A Penny Saved Is A Penny Earned

​Cynitra F. Oliver, MBA 

Financial Wellness Associate 

​​​Many of you may have heard the phrase “A penny saved, is a penny earned.” Have you really thought about the meaning of the phrase? For me, the phrase means that for every penny earned I must save. If you break a dollar save the change. There are many ways to help save money. Here are a few tips I use in my personal life. 

I utilize an online savings app called Digit. Digit allows you to create savings goals for whatever you want to save for. For instance, college tuition, credit card balances, emergency savings, vacation etc. Money is pulled from your linked bank account and deposited into your Digit online savings accounts or categories. Depending on the timeline that you create, Digit will deposit $1-$100 into your savings category. When the desired time frame or goal is completed, funds will be deposited back to your account. 
 
I also have an option within my personal online bank account to deposit funds into my savings account every time I make a deposit or pay a bill. These options can always be modified or turned off whenever you need to.
 
I always tell my younger family members that when they start their first jobs to consider saving for retirement. During their interview or first day of employment they should ask their employers about enrolling in the companies 401k-retirement plan.  You are never too young to start thinking about retirement.  Some employers match contributions up to 6% of your individual contributions.  I always reference my relationship with my daughter about how she has become accustomed to saving and now asking employers about 401k-retirement benefits.  The sooner the better. 
 
Another savings tip is purchasing gift cards from your favorite store each month.  Get a jump start on your Christmas shopping!  You can later use those gift cards to purchase gifts during Christmas time, instead of waiting until the month of December. I keep the limit to $25 to stay within budget. 
Remember family, A penny saved, is a penny earned, and every penny counts!
 
Peace & Love,
 
Cynitra
 

Cynitra F. Oliver, MBA

A wife of 10yrs to the love of my life, and proud mother to an 18yr old daughter. A proud member of Zeta Phi Beta Sorority, Inc., in which I have dedicated my time and financial expertise to the Financial Secretary role for my local chapter. As well as my current role as the chapter Parliamentarian. I have worked in the financial industry for over 17 years and have held several roles; from Licensed Banker to Branch Manager to Women’s Business Advocate, just to name a few. My goal/aspiration is to become financially free from all debt and create wealth for my family and all those I encounter; leaving behind a legacy for my daughter to continue. I love spending time with close friends and family. One quirky fact is: I am very frugal! I have a coupon or reward for just about anything LOL!