Five Ways To Maximize Your Savings
Building wealth as an individual or the head of your household starts with being attentive to your spending and saving habits. At Community Partners of South Florida (CPSFL), our experts are ready to help you and your family design a budget you can use to navigate all your financial goals, whether you are saving for a car, college tuition, or a home.
In our previous article, Expert Tips to Improve Credit Scores, we discussed the importance of good credit habits like making payments on time, avoiding late fees, and paying off your credit card balance in full every month. Stop using your credit cards if you find you can’t pay them off on time and ignore those pesky credit card offers in the mail. Remember that borrowed money always costs money. Good credit habits put you in a position to save.
We define “savings” as the money put aside from your earnings regularly to use in the future. Saving helps you progress toward reaching your most important goals, such as education while putting yourself in the position to handle unexpected emergencies. Other reasons to save include preparing for periodic expenses or leaner financial times.
At CPSFL, we have expert and friendly financial coaches, housing advisors, and lenders in the financial and residential mortgage sectors to help you succeed with your savings goals.
Here are our top five tips to help maximize your savings:
- Pay yourself first
- Open a savings account
- Deposit some of your paycheck money
- Save some of your money before paying bills
- Make an investment
- Research stocks
- Look into savings bonds
- Consider homeownership
- Learn to manage money better
- Sign up for a financial literacy class
- Watch an educational webinar
- Ask our professionals your questions
- Evaluate your expenses
- Keep a daily financial diary
- Write down every penny spent
- Do this for one whole week
- Open an Individual Development Account (IDA) if you qualify
- A portion of your IDA savings are matched
- Matched savings accrue interest even faster
- Your IDA helps your savings go even further