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7 Steps to Start Your Savings Journey

7 Steps to Start Your Savings Journey

Commit to Establishing Emergency Savings
Unexpected emergencies often sabotage our financial goals, so getting in a savings mindset and
building an emergency fund is crucial. Start small and think big by setting a goal of a $500 rainy day fund. Once you’ve reached that goal, it will be easy to continue!

Take the America Saves Pledge
Now that you’re committed to saving, it’s time to consider how you’ll achieve it. The America Saves Pledge is a tool that helps you make a simple plan to meet your savings goal while offering you long-term accountability and support along the way.

Open Your Savings Account
If you don’t have a savings account, now’s the time! Ensure your savings account is federally insured with a reputable financial institution with no fees (or low fees). Open an Impact Savings Account today.

Set up Automatic Savings
The easiest way to save is to save automatically! Contact your employer to set up a direct deposit into your savings account each pay period or set up an automatic transfer from your checking account to your savings account at your financial institution.

Get Serious About Reducing Your Debt
When you reduce your debt, you save on interest and fees while maintaining or improving your credit score! Create a debt reduction plan that works best for you. Utilize America Saves resources to see the different options to pay down debt.

Get Clear On Your Finances
Create a Spending and Savings Plan that allows you to easily see your income, expenses, and anything leftover. Once you have a clear view of your finances, you can determine where to make changes and what else you should be saving for based on your financial goals.

Repledge for Accountability & Support
Once you’ve determined what other short-term and long-term savings goals you have, take the
America Saves pledge for a new category to continue the receive tips, support, reminders, and tools to help you achieve your new savings goals.

For more information on these topics and more, visit NCB’s Financial Education Center.

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