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Blog Image 15 October 2021

A path to financial freedom

GreenPath is proud to participate in America Saves Week.  This national campaign, which runs each spring, is a valuable opportunity for individuals to learn about healthy savings behavior. Here are some ways to save:

My Path to Financial Freedom

Free download of My Path to Financial Freedom, our interactive, 8-lesson education program which addresses a wide range of personal financial management topics that we know you’ll find valuable!

Tracking Your Expenses

Tracking your expenses is key to successfully managing your money.  If you do not track how much you spend, you can’t make decisions on where to save. Tracking your expenses can be easy, from a notebook and pen to budget worksheets and online apps. The most important thing to do is start tracking.  This will give you a true sense of your budget.

Make Your Goal SMART

Once you have your budget in place, create a savings goal and make it SMART (Specific, Measurable, Attainable, Realistic and Timely).  For example, instead of setting the general goal,  “I would like to start saving”, ask yourself questions to make it more specific and measurable:

  • What do I want to save for?  Retirement?  Emergency Fund?
  • How much would I like to save each month? Pay period?
  • What is the total amount that I would like to reach?
  • When is my deadline?

Your SMART Goal:  “I would like to begin saving for emergencies, by putting aside $100 each month until I reach 2 months of my salary in savings.  In two years, I will be able to reach this goal”.

Cut-back on Expenses

Look for ways that you can save in your budget each day.  Whether it is packing your lunch for work, or cutting back on your cable bill, these changes will help you create room in your budget to save.

Communicate

When you share bills and expenses with another person it is important to communicate your goals, as well as your progress.  Monthly meetings with your spouse or family can help you to work towards your goals together, and to help keep each other on track.  It is important for these meetings to be open, honest and supportive, rather than blaming one another for any setbacks.

Keep Going

You may hit some bumps in the road towards your savings goal, but it is important to get back up and keep going!

Read Also :  Planning for Emergencies – Pay Yourself First

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