JAX Saves
Jax Saves cooperates with Florida Saves and America Saves to encourage Jacksonville residents to commit to Pay Yourself First. Here are five tips -
Money Tip #1
The media has been highlighting the stories of families that are without jobs in these hard times. When the interviewer asked what they wished they had done differently in the past, the universal answer was "save more." Sometimes it takes a down time to make us realize that we should have been saving in the boom time.
One way to help us spend less than we make is to "Kick A Habit." Do you have missing money – a routine you do mindlessly daily, weekly or monthly? Let's take eating out for lunch each day. That would be about $10 a day, $50 a week, $200 a month, $2400 a year. Just being aware of the annual amount helps, but here is a way to really make this awareness work for you.
Ask yourself, "What would I rather spend that $2400 on?" Perhaps a rainy day fund or the down payment on a needed replacement car. Visualize that goal – post a picture of it on the fridge. Then decide:
1. Can I go "cold turkey" – stop the habit and save the whole amount? Still have to eat lunch!
2. Can I substitute? Pack a lunch of "planned-overs" and save most of it.
3. Can I reduce the frequency and save a portion? I still like to eat out with my friends, so I will eat out once a week and bring my lunch the rest of the time.
Then figure out how much you intend to save each paycheck and have that amount automatically sent to your savings account.
To make a financial behavior change, we need a goal and a plan to be successful. We are also more likely to persist if we tell someone. So, go to www.AmericaSaves.org and sign up to be a Saver.
