Infographic: How Much Should I Be Saving?

August 7, 2015 | Steve Hasbrooke

Photo from infographic of how much money you should 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.

Photo of infographic of how much money you should be saving.

Steve Hasbrooke

Steve Hasbrooke

Steve Hasbrooke is VP Controller at Mission Federal Credit Union. He has been with Mission Fed for over 12 years, and his primary responsibilities include regulatory reporting, annual financial reporting and accounting oversight.

More Blog Posts

Security Tips to Help You Identify Phishing Scams

image depicting a phishing attempt to steal your login info

Do you know how to identify a phishing email when you see one? Do you know what kinds of emails...

Phishing scams are all too familiar these days, and it can be easy to fall for these tricky emails. Knowing what to look out for and how to protect yourself can save you from giving personal or financial information to cyber criminals. Mission Fed developed some phishing...

Why choose a Credit Union rather than a Bank?

excerpt from infographic

What are the differences between a credit union and a bank? Learn more with our “Banks versus...

More people are looking for alternatives to big banks, such as smaller, local credit unions. But, what are the differences between them? Learn more with our “Banks versus Credit Unions” infographic.

Money Market Accounts: What's Their Worth?

Photo of couple happy with their money market account.

Has anyone ever suggested you open a money market account and left you wondering: What is a money...

Has anyone ever suggested you open a money market account and left you wondering: What is a money market account? A money market account offers you the same convenience and protection of a traditional savings account, but with the ability to earn higher dividends on your...

Four goals you'll definitely love saving up for in the long run

photo of a glass jar full of money

Savings goals are often considered from a short-term perspective. Instead of looking at your...

Savings goals are often considered from a short-term perspective. If you’re eyeing that new big-screen TV or the latest smartphone, a quick savings plan—say, a few months or so—can help you obtain those must-have gadgets or other desirable items, but what about your long-...

Branch/ATM Locator

Search for Mission Fed Branches and ATMs, or 30,000 CO-OP Network ATMs Nationwide