Tips on Saving Money and Making Good Financial Decisions

Updated: Jul 28

The most important thing you can do to start developing healthy money habits to keep it simple and get back to the basics. Start by stocking away three to six months’ worth of living expenses in an easily accessible account; this is called an emergency fund and is the best way to start giving yourself resources for those times when you need a little extra money. Make sure that you set it aside in a liquid account (like checking or savings) that you know will be there and isn’t subject to market fluctuations.


If you are fortunate to have an employer that provides a retirement plan, you have some great opportunities to boost your savings! Often times, employers provide a “company match” so if you contribute a certain amount to your retirement plan, your employer will match it up to a certain dollar amount or percentage. A lot of employer plans offer an auto increase feature that allows you increase of your contribution each year automatically without having to go in and change your contribution amount. It takes the discipline out of having to do it yourself but can really increase the amount you save over time.


If you are struggling with trying to save while also paying debt, you are not alone! Our financial lives are getting more and more complicated and the reality is that we all have lots of financial priorities that we are trying to juggle. Remember that for every debt payment you make, you are saving yourself from paying the future interest. For example, if your debt has an interest rate of 8%, you are effectively paying yourself an 8% return by paying that debt off; that’s amazing! Finding a balance between paying debt and saving is nuanced based on the type of debt you have, interest rates, and other savings goals. It is absolutely possible! If you would like help creating a customized plan, reach out to a financial coach or financial advisor who can help you set up the plan that’s right for you.



Watch the full video on WLWT:

https://www.wlwt.com/article/tips-on-saving-money-and-making-good-financial-decisions/39970122


DISCLOSURE: The information contained herein has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy. Cassady Schiller Wealth Management is a registered investment adviser. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only, are subject to change from time to time and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.