Creating a summer savings plan is manageable with the right objectives in mind and can help alleviate financial stress. Whether you are aiming for short- or long-term goals (or both), a financial coach at our United Way Center for Financial Stability can provide you with tips on everything from paying off your debt to planning a vacation.
For long-term saving, be sure to:
- Make contributions to an IRA or 401(k)
- Keep credit cards at under 30% usage
- Monitor your pay cycle for your credit cards
- Your money should be working for you. Keep your savings habit intact
- Have future goals in mind (both short- and long-term) so that you can reach your goals faster
For short-term goals like planning a vacation (under 5-year plan), be sure to:
- Save as little as $50 a month to reach your goal
- Consider applying for a travel credit card to capitalize on benefits
- Find out if your debit card offers travel insurance
- Have a clear idea of what kind of protections you need and how much a trip will cost
- Spend purposefully vs. accidentally
For more information or to make an appointment, ask a financial coach at FinancialStability@unitedwaymiami.org.