Infographic: How Much Should I Be Saving?
Why does saving money seem to be such a challenge? Life, that’s why. Whether we want them to or not, things happen and our savings priorities have a tendency to shift. A car breaks down, your child needs new sports equipment, a plumbing disaster floods your house twice in 6 months (trust me, it is possible). For these reasons, and so many more, it is critical to have a saving plan in place.
If you read last week’s blog, you learned about the importance of saving money and read a couple of tips on how to get started. The helpful infographic below provides a great visual explanation of how to save wisely. One of the most important things to realize is that there is no one-size-fits-all plan. The idea is for you to take a hard look at your personal situation and apply some of these tools in an effort to advance your existing savings goals, or get you started on the road to saving.
For some, these recommendations may not be within reach right away. Don’t feel discouraged—this is often the case when you first start out. Even if it means setting aside just a very small percentage of your earnings, getting started is what matters.
And don’t set it and forget it, either. It’s always a good idea to revisit your savings plan and goals, so try to reevaluate your plan every three to six months. You might be surprised how much can change in a short period of time, and it may even enable you to ramp up your savings.
Remember, every little bit helps and can add up to real savings over time. Enjoy and be sure to share the infographic below:
Click the infographic below to view the enlarged version.
More Blog Posts
What’s the best way to teach your kids sound money habits? We believe that good habits are reinforced with regular action. Here are seven ways to start your child’s financial literacy that will last a lifetime!
Mission Fed now has 30 branches, which means there are more ways to save throughout San Diego County. Our growth means more opportunities for you to visit a local Mission Fed branch wherever you are, and learn more about our competitive and expanding financial services as...
Credit unions provide many of the same services and security provided by traditional banks, but because credit unions are not-for-profit, they’re able to use their assets to benefit credit union members. This can mean lower rates on loans and higher earnings on...
Owning a home is more than just hype; it’s the gateway to long-term and short-term financial success. There are many reasons owning a home is important, and most of them stem from the fact that a home is an asset and paying a mortgage increases your equity in that asset,...
Search for Mission Fed Branches and ATMs, or 30,000 CO-OP Network ATMs Nationwide