How to Stay Disciplined with Your Savings

  • Just do it!  Pay yourself first!
  • Gather all important financially-related documents and receipts to a central location.  File them so you will be able to easily find the items you need in the future.  Consider a computer based financial program so you can keep track of every dime you spend – financial control is a special form of power!
  • Spending every dime and more?  Start by cutting back on a few items per week and putting away that money.  Pay yourself first.  Just say no to spending more than you have.
  • Ask for direct deposit at work if they offer it – you’re saving money, and you don’t even see it.  A savings plan at work that pays you a “matching contribution” is the fastest way to save.  Pay yourself first!
  • Use credit cards responsibly make sure you can make the monthly payment.  Ideally pay the balance off each month.  You will never have a late payment (now as much as $75) and you will never pay interest to others at the very high rates credit cards charge.
  • Financial freedom will be worth everything you put into it.  Don’t want to work forever – choosetosave®!

Top Saving Mistakes

  • Not modifying your spending habits and committing to save money.
  • Not taking advantage of your company’s match in a 401 (k) plan, or getting involved in a defined contribution plan.
  • Not appropriately/correctly allocating your assets to meet a specific goal or time horizon (diversification is important).
  • Not setting a specific dollar target or financial goal.
  • Not knowing how much you have, where you are spending your money, and how much you need to save for the future (failure to plan for retirement).
  • Cashing out your retirement plan – should roll over to an IRA or your new company’s retirement plan.