Content provided by JPMorgan
Savings are fundamental to financial health, as research has found that unexpected expenses, such as car repairs, can become a struggle when people don’t have access to emergency savings funds.
“When it comes to saving, the most important thing is to get started. Whether it’s a dollar a day or a few dollars a month, it’s important to have a plan,” said Chase Community Manager Rocky Fong. “Talking to someone with experience can help you see things from a different perspective. One of my favorite conversations with clients is understanding why they save and helping them figure out how to get there.”
Here’s how you can build your own savings plan:
- Start small. Starting with small goals will set the stage for bigger goals, even with just a dollar a day to build a safety net. Once you get into this habit, a dollar a day can turn into more when you start noticing your spending habits and find opportunities to reduce expenses and reallocate them into your savings. For a free online calculator that can help you estimate your savings over time, visit chat.com/personal/financial-goals/savings. Remember, saving is personal: it depends on your own needs and financial situation.
- Keep things simple. When creating a budget, keep it simple. Dedicate a notebook or section in your note-taking app to jot down your monthly expenses — keeping track of what’s going in and out. A good way to get started is with tools like the Budget Worksheet, which has built-in calculations to help you track your spending and help you find ways to save.
- Set a goal. What are you saving for? It could be a new phone, a car, a home. Whatever it is, focusing on a goal can help you stay motivated to develop a plan to achieve it, such as setting recurring savings or considering changes to your daily spending.
- Tools to get help. Choosing an FDIC-insured bank account can provide you with financial security, easy access to your funds, and help you avoid check cashing fees that can accrue. Many accounts offer mobile banking and automated tools to support your savings goals. Splitting up your direct deposit and setting up automatic transfers are some ways to save without thinking.
- Seek guidance. Having a conversation about money is a great way to get feedback, advice, and advice about your savings approach. Whatever your goal, seeking advice can help you develop your skills, create a plan that you can adjust along the way, and get help and support to make it happen. A great way to start a conversation is to review your budget and savings goals with an expert.
Chase offers free resources to help you start your financial health journey chase.com/financialgoals.
