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Develop a Savings Plan

Use these strategies to help you get started saving:

  • Pay yourself first. List savings as a fixed item in your spending plan. You are less likely to spend money you already have earmarked for savings. 
  • Use automatic savings methods. Set up an automatic transfer from your checking account to a savings account each month.
  • Save all or part of a certain type of income. Designate your tax refund, annual bonus, tip money or proceeds from garage sales to savings. 
  • Establish savings buckets and watch these goals get closer as savings grow: 
    • Things you want
    • Holiday shopping
    • Vacation
    • Retirement
  • Create an emergency fund. 
    • Start with a goal of $500 (then build it up to the recommended guideline of three to six months’ expenses). 
    • Keep it separate from other savings.
    • Use it only for emergencies, and replenish it after you get back on your feet.
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