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It’s always the right time to evaluate your savings journey and implement a plan to boost your financial security. For this year’s recent America Saves Week, the theme of Saving for Your Past, Present, and Future serves as a reminder that financial wellness doesn’t happen by chance. We must take proactive steps to save, plan, and adjust our habits to be financially prepared for the expected and unexpected.

Whether you’re new to saving or looking for ways to level up, seek guidance that can help you reach your goals. Let’s take a look at some savings concepts and how you can apply them into your own financial journey.

Saving Automatically

One of the easiest ways you can save more is to set up automatic transfers from your checking account to a savings account. By automating your savings, you’ll never have to think twice about putting money aside. You will be consistently contributing to your savings goals without even realizing it, helping you stay on track with minimal effort, whether you are saving for emergencies, future milestones, or retirement.

Tip: Use My Money Manager in your American Heritage Online Teller account to easily track and manage your automatic savings contributions. You can see all your accounts in one place and set goals to stay focused on what’s important to you.

Saving for the Unexpected

Whether it’s an unexpected medical bill, a car repair, or job uncertainty, an emergency can happen at any time. Having a rainy day fund can make all the difference when it comes to bouncing back from these unexpected events. Financial experts recommend having three to six months of living expenses saved in an emergency fund. Start small by setting aside a few dollars each week and build from there.

A general savings account is a great place to start for an emergency fund. As your funds build, consider leveling up into a Money Market or High-Yield Savings Account. This way, your money will be working for you as you earn dividends on your balances! Be sure to check for minimum balance requirements, which are often components of these accounts.

Tip: Your savings account at American Heritage Credit Union is a great place to keep your emergency fund, and you’ll have peace of mind knowing your funds are insured by the National Credit Union Administration.

Saving for Major Milestones

As your life progresses, you’ll sometimes need extra funds to achieve your dreams, whether you are buying a home, paying for your child’s education, or planning a long-awaited vacation. Planning for these major milestones requires a clear vision and a plan.

Make sure to define these milestones and the manner you intend to achieve them. Savings are often the best way to see these events through. You could also explore combining your savings with other elements, such as a personal loan. You can learn more about personal loans with American Heritage here.

Tip: Set specific goals and create a timeline for achieving them. Break large goals into smaller, achievable steps. Use American Heritage’s Online Teller to visualize your savings progress and adjust your strategy as needed. 

Paying Down Debt is Saving

Debt can weigh heavily on anyone’s financial future and paying it down is one of the best ways to improve your financial situation. When you pay off high-interest debt like credit cards or loans, you’re essentially saving money by avoiding additional interest charges.

Tip: Consider using Bill Payer in your American Heritage Online Teller account to keep track of and automate bill payments. Not only will you save time, but you can also avoid late fees and stay on top of your debts.

Additional Tips to Save Like a Professional

Here are some simple tips you can follow to ensure your savings goals remain at the forefront:

• Stick to your budget. Be sure to regularly maintain your budget and adjust your funds as needed on a month-to-month basis. Avoid tapping into savings for extra purchases and consider adding any leftover money into your savings.
• Make the Most of Discounts, Coupons, and Rewards Programs. When it comes to saving, any little bit helps. Whether it's the grocery store or a local department store, use any kind of discount you can to make the most of your purchases. Any money you typically would have spent can go into your savings.
• Cut Out Unnecessary Expenses. As you analyze your budget, consider your spending habits. Are there any that can be scaled back, or even removed all together?
• Level Up Your Savings. As your savings balance builds, explore advancing to the next type of savings account. A Money Market Account or High-Yield Savings will allow you to earn dividends on your funds.

Saving at Any Age

No matter where you are in life, it’s never too late to start saving. Whether you’re just beginning your career, nearing retirement, or already enjoying your golden years, it’s important to keep saving for the future. Begin by setting small, manageable goals. Saving even a little each month can lead to significant progress over time. If you’re planning for retirement, explore options like IRAs or 401(k)s to maximize your long-term savings potential.

At American Heritage Credit Union, we believe in helping members save for their future at any stage of life. Our accounts, combined with tools like Mobile Teller and eAlerts, allow you to save easily and keep track of your progress anytime, anywhere.

It's Never Too Early, or Late, to Start Saving

Everyone, regardless of their financial background, should take a moment to assess their savings and create actionable steps for the future. Whether you’re saving for emergencies, a major life event, or your retirement, a consistent strategy and the right tools can make all the difference.