Savings Goals for Women
So much to save for!
Financial experts agree: Saving money is important. Well, thanks Captain Obvious, but if it were that simple, more of us would have met our savings goals. In fact, fully one-third of U.S. women report having saved less than $10,000 — and many nothing at all.
So the good news is, you’re not alone if you feel you’re behind in your savings goals. And more good news: It’s never too late to start saving. We’re here to help you save money for life’s most important events, from buying a home to funding kids’ education or creating a comfortable retirement.
The SmartHER Saving Challenge
So much of getting smart around money and achieving savings goals involves learning to plan. From organizing your budget categories to prioritizing monthly expenses to figuring out how to start building an emergency fund to choosing the right savings options, planning is the key to success.
Basic savings investments, such as CDs or money market accounts, can be safer investments to grow your savings. It’s important to remember to be cautious of “too good to be true” high-interest offers during a low-interest environment where CDs and money markets don’t perform as well.
Saving money also requires an attitude — a mindset — that’s internally motivated and not easily swayed. And it may require some trade-offs: Swap your $5 daily latte or $35 dinner out each week for coffee and cooking at home (at least more often than you do now). The payoff is so worth it — and so is your future. You can do this!
The Big Three: Savings Goals for a Home, Education & Retirement
Among many savings goals for women, the biggest ticket items to save for typically include buying a house, helping kids through college and building a nest egg for retirement. In terms of priorities, however, most experts agree that buying a home (which is an investment now and in the future) and saving for your retirement (which is an investment in your future) hold the most benefit for women. You can always take out a loan for education; you can’t for retirement living. Along the way, little things matter, like paying yourself for savings first, taking advantage of interest rates, being frugal — and that all-important building an emergency fund to help you avoid draining your savings if life takes an unexpected turn.
Budgeting 101
The beauty of a budget is that it helps through thick and thin. It can keep you from spending too much when money is flowing in and from sinking deeply into debt when money is tight. A good budget is key to saving money because it gives you a monthly expenses framework — budget categories that help you prioritize how your money is doled out, including into whatever savings vehicles you’re using.
“Pay yourself first” doesn’t mean give yourself a pile of fun money to play with out of every paycheck. In this case it means setting aside a pre-determined amount of money — however small — for savings every time you get paid, including unexpected windfalls like tax refunds, bonuses or gifts.
Women Are Up for a Challenge: Saving
As women, we know we can do pretty much anything we set our minds to. Sometimes it takes a challenge to spur us into action or to try a new way of doing things. Some challenges we’d prefer not to have to deal with, but this one is all about having fun and seeing results — a savings challenge!
Most savings challenges are built on your savings goals with a bit of psychology thrown in to best match your mindset and habits. All are based on the idea that you’ll follow a pattern of saving that will result in more saving than you might do on your own. So see which challenge fits your savings goals, financial situation and personality, and get started today!
