Your financial future shouldn’t be left to chance.
Fortunately, it’s never too early or too late to plan for your financial future. This week is America Saves Week, a week to educate and help people make smart decisions about their money and future.
Whether you’re saving for a car, home, college fund or your own retirement, there are several ways to start working towards that goal. Pick one or a few of these ideas to try this week:
Monday, February 25: Save with a Plan
Savers with a plan are twice as likely to save successfully for things like retirement and their (or their children’s) education! America Saves Week is a great time to start a healthy savings habit. Sit down with your bills, look at where your money is going, and plan a budget that will help you reach your financial goals.
Tuesday, February 26: Save the Easy Way…Automatically
Never miss a beat when it comes to savings by setting aside money for savings automatically. Find out how to set up automatic transfers from your checking account to your savings account, or have part of your paycheck automatically deposited into a savings account. Already saving automatically? Find ways to automate other aspects of your financial life in 2019.
Wednesday, February 27: Save for the Unexpected
That day you blew a tire. The time your dishwasher overflowed. That unexpected vet bill. We all have those unexpected events in life that can lead to financial stress, but it doesn’t have to be that way. Putting aside a few dollars a week into a savings account for unexpected costs can build financial security – and relieve a lot of anxiety! Saving for the unexpected starts with small, regularly scheduled contributions that build up over time.
Thursday, February 28: Save to Retire
Studies show few Americans have adequate savings for retirement but it’s never too late – or too early – to start saving. Saving now for retirement will help ensure you enjoy a comfortable standard of living when you stop working.
Mohawk offers a 401(K) and a Roth 401(K) retirement savings plan options through Fidelity. The Company helps you build up your savings by matching the funds you contribute to your account. Mohawk will match 50% of the first 6% of your wages that you contribute. The sooner you take advantage of the Retirement Savings Plan, the more you benefit from the Company’s contributions.
Go to 401k.com to get started or call Fidelity at 1-800-835-5087.
Friday, March 1: Save the Extra
Did you know you’re more likely to save a windfall than a small amount consistently over time? Hack that psychology by saving bonuses, raises and tax refunds. This tax season, get ahead of your financial goals by depositing at least $50 of your refund into a savings account.