ROCKFORD (WREX) — If saving money is a struggle for you, Northwest Bank says it can help.
This week is America Saves Week. Northwest Bank says it's meant to encourage people to save their money and pay down debt.
Experts say you're twice as likely to successfully save money if you have a plan and don't be discouraged if you feel like you can only save a few dollars a week.
"Before you figure out how much you want to save, you're going to want to budget your money and figure out how much you can save," Personal Banker at Northwest, Michael Teleso said. "$5 a week, it's anything. Any amount is a good amount to save.
Experts also suggest talking with a banker if you need help figuring out a budget and a plan.
The following are tips Northwest Bank and America Saves Week is offering:
Save with a plan: Did you know? Savers with a plan are twice as likely to save successfully for things like retirement and their (or their children’s) education! America Saves Week is a great time to start a healthy savings habit.
Save by reducing debt: Paying down your debt IS saving. When you actively reduce your debt, you save on interest. When you pay on time, you save on late fees and maintain your credit score, which will save money long-term.
Save automatically: Never miss a beat when it comes to savings. Make it so easy you never have to think about it by setting aside money for savings automatically. Learn how to set up automatic transfers from your checking account to your savings account, or have part of your paycheck automatically deposited into a savings account.
Save to retire: Studies show few Americans have adequate savings for retirement but it’s never too late – or too early – to start saving. Saving now for retirement will help ensure you have enough money to enjoy a comfortable standard of living when you stop working. Participate in a work-related retirement program such as a 401(k) or open an Individual Retirement Account (or IRA). Already saving for retirement? Try increasing the amount you save by 1 percent each year.
Save the extra: Did you know you’re more likely to save a windfall than a small amount consistently over time? Hack that psychology by saving your bonuses, raises, and tax refunds. This tax season, get ahead of your financial goals by depositing at least $50 of your refund into a savings account.
Save as a family: Good savings habits start at home. Model good financial habits for your children by saving money from your paycheck, delaying purchases until you can afford them, avoiding whim purchases, and establishing a monthly budget. Teach your children to do the same and help them open their own savings accounts. They love seeing their “pot” grow!