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A Penny Saved Is A Penny Earned
Cynitra F. Oliver, MBA
Financial Wellness Associate
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,
11/1/2022 07:47:20 pm
Great tip about 401K being good for retirement. My wife and I need to save for retirement. We'll have to see if we can set up a 401K account.
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