Learning how to save and manage money
ZANESVILLE, Ohio – Organizations across the United States are encouraging people to save their money effectively for America Saves Week.
Locally, United Way of Muskingum, Perry and Morgan Counties is joining the initiative by giving advice to all who need it and sharing their resources. Executive Director, Meg Deedrick said a recent financial security index has released data showing only 39% of Americans could handle an emergency of $1000 or more.
“It’s important to identify and get that savings, so that you’re able to get through those emergencies and not rely on credit cards or increase your debt,” Deedrick said. “We all know cars break down, furnaces go, and people get sick. Those emergencies are going to be coming, we just need to be better prepared for them.”
Deedrick shared advice on making what a person has financially last and work towards a purpose. Whether it’s emergency savings, paying off debt, or planning for retirement people need to allocate how their money is saved and used.
“You can outspend any amount of money that you make if you don’t have control over it, but see where your money is going and from there you can identify places where maybe you can rearrange some priorities,” Deedrick said. “You can shift some things around and free up some money to save.”
Deedrick explained too many people see saving their money as a negative, since it’s preventing them from buying what they want immediately. For those who want to start saving their money, Deedrick suggests that people lose the negative view.
“The single most important key is changing that mindset and commitment to it,” Deedrick said. “There are a tone of techniques out there, it’s just the commitment, the will, and the plan. Identify what you can do right now today and there is power in that and change is possible.”
America Saves week started February 26, 2018 and ends on March 3, 2018, but the financial advice will continue. For information on how you can save visit United Way’s website. For more information on America Saves Week check out americasavesweek.org.
