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EVERYDAY HOME BLOG: Get Started with America Saves Week

By: Sonya McDaniel, Extension Educator, FCS/CED

Is the lack of green in your pocket making you blue? Jump starting your savings can be a challenge, but it is not impossible.

The first step to a firmer financial footing - establishing a savings plan - does not require any cash, said Sonya McDaniel, Pottawatomie County Extension Educator.

"I like to say there are no financial goals, only goals that require money," McDaniel said. "A savings plan is a roadmap to your goals. It also creates areas of agreement when there's more than one person contributing to accomplishing those goals."

Now is the perfect time to pay attention to your savings goals. This year, America Saves Week is February 23-29, 2020.

Saving is possible!

We all agree that saving is a good idea. That's the easy part. Figuring out how to manage your expenses so you can save, or save more? That may not be so easy. America Saves Week is your opportunity to commit-or recommit-to saving for today and for later in retirement. Saving is more than just a good idea. It's possible!

Saving starts with you.

Let's say you have your sights set on a vacation this summer ... a new car next year ... a home when you're ready ... your kids' college educations someday. Saving regularly not only helps you toward your many goals, it also helps protect your financial well-being, today and in the future.

Anything from saving for a new refrigerator to investing for your retirement may be possible. You'll be off to a good start if you follow a strategy, based on:

The cost of your goal

  *   Your timeline

  *   Your current spending

  *   How much you can save/invest

So, what is a "magic" number for money management spending - It's called the 50/30/20 rule of thumb, and it's popular quick-and-easy advice.  50% should be spent on necessities, 30% on discretionary items and 20% should be saved.

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