Create a Savings Habit During America Saves Week

Contact: Janet LaFon, family financial education specialist
Headquartered in Jasper County
Tel: (417) 358-2158
E-mail: lafonj@missouri.edu

CARTHAGE, Mo. -- February is a great month to make a commitment to saving since Feb. 24 to March 1 is being celebrated nationwide as “America Saves Week.”

“A good place to begin is by creating a savings habit,” said Janet LaFon, a family financial education specialist with University of Missouri Extension.

LaFon says there are several ways to get started, but one to consider is the concept of paying yourself first. This could be through payroll deduction at work, saving a portion of each paycheck or just collecting loose change.

“Saving doesn’t have to mean large amounts of money. Even small amounts can add up,” said LaFon. “For example, saving just 50 cents a day in loose change will add up to about $15 per month or over $180 in a year. The key is to get into a regular habit.”

LaFon offers four simple ideas to help a family save money.

First, save any windfall income. For example, some people are already deciding how to spend their tax refunds. How about saving at least a part of it?

Second, consider breaking a habit that costs money, such as tobacco products, lottery tickets, soft drinks, coffee, videos, or frequent lunches out. “You might be surprised if you added up how much you could save if you broke the habit, or at least cut back,” said LaFon.

Third, take advantage of free or low cost entertainment.

Fourth, save at least part of your next raise. “Most of us never miss money we never had,” said LaFon.

For more ideas on saving, check out these websites: America Saves, http://www.americasaves.org  or Missouri Saves, http://missourifamilies.org/mosaves.
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