February 25 – March 2 is America Saves Week– an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. This week, start small but think big with these suggestions from K-State Research and Extension and the Consumer Federation of America:
• Start (or add to) an emergency fund. An emergency fund is your protection against unexpected expenses or job loss.
• Track your spending. Knowing how you and your family spend money can help identify areas to reduce spending and increase saving.
• Let go of bad habits and bank your savings. Find one or two spending habits to cut back on and bank the difference.
• Take advantage of free money at work. Many employees turn down free money from their employer by not signing up for a work-related retirement program.
• Go automatic! Pay yourself first by setting up automatic transfers at your financial institution from your checking to savings account or having a portion of your paycheck directly deposited into your savings. Savers who save automatically are more likely to be successful long-term.
For more information on saving, contact the Ellis County Extension Office or visit www.kansassaves.org.