Create a Savings Plan to Meet Your Financial Goals

Are you ready to become a homeowner, but don't know how to start saving for the downpayment? Do you want to contribute more to your retirement, but after the monthly bills are paid, there just isn't enough money left? Take control of your finances and start down the path to savings with these easy-to-follow money management tips.

Get organized. One of the easiest ways to feel more in control of your money is to organize your personal files and get a better grasp of what you have. File your bills, account statements, health insurance forms, and other information. If you need to reference something later, you won't have to search through the house to find it.

Set goals. Whether you want to put more into your retirement account or take a trip around the world, setting long-term and short-term financial goals will give you something to strive toward. Once you've identified your goals, set a date for meeting each one, and figure out how much you need to save in order to get there.

Track your monthly spending. Keep a spending diary for 30 days, recording every dollar you spend and how you spend it. At the end of the month, you'll see what your spending habits are and how you need to change them.

Create a budget. To achieve your goals, create a budget and stick to it. Your budget should include your monthly expenses and the amounts you've determined to put toward your goals. It's also a good idea to put money aside for occasional expenses, like car repairs, that pop up during the year, but not every month.

To help meet your savings goals, NWFCU has several savings programs to choose from, including: regular savings accounts, holiday club accounts, IRAs, Money Market Accounts and more.