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Stay Financially Focused

February 28, 2023 • By Kevin Alvarez

Saving For The Unexpected – America Saves Week 2023

How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially prepared? Most likely A LOT! Accompanying this message often is the statement that you need three to six months of expenses in your emergency savings account.

Saving for the unexpected

For those of us who struggle with saving for the unexpected or are saving but don’t have that three to six months amount accumulated, our confidence might be shaken because we haven’t met this standard. And when we lack confidence, it can be even harder to get or stay motivated to save for those unexpected events or opportunities that arise.

Instead of focusing on what you haven’t accomplished, here are a few strategies to consider that may help you build your financial confidence and begin or continue on your path to saving for the unexpected.

  • Set a goal of saving $500 for emergencies and once you reach this amount, set a new goal for another $500 and keep going. Reaching several smaller goals feels good and when we feel good, we’re more likely to remain committed to our plan.
  • If you’re not sure exactly how much you can realistically save each month, try using the America Saves Spending and Saving Tool to get a clear view of your finances. Once you know exactly what your income and expenses are you will be able to set a realistic timeframe for saving that first $500 or beyond.
  • Consistency can help build confidence. Saving automatically every time you get paid is the easiest way to be a consistent saver and consistency builds confidence. You can set up split deposit saving with your employer or your financial institution so that a portion of every paycheck goes directly into a dedicated savings account. When you are saving $10, $20 or some other amount every paycheck you will see regular progress, building your confidence along the way.
  • Instead of only focusing on the negative reasons for having an emergency savings account, think of it as saving for opportunities. Framing the reason you are saving in a more positive light may help you feel better about setting money aside. Not only are you saving to pay for car repairs, home expenses, or medical bills, tell yourself you are saving for an unplanned dinner out to celebrate a friend’s birthday or the chance to go see your favorite artist in concert. Those positive feelings can be motivating.
  • Use the three to six months of expenses in a savings account as a guideline. Try not to become discouraged if you haven’t met this level. Instead, focus on what makes the most sense for you at this time, knowing that as your income grows and/or expenses decrease your ability to save more and more quickly will change.

America Saves is here to help you get started on any of these strategies. Check out the 6 Steps to Establishing a Spending and Savings plan, take the America Saves Pledge, or listen to our Think Like A Saver podcast. We’re with you every step of the way on your savings journey.

SafeAmerica Credit Union is here to help you on your saving journey. Check out all the Savings opportunities we have to offer.

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October 3, 2022 • By Kevin Alvarez

Make It A Happy Holiday Budget

It's tempting to get wrapped up in the commercialism of the holiday season, but without a proper holiday budget, overspending can place a financial strain on individuals and families well into the new year, and beyond.

People are successful when they set a realistic budget for spending. Focusing on non-traditional gifts, the joy of experiences and the resulting memories, can be just as rewarding without damaging your finances, especially as prices on essentials are rising.

To make it a happy holiday budget, consider rethinking your holiday plan, setting a budget and sticking with it.

Here are some concrete steps to avoid excess holiday debt and celebrate the season in a budget-conscious way:

1. Create A Holiday Budget

Write down a holiday budget that includes all planned spending—food, décor, travel, gifts, etc. This can help you see how much income you will need, set spend limits, and relieve uncertainty and financial stress. Had to use your Christmas Club savings earlier this year for an unexpected expense? Take advantage of seasonal work opportunities to help finance holiday spending.

2. Simplify the Season

This year, consider simplifying celebrations and find alternative ways to revel in the season. Resist the urge to splurge on decorating and large parties and choose to gather with family and friends without breaking your budget. As gas and grocery prices are expected to increase, rethink the elaborate (and costly) holiday dinner and invite your loved ones to "meet in the middle" for a more informal get-together. In lieu of hard-to-get items, gift an experience, a family portrait or an online class. Open a 529 savings plan for the kids—the gift that gives long-term.

Budget

3. Budget Your Time by Volunteering in Someone's Name

Celebrate those you love by giving back. Volunteer at a friend or loved one's favorite charity or provide a contribution on their behalf. Gift some elbow grease at a local Meals-on-Wheels, community center, humane society, or nonprofit organization that could use your help.

4. Set Holiday Budget Expectations

Thanksgiving gatherings could be the time to communicate this year's holiday plan. Such conversations can relieve stress for all involved and avoid undue disappointment. A recent survey shows that small children thrive in environments with fewer toys. Research shows that clutter can impact mental well-being in adults, particular women, and possibly spark increased levels of cortisol, a stress hormone.

5. Shop Smart

There is still time this season to monitor sales for the best deals. Should you use credit this holiday season, look for zero or low-interest payment options. If shopping online, in-store pickup may cut down on shipping costs. Look out for holiday shopping scams and leverage fraud protection via PayPal and credit cards. Use browser extensions (i.e., Honey, Rakuten, or Capital One Shopping) for additional savings. By "abandoning" your online shopping cart for 24-72 hours, the retailer may grant you a discount or perk.

In all, it is possible to make it a happy holiday budget. While gift giving is a long-standing holiday tradition, spending time with family and friends after months of pandemic isolation may be the most meaningful gift of all.

This information brought to you by GreenPath Financial Wellness.

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