Michigan State University Extension recommends that you set some financial goals. Creating a spending plan is the first essential step in setting financial goals. It is important to know how much income is coming in and what expenses are going out. Your weekly or monthly savings goal should be listed as an expense in your spending plan. Pay yourself first! Take the pledge at America Saves to help you stay on track with your spending goals.
According to the America Saves Saver Survey:
- Savers reported largely saving for one of three goals: an emergency fund, retirement or debt repayment.
- The longer people have been with America Saves, the more they have been able to save. Savers who joined in 2011 reported saving $7,000 since joining America Saves.
- Married respondents were able to save much more than single respondents, even though they didn’t report trying to save that much more.
- What females and males reported saving for differed widely. Females heavily favored saving for an emergency fund, while males heavily favored saving for retirement.
- Savers reported that since joining America Saves they are saving more, have become more confident about their ability to manage their money, are actually managing their money better, are managing their debt better, and feel more hopeful about their financial situation.
Take the savings assessment to see if you’re saving enough to meet your goals. Strive to create a spending and savings plan and implement your plans to reach your financial goals. Money Management from MSU Extension offers workshops throughout the year to help you become financially healthy. Additionally, you can take the Financial Health Survey at MI Money Health to access if you’re financially healthy and discover more ways you can improve your financial health.
This article was provided by Michigan State University Extension.