How to Start Your Savings Journey
So you’ve decided that it’s time for you to get (more) serious about your finances, particularly saving. Great! This is a critical moment that happens for most working-class Americans, no matter how much money you’re making.
If you have little to no savings, you’ll want to start saving for emergencies.
If you have emergency savings, you may want to start saving for a home, retirement, or education.
There’s ALWAYS something to save for, but if you aren’t naturally “good” at savings, the idea of saving money can be daunting.
It could feel like a burden. Or like you’re giving up something concrete for something more elusive.
The truth is that we can ALL be great at savings! You have to start small, think big, and create a reasonable plan and recognize where you are in your journey.
In fact, we’ve learned that there are SEVEN key phases or steps to starting your savings journey and being successful.
7 Steps to Start Your Savings Journey
Step 1. Commit to Establishing Emergency Savings
Unexpected emergencies often sabotage our financial goals, so getting in a savings mindset and building an emergency fund is crucial. Start small and think big by setting a goal of a $500 rainy day fund. Once you’ve reached that goal, it will be easy to continue!
Step 2. Take The America Saves Pledge
Now that you’re committed to saving, it’s time to consider how you’ll achieve it. The America Saves Pledge is a tool that helps you make a simple plan to meet your savings goal while offering you long-term accountability and support along the way.
Step 3. Open Your Savings Account
If you don’t have a savings account, now’s the time! Ensure your savings account is federally insured with a reputable financial institution with no fees (or low fees).
Step 4. Set up Automatic Savings
The easiest way to save is to save automatically! Contact your employer to set up a direct deposit into your savings account each pay period or set up an automatic transfer from your checking account to your savings account at your financial institution.
Step 5. Get Serious About Reducing Your Debt
When you reduce your debt, you save on interest and fees while maintaining or improving your credit score! Create a debt reduction plan that works best for you. Utilize America Saves resources to see the different options to pay down debt.
Step 6. Get Clear On Your Finances
Create a Spending and Savings Plan that allows you to see your income, expenses, and anything leftover easily. Once you have a clear view of your finances, you can determine where to make changes and what else you should be saving for based on your financial goals.
Step 7. Repledge for Accountability & Support
Once you’ve determined what other short-term and long-term savings goals you have, take the America Saves pledge for a new category to continue the receive tips, support, reminders, and tools to help you achieve your new savings goals.
Other Important Things To Note
Somewhere along the way, talking about your finances became taboo. However, studies have shown that people who talk about their finances with others they trust are more successful at saving. That doesn’t mean to take financial advice from everyone explicitly, but talking about your goals definitely helps.
Another exercise you can do to support your new savings journey is to create a self-tracking tool. Put your savings goal somewhere visible, where you’ll see it often. Visually seeing your goals gives you constant triggers that help you not only stay on track and but to review your progress, as well.
Speaking of putting your goals in a place you’ll see them, feel free to download and print the “7 Steps to Start Your Savings Journey” and put it in a place where you’ll see it often.
Congratulations on your new savings journey! The team here at America Saves is here to support, encourage, and help you with accountability.
CHECK OUT OTHER SAVINGS JOURNEYS FROM SAVERS JUST LIKE YOU
Taking Steps Toward Financial Fitness
By Nicky Vasquez
Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.
Saver Story: Set a Goal, Make a Plan!
By Shannon
We've chosen Shannon as our Saver of the Month! Her approach to saving for her family’s dream home is a g...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
The Gift of Homeownership
By Quaneka Willis
Quaneka Willis, a single mother of three children, was receiving rental assistance through the Housing Au...
Saving Early: Key to Successful Future
By Johnnie Lovett
For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenag...
Saver Story: Set a Goal, Make a Plan!
By Shannon
We've chosen Shannon as our Saver of the Month! Her approach to saving for her family’s dream home is a great example of how #ThinkingLikeASaver can look different for everyone, but has great payoffs and rewards.
Budget like Nohemi
By Nohemi
Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at Chicago. She remembers attending a University of Illinois Saves event where she decorated a piggy bank and took the Pledge, but college life made her put the thought of saving at the back of her mind.
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her hu...
Transforming “I Can’t Save” to “I Will Save”
You will not believe what it took to completely change my life. About three years ago, the HR Administrat...
Saving Early: Key to Successful Future
By Johnnie Lovett
For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenag...
Taking Steps Toward Financial Fitness
By Nicky Vasquez
Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach....
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her husband lost his job in 2014. Using their savings, Melissa’s family stayed afloat while her husband found a new job.
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my daughter for a college fund. So I started saving 20 percent of my paycheck every month to put it away in a savings account with a high Annual Percentage Yield (APY). By the time my daughter is 18, I will have saved nearly $90,000.”
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Jump-Starting a Financial Makeover
By Nichelle Johnson
Nichelle Johnson, a single mom with two teenage children, knows what it’s like to stretch a dollar. When ...
Don’t Laugh at Saving Spare Change
By Brittany
Virginia Saves saver, Brittany, decided to start saving again when she became a single mother. She thinks...
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her hu...
Starting and Continuing a Savings Journey
By Kiara Hardin
When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her savings journey.
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save ...
Budget like Nohemi
By Nohemi
Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at...
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Taking Back Control Over Finances
By Nadine Bialo
After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.
Inspired to Build Savings By Starting Small
By Sharon
With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t...
Developing a Savings "Game Plan"
By Eunice Diaz
Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and he...
Getting Out of Debt
By Tonya Shelton
In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost he...
From Overwhelmed to In Control
By Debi
In 2017 Debi felt overwhelmed. Her credit cards were maxed, and she wasn't exactly sure how to handle it....
Savings #ImSavingForSweepstakes
#ImSavingFor Winner Story
By Pedram R.
America Saves awarded one lucky saver, Pedram R. from California, $750 for sharing his #ImSavingFor story. Pedram said, “Saving is important to me because it proves I am not willing to buy unnecessary things to please others or to be perceived as successful.”
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save for retirement. But making a commitment and creating a plan to save isn’t a new concept for him.
If we feature you in our newsletter, you get $50.
You May Also Be Interested In...
Take the America saves pledge
Make a pledge to yourself and create a simple savings plan that works. Complete the Pledge and America Saves will send you short email and text reminders, resources and tips to keep you on track towards your savings goal. Become part of an entire community of savers. Get started now!
creative ways to fund your savings
Those with a savings plan are twice as likely to save successfully. Taking the America Saves Pledge is a pledge to yourself to start a savings journey and America Saves is here to encourage you along the way. Take the first step toward creating a better financial future. Make a plan, set a goal, and pledge to yourself to start saving, today.
Congrats on completing the pledge!
Take the America Saves Pledge
Make a pledge to yourself and create a simple savings plan that works.