America Saves Week 2014: 3 Action Steps to Take Control of Your Finances presented by Samirian Hill,...

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AMERICA SAVES WEEK 2014

About Us

America Saves Week is coordinated by America Saves and the America Savings Education Council. Started in 2007, the is an opportunity for organizations to promote good savings behavior and a chance week for individuals to assess their own status.

BudgetWise Financial Solutions LLC is a financial education and consulting firm where they teach people to manage money wisely through individual consultations, workshops, and seminars. BudgetWise specializes in personal money management and promoting financial literacy education.

Copyright (c) 2014 BudgetWise Financial Solutions LLC

Agenda

Why Save?

Your Saving Checkup

Set a Goal

Make a Plan

Automate Your Savings

Products and Services

Your Action Plan

Wrap Up - Q & A


3 ACTION STEPS TO TAKE CHARGE OF YOUR FINANCIAL FUTURE


WHY SAVE?

40% of Americans say they live beyond their means.

50% of Americans live paycheck to paycheck.

20% of employees are effected at work because of financial concerns.


Your Savings Checkup

Let’s see where you stand on the whole savings issue. How many of these items can you check off?

I pay off my credit card balances each month.

I have an emergency fund.

I set goals and make plans to save for large purchases.

I have an automatic payroll deduction from my paycheck to a savings or retirement account.

I increase my savings when I receive a raise.


Reasons to save

Emergency fund

Getting out of debt

Retirement

College

Purchase a house

Purchase a car

Other large purchases

Vacation

Build wealth


The Budget

1. Keep track of what you are spending: write it down, save the receipts, or use an online tool.

2. Once you know where your money is going, create a budget.

3. Once you have a budget, stick with it.


6 Strategies for Saving

Pay yourself first◦ Establish a saving habit and mindset

◦ No matter how small amount

Establish an emergency fund◦ Keeps you afloat

◦ First: $500 - $1000

◦ Second: 3 – 6 months of living expenses

◦ Then: A comfortable dollar amount



Pay off debt◦ The best investment most borrowers can make is to pay off double digit interest credit cards

Participate in work related retirement program (401k, 403b, 457)◦ Take advantage of employer matching

◦ 100% on the your matching contribution

◦ Opportunity to grow your money – compound effect.



Save for other goals through automatic transfer from payroll or checking account into savings.

Buy a home and pay off the mortgage before you retire.


7 Ways to Automate Your Savings

Split direct deposit

Set up regular deposits to savings

Sign up for company’s retirement plan

Pledge to save certain cash/changes

Use a cash-back credit card (cautious)

Automate your bills

Financial institution’s round up program

Save a portion of your tax refund


Wayne Metro Community Action Center

Save Your Refund – Form 8888

Individual Deposits Accounts

Services ◦ Tax Assistance

◦ Wealth Building Classes


Fifth Third Bank

Savings Accounts◦ Promotions◦ Rates

IRAs◦ Traditional IRA◦ Roth IRA

Savings Bond ◦ .10%◦ www.treasurydirect.gov◦ Electronic


http://www.treasurydirect.gov/

The Ideal Budget

50%

30%

20%

50 – 30 – 20 Budget

Essentials Lifestyle Savings


Your Action Plan

What is your saving goal?

What do you need to do to get started?

What can you automate?

Visit http://www.americasavesweek.org◦ Take the pledge to save

◦ Additional Resources

Q&A


http://www.americasavesweek.org/

Thank You!!!

Samirian Hill

248-905-1625

[email protected]

BudgetWise Financial Solutions, LLC

www.budgetwisefinancial.com


mailto:[email protected]

http://www.budgetwisefinancial.com/

America Saves Week 2014: 3 Action Steps to Take Control of Your Finances presented by Samirian Hill,...

Economy & Finance

Transcript of America Saves Week 2014: 3 Action Steps to Take Control of Your Finances presented by Samirian Hill,...