Financial Freedom Week 6 Recap: Savings

Posted Feb 02, 2015

Financial Freedom Week 6 Recap: Savings

In the past weeks we have discussed planning for the New Year by preparing for tax season, creating resolutions that will help us spend less, and opportunities to secure our identities.  The most recent series of tips we have offered at Voyage have centered around the idea of building up savings.  This can provide the sturdy foundation necessary for a secure and prosperous future.

As Peter reminded us, all we have to do to start a savings account is to figure the specific dollar amount needed each month for bills and living costs. After the next pay day, put whatever is extra income towards savings. To make matters even easier, one can set an automatic deduction from your direct deposit to go into a separate account to “Pay Yourself”. By having the process happen automatically the temptation will not be as strong to spend and you may even forget you have it!

From here we encouraged easy methods to implement savings within spending by simply swapping out items in your house. For instance, use old towels for cleaning instead of paper towels or create homemade cleaning products instead of purchasing them at the store.  One of the most common areas of unnecessary spending is food.  The best way to combat this is to plan ahead.  For instance, one can prepare convenient packages of food for a week.  This not only saves time and money, but can also encourage healthy eating habits!

Another great opportunity for savings is to plan your holiday spending in advance. Voyage offers savings accounts specifically for this called “Holiday Accounts”. Our business officer Peter reminded us that if you procrastinate on your gift buying you will spend more rushing to find something! Take your time deciding what you want to buy and save yourself some extra cash!

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