You don’t need anyone to tell you, “Hey, you should have money in savings.” We all know that. But getting there can be hard. Just remember, no one climbs Mt. Everest in a single leap, so try starting with these simple steps. If you really want to kick-start your plan, try doing one thing by the end of today!
Set up a monthly (or per-paycheck) automatic transfer from your checking account to your savings account.
Cancel unnecessary subscriptions, whether it’s a streaming service you rarely watch or a magazine you never get around to reading. Then put that money toward savings.
Calculate how much 10% of your after-tax income is. This is an ideal savings goal, but if you can’t manage that much, aim for 5%.
Set up an app (or a notebook) to track all your spending, and look for places to cut back.
Schedule a mortgage review to see if your loan is still the best deal for you, or if it’s time to drop your mortgage insurance. Ask your Loan Officer for more info!
