA account. Invest every pay period, instead of waiting until the end of the year. Just make sure you don't invest more than annual contribution limit in a given year [see PDF chart].
- Automatically reinvest your interest and dividends so you aren't tempted to spend your earnings.
- Analyze your spending for a week, trying to pinpoint non-essential items. Two categories that offer potential are entertainment and clothing. Cut out some of those purchases and put the money in a savings program.
- Shop around before making major purchases. But don't just congratulate yourself on your thrifty spending--take the money you save and invest it.
- Pay off your credit cards so you aren't paying high interest rates on your purchases. If you can't pay off the balance every month, at least make sure that you have a credit card with reasonable interest rates (like a Provident Credit Union Visa).
It's easy to come up with excuses for not saving. But if you seriously look for ways to increase your savings, you will be amazed by the opportunities you will find.
Provident Credit Union offers a full range of Investment and Retirement Planning services. For assistance in planning for your future, arrange for a free consultation with a Provident Financial Consultant.* Just e-mail or call (650) 508-7222 or (800) 656-4096 to schedule an appointment at a branch most convenient for you.