Boost financial health by balancing priorities

Saving for your future is a key part of good financial health.

But you may have competing financial needs. Getting your financial house in order can put your future on a solid foundation—and free up money for goals like paying off student loans or boosting your retirement plan contributions. So how do you do it?

Contribute more to your retirement plan  

Saving for your future is a key part of good financial health. And saving more may be easier than you think. Consider increasing your contributions by 2 percent. That’s only $15.38 a week on a $40,000 salary—less than the cost of a movie ticket and a soft drink. Over the course of 30 years, that extra 2 percent could turn into more than $66,000!1 Find money to save.

Create a budget

A budget can help you control spending. Make a list of your monthly expenses and divide it into “wants” and “needs.” You can probably cut back on some of your “wants” to  pay off debt faster or save for the future. But you don’t have to sacrifice all of your splurges. Give yourself a monthly allowance to spend on extras. Get budgeting tips.

 

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Small changes add up!

See the amount you may add to your retirement savings by cutting back on splurges. 

Use this easy calculator to find out.

  
Save money in an emergency fund

An emergency fund can help you avoid excessive debt if you face a financial crisis or unexpected expenses. A good rule of thumb is to save an amount equal to three to 12 months of expenses, depending on your personal situation. Read about emergency funds.

Give your savings a boost

It’s easy to hit the gas on the road to retirement. It only takes a few minutes to make a potentially big impact on your future financial wellness. Log in to your account or contact your retirement plan representative to increase your contributions today.

1This illustration assumes a $40,000 annual salary and a 6% rate of return compounded monthly in a tax-deferred account. This is a hypothetical example. It is not indicative of any product or performance and does not reflect any expense associated with investing. Taxes will be due upon distribution of the tax-deferred amount and, if shown, results would be lower. Distributions taken before age 59½ may be subject to an additional 10% Federal tax. Actual investment results will fluctuate with market conditions so that the amount withdrawn may be worth more or less than the original amount invested. It is possible to lose money investing in securities.