Creating a savings plan

Published: Jan. 10, 2018 at 12:43 PM CST
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No matter what you’re saving for – an emergency, college tuition, vacation or retirement - putting money away each month is crucial in building financial stability and peace of mind. However, more than half of Americans (63 percent) have less than $1,000 in their savings accounts while experts suggest that you should have between three and six months of income saved.

Many people think they can’t afford to save. They may be living paycheck to paycheck and need every dollar to make ends meet. Saving money is too expensive. These are just myths. Saving money is simply redirecting your income and evaluating your spending habits.

Start saving by creating a plan and following these steps:

  • Set a goal – how much do you want to save, by when and for what
  • Evaluate current spending habits and find ways to cut back
    • Reduce the number of times a week you purchase a coffee
    • Limit eating out at restaurants
    • Wait 24 hours before buying non-essential items (you may end up not buying the item after the impulse wears off)
  • Save automatically – every pay period, have your employer deduct a certain amount from your paycheck and transfer it directly to a savings account

The hardest part about saving is just getting started. Along with the aforementioned steps, think about saving some or all of your tax refund. It’s a simple way to put a larger sum of money away and start the habit of saving. You can have your refund directly deposited into your savings account. Start the new year with a plan and a nest egg.

, a campaign managed by the nonprofit

, is a great resource for saving tips and tricks. You can join the America Saves Pledge, sign up for text reminders and educate yourself about financial wellness. Centris Federal Credit Union also offers many

and a knowledgeable staff to help you reach your savings goals. Contact us today at (402) 334-7000 or at


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