How to Start a Money Talk: Why Savings Matters/Why the Habit of Saving is Key to Becoming Financially Healthier

dfwnewsa | June 23, 2022 | 0 | Dallas News

“WHEN IT COMES
TO SAVING, THE MOST
IMPORTANT THING TO DO
IS TO SIMPLY TO START.
WHETHER IT’S $1 A DAY OR
A FEW EVERY MONTH, IT IS
IMPORTANT TO HAVE A PLAN.
TALKING TO SOMEONE WITH
EXPERIENCE CAN HELP SEE
THINGS FROM A DIFFERENT
PERSPECTIVE. ONE OF MY
FAVORITE CONVERSATIONS
TO HAVE WITH CUSTOMERS
IS TO KNOW WHAT THEY ARE
SAVING FOR AND HELPING
THEM FIGURE OUT HOW TO
GET THERE,” SAID TERRI THOMAS, HEAD OF
COMMUNITY BANKING, VIRTUAL BANKING AND
BUSINESS DEVELOPMENT FOR CHASE BANK.

Here’s how you can build your own savings plan:

Start Small. Starting with small goals will begin
to lay the foundation for bigger ones even if
building a safety net with just a dollar a day.
Once you build the habit, a dollar a day can turn
into more as you begin to take notice of your
spending habits and identify opportunities to
minimize expenses and reallocate them towards
your savings. Here is a free online calculator that
can help you estimate your savings over time.
Remember that saving is personal: it depends on
your own needs and financial situation.

Keep it Simple. When it comes to creating a
budget, it’s ok to keep it simple. Dedicate a
notebook or a section in your notes app to write
down your monthly expenses and what is coming
in vs. what’s going out. A great way to get started

is using tools like a budget worksheet, which
has built-in calculations to help you track your
spending and could 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 build a plan
to get there, like setting
up recurring savings, or
considering changes to your
day-to-day spending.

Get Tools to Help You.
Choosing an FDIC-insured
bank account can offer you
financial safety, easy access
to your funds, and helps you
avoid check-cashing fees which
can add up. Many accounts
offer mobile banking and
automated tools to support
your savings goals. Splitting your direct deposit
and setting up automated transfers are some
ways to save without having to think about it.

Look for Guidance. Engaging in conversations
about money is a good way to get feedback,
advice, and suggestions on your approach to
savings. No matter your goal, seeking advice can
help you build skills, create a plan that can be
adjusted along the way, and get help and support
to achieve it. A great way to start a conversation is
by reviewing your budget and savings goals with
an expert.

If you are ready to start a money talk, you can
learn more about how Chase can help you at
www.chase.com/communityteam

This article is brought to you by JPMorgan Chase Bank.

The post How to Start a Money Talk: Why Savings Matters/Why the Habit of Saving is Key to Becoming Financially Healthier appeared first on DW.

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