Spending and Savings Plan

Spending & Savings Plan 


Staying on Track with your Spending & Savings Plan

This article is published by Am Miller from the America Saves team, STAYING ON TRACK WITH YOUR SPENDING & SAVINGS PLAN, https://americasaves.org/resource-center/insights/staying-on-track-with-your-spending-savings-plan/, 2023

Here are some tried-and-true strategies that can help keep you focused and on track with your plans.

Life happens (no matter what plans you may have) and can set our finances off in a tailspin if we let it. Even with the most thought-out plan, things can get in the way and cause us to fall off track with our finances from time to time.

Fortunately, there are things you can do to stay on course and keep your finances in line – even when life has thrown you a curveball - or two! Here are some tried-and-true strategies that can help keep you focused and on track with your plans:

  • Review your Spending & Savings Plan and make some adjustments if necessary. It’s important to have a clear view and know what you have coming in and going out to stay in control.
  • Keep what matters most front & center. Your financial goals are based on your personal values, so having reminders up in your office, around the house, stuck to your mirror – whatever or wherever works that will help keep you focused on the things that matter most to you.
  • Get your family involved. Managing money and meeting financial goals as a family can lead to success when everyone is on the same page and working together. Get some tips from our article, Creating a Spending & Savings Plan for Your Family.
  • Focus on the things you can control and let go of the things you can’t. Keeping an eye on spending and expenses is one of the best ways to manage your money.
  • Make it Automatic! It’s our favorite way to save and stay on track. Setting up automatic deposits from your paycheck or checking account is a great way to ensure your money is going where you want it to, and before you can spend or divert it to something else.
  • Have an Emergency Fund that you can use to cover unexpected expenses. Emergencies can happen at any time and being prepared for them can make a huge difference when trying to stay on track with your spending and savings. A broken appliance, flat tire, or other unexpected expenses can throw a wrench in your spending and saving plan if you're not prepared. These are the times when dipping into your savings is necessary and ok - that's what it’s there for!
  • Look for ways to save. Maybe it’s cutting back on spending, paying down debt, eating out less, or canceling unused monthly subscriptions, thinking outside the box and looking for additional ways to save can pay off and help you stay on track. If you’re looking for some inspiration, check out our list of 54 Ways to Save Money.
  • Look for ways to make extra money. If you have the physical, mental and emotional space, start a side hustle, sell your old stuff, or rent out your spare bedroom. Get creative and earn some extra income. Here’s a list we’ve put together of 15 ways you can bring in some extra cash.
  • Keep Learning. Knowledge is power! Not only does it expand what you know, but reading up on various topics can help you become better at managing your finances. Check out our Resource Center to find blogs, articles, saver stories, and other tools and tips that you can use to become a more informed and empowered saver.
  • Stay Focused & Motivated. We LOVE helping savers stay on track and meet their goals – it’s our #1 mission! Follow us on social media to stay tuned in and up to date on the latest tips, trends, and tools we provide our savers on a regular basis that can help keep you motivated.

Get on the right track today! Take the America Saves Pledge if you haven’t already and we’ll be your partner along the way. You’re future self with Thank You!

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