Saving money is not always easy

Here at Voya, we want everyone to experience a better sense of well-being when it comes to finances.

And let’s face it, enjoying life to its fullest takes money. The choices you make today will decide what your tomorrow looks like.

So, take moment to imagine yourself in the future, doing whatever it is that brings you joy, feeling confident with your financial future. It is possible; you just need to create a plan.

America Saves Week (ASW) is April 8-12, and it’s a reminder to save more for what matters most to you.

This weeklong event encourages us to get clear on where we stand financially; learn how to take small, consistent steps on a path forward; and make improvements along the way. Every day during ASW, there will be a money topic for you to learn more about and act upon. Mastering these habits will help you on your journey toward financial wellness.
 

1. Saving automatically

Saving money is a journey, not a destination. And small steps can have an enormous impact. The best part about saving automatically is that you don’t have to think about it. Whether you split your direct deposit or set up an automatic deposits of funds, you’ll be ready for anything.

Take action:

• Be sure to set up an automatic savings account.
• Revisit the amount you are contributing already and increase it if you can.
• Consider switching to a high-yield savings to get the most from your savings.
• Consider creating separate accounts, one for each savings goal.

 

2. Saving for the unexpected

Life is full of surprises, and there is nothing worse than saving for something fun only to have an unexpected expense. Or worse, having no emergency savings and having to go into debt, take a loan or borrow against retirement savings. No one wants that.

Take action:

• Observe your money patterns and become aware of how you can shift habits to save more.
• Be sure you have a separate automatic savings account for emergencies.
• Aim to build enough savings to cover three to six months of living expenses.

 

3. Saving for major milestones

We know saving for the small things can be challenging. So how do you save for the bigger moments in life? With small steps.

Take action:

• Get clear on all your savings goals and timelines.
• Revisit your spending plan and adjust to find more money to save.
• Break each goal down into smaller bite-size actions; saving even $10 a week adds up.

 

4. Paying down debt is saving

It’s a good idea to have a savings plan and, just as important, a plan to pay down debt. When you pay down debt, you save on debt payments and interest that you can then redirect to savings.

Take action:

• Have a plan: List out your debt balance and interest paid for each and create a payoff plan.
• Consider paying down your highest interest debt first, and then rolling those payments into your next debt balance.
• Revisit your budget to see if you can reduce spending further to cover debt payments.
• Consider finding more money by selling things you no longer need or taking a staycation to save money vacation expenses.
• Once you are out of debt, consider rolling former debt payments into your savings.
   

5. Saving at any age

Once you have begun to master your own money, talk to family members, especially your kids. Teach them how to have a healthy relationship with money and show them the way.

Take action:

• Take steps to learn about financial literacy.
• Consider opening a savings account where kids can put their allowance.
• Help them create good savings habits early to avoid financial stress later in life.
• Teach them about what credit is and how to use it responsibly as a tool.

 

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Log in to your Voya online retirement experience to connect your checking, credit cards, savings and more alongside your Voya accounts to create an action plan and discover ways to save more.

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Need more help? Explore these topics and more in our resource center to learn about how to better manage and master your money for life.

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