Karen DeSalvo| Guest Columnist
There is money well spent, and there is money well saved. Financial resilience is perhaps one of the most important life skills to learn. Many Americans find it more difficult to save today than prior generations. A penny doesn’t hold the same value as it once did, but the old adage “a penny saved is a penny earned” still rings as true today as when our grandparents were growing up.
Last week was America Saves Week (Feb. 21-25) — a national campaign to encourage all Americans to set and commit to a savings goal, no matter how small or large.
The key to building a nest egg is not in how much money you have available to start your savings, but how often you are able to contribute to your savings. Sustainable growth is vital to building a healthy savings account.
An easy way to get started is to simply set up an automatic transfer from your checking account into your savings account each month. Start small with just $20 a month, and over time you will build savings that could be used to cover something unexpected. Another way to save is to refinance your auto loan or home mortgage. By achieving lower interest rates on these larger investments, you could potentially save hundreds of dollars a month, which can then go into a savings account. If you are struggling with credit card debt, consolidate your debt at a lower interest rate to bring your monthly payments down and deposit those savings from your bill payments into a savings account.
There are many ways to start saving, and you can never start too early, or too late, in life. It isn’t a journey you have to embark on alone. Set an appointment at your local financial institution to talk with someone about your savings goals. For example, at Jax Federal Credit Union, one of our financial experts will address your unique needs and provide you with personal guidance so that you are making decisions that are right for you. Everyone has different goals when it comes to long-term financial health, but we all share a common desire for security and preparation for the unexpected.
Karen DeSalvo, chief experience officer atJax Federal Credit Union