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