Skip to main content

Sponsored Content

Simple Steps Toward Saving Money

Jun 08, 2015 04:11AM ● Published by Flint Zerangue, Sr.

(Family Features) Putting money in a savings account seems simple enough, yet it's a struggle for many.

According to federal data by Statistics Brain, the average U.S. family's savings account held a balance of $3,800 in 2014. While there has been an upward trend in the amount being socked away each year, increasing savings account balances can help Americans meet their long-term goals, such as retirement.

When building your savings account, take the task head on by defining a clear course of action and setting specific goals.

Know how you’ll use the money. There are a variety of ways you can use your newly earned savings, from growing your savings balance to making a major purchase to paying down debt. Set an attainable goal, such as paying off a credit card, funding a down payment for a new house or making an extra mortgage payment.

Challenge yourself to save. If you need a little extra motivation, tackle a program that lets you gradually step up your savings game, such as the 52 Week Savings Challenge.

"A savings challenge is a great way to ensure you’re not only stashing money away, but doing so on a regular basis," said John Heath, directing attorney for Lexington Law. “Creating a habit of saving money is the ultimate takeaway, and the simplest way to ensure a solid financial future for your family."

The challenge is simple: start off saving $1 the first week, $2 the second week, and eventually $52 in the final week of the challenge. If you save each week throughout the year, you will be $1,378 richer. You may find it helpful to set a weekly reminder to stay on track.

Remember, although the challenge suggests starting off with $1 for the first week, you could decide to save more if your budget allows and come out an even bigger winner.

Ditch the money jar. By opening a savings account, you will be far less likely to “borrow” from yourself. Having an account also makes it easier to arrange for automatic recurring transfers that move money from your checking account to your savings account on a regular schedule. If your paycheck is delivered via direct deposit, you can also direct a portion of each check directly to savings.

Use accounts that give you a boost. Most financial institutions offer a variety of saving options to fit your needs. For example, if you meet certain criteria, you may be eligible to open a high-interest savings account to grow your savings even higher. Another route is to choose a savings account that imposes penalties for excessive withdrawals. While these accounts can feel restrictive, they provide a valuable deterrent for those who are too easily tempted to dip into their savings.

Treat your savings contribution like a bill. Create a budget that outlines all your expenses, and includes a line for savings. Thinking of your savings account as a debt to be paid will help hold you accountable for making regular deposits and limit any tendencies to spend what you may have been able to save.

For more tips for managing your money, or your credit, visit www.LexingtonLaw.com.

Photo courtesy of Getty Images

Sponsored by Lexington Law

Family Features Family Features Lifestyle
  • The Boutique Bridal Show

    01/21/2018
    01:00PM — 04:00PM

    The Boutique Bridal Show is intimate, organized and effective. Our focus is on vendors and brides...


  • Citizenship Classes

    01/22/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • 3D Printing 101

    01/23/2018
    04:30PM — 05:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Citizenship Classes

    01/24/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Heart Notes with Ashana Sophia

    01/24/2018
    06:00PM — 08:00PM

    From the atoms that make up your body to the spiraling Milky Way galaxy, everything is an express...


  • Cinema on the Bayou

    01/24/2018
    06:30PM

    The 13th Cinema on the Bayou Film Festival has selected nearly 180 films, including World, U.S. a...


  • Free-Throw Thursdays

    01/25/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    01/25/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


It looks like we don't have any events for this date. You can always add an event.

  • Blowout Book Sale

    01/27/2018
    10:00AM — 05:00PM

    Come to the Hilliard Store for a blowout book sale! Select titles will up to 50% off. Members can...


  • The Boutique Bridal Show

    01/21/2018
    01:00PM — 04:00PM

    The Boutique Bridal Show is intimate, organized and effective. Our focus is on vendors and brides...


  • Citizenship Classes

    01/22/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • 3D Printing 101

    01/23/2018
    04:30PM — 05:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


  • Citizenship Classes

    01/24/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Heart Notes with Ashana Sophia

    01/24/2018
    06:00PM — 08:00PM

    From the atoms that make up your body to the spiraling Milky Way galaxy, everything is an express...


  • Cinema on the Bayou

    01/24/2018
    06:30PM

    The 13th Cinema on the Bayou Film Festival has selected nearly 180 films, including World, U.S. a...


  • Free-Throw Thursdays

    01/25/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    01/25/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • Blowout Book Sale

    01/27/2018
    10:00AM — 05:00PM

    Come to the Hilliard Store for a blowout book sale! Select titles will up to 50% off. Members can...


  • Citizenship Classes

    01/29/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Citizenship Classes

    01/31/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Flex your creative writing muscles at a literature workshop organized by the Acadiana Writing Pro...


  • Free-Throw Thursdays

    02/01/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Tutor Training Workshop

    02/01/2018
    05:00PM — 07:30PM

    TUTOR TRAINING WORKSHOP Thursday, January 25 and Thursday, February 1 5:00-7:30 p.m. Tu...


  • During February's workshop, the legendary Jackie Miller of Iota, Louisiana, will be leading a tra...


  • Courir de Mardi Gras

    02/04/2018
    10:00AM — 04:00PM

    Join us at Vermilionville on Sunday, February 4th, from 10:00 a.m. to 4:00 p.m, as we bring a tra...


  • Citizenship Classes

    02/05/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Trivia Time

    02/05/2018
    06:00PM — 07:00PM

    Think you know your trivia? Have you watched way too many Rom-Coms and think you can beat out oth...


  • Citizenship Classes

    02/07/2018
    05:00PM — 07:30PM

    NINE WEEK COURSE Beginning Wednesday, January 17th MONDAY AND WEDNESDAY EVENINGS 5:00-7:30 P.M....


  • Join the theatre department as select students perform pieces of poetry, monologues, and short sc...


  • Lafayette Reads Together Film Screening

    02/07/2018
    06:00PM — 07:45PM

    As a part of the Lafayette Read Together event, two films will be screened in February for those ...


  • Free-Throw Thursdays

    02/08/2018
    04:00PM — 05:00PM

    Every Thursday of the months of January and February join friends and fellow basketball lovers fo...


  • Dentistry from the Heart

    02/09/2018
    07:00AM — 01:00PM

    Quest Pediatric Dentistry is hosting its annual Free Pediatric Dentistry day. We are offering a f...


  • 3D Printing 101

    02/09/2018
    01:30PM — 02:30PM

    Have a child or teenager interested in learning the basics of creating and printing on a 3D print...


 

 

January 2018 - 10th Anniversary Issue