Financial Tips

Did you know..

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on
October 2, 2019

Saving shouldn’t be scary, and TFCU wants to make it the least scary thing you have to worry about. Let’s talk savings. According to Americasaves.org, those with a savings plan are twice as likely to save successfully.

It can be daunting to say you want to save 500 dollars by the end of the upcoming year, rather than try to look at how much you save each month much so you can get to that yearly goal! Keeping short term savings goals in sight makes it easily obtainable.

What’s the purpose of a budget you may ask?

Budgeting helps you put your money to work in the best way possible towards your financial goals. Budgeting can help you stay on top of your monthly and yearly finances, save for the future, get and stay out of debt which all in turn helps you relieve stress!

We cannot track every unexpected expense that comes up in our budget but what we can do is take control of our finances by tracking our income. Once the expenses are tracked, you can find where to make adjustments in terms of spending or saving. Mapping out your expenses can help you pay off debt and reduce future expenses.

Just like when you start a diet, you have a certain goal to reach in mind but you need to monitor your progress, simply by hopping on a scale from time to time, then making adjustments if necessary.

Sources:

https://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money
https://www.mymoneycoach.ca/budgeting/what-is-a-budget-planning-forecasting
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