Fall 2023 Issue - Magazine - Page 12
7 Ways to Boost Your Savings
Although saving more takes some effort, it may
be easier than you think – there may even be
“free” money available that can help. Here are
some tips:
1. Take advantage of an employer match.
If they’ll match 3%, you’ve just covered 6% of
your retirement savings goal when you add in
your contribution, too.
2. Increase your savings rate just 1% a
year, whether in an IRA, a 401(k) or some other dedicated account.
3. Investigate additional opportunities at
work, such as corporate profit-sharing plans,
employee stock purchase plans (ESPPs), which
enable you to purchase your employer’s stock
at a discount, and employee stock ownership
plans (ESOPs), which provide company stock
at no cost as part of overall compensation.
4. Put money aside in tax-deferred accounts such as a 401(k) or a traditional individual retirement account.
5. Consolidate your financial accounts to
take advantage of potentially lower fees.
6. Pay yourself first. Schedule automatic
monthly transfers from your checking or savings account into your retirement account.
7. Find a credit card that deposits cash
back directly into your retirement account.
PS... Did you know Sweet Financial Services
offers FREE financial plans for hardworking
single moms? Call our office at 800-658-2507
today to schedule your plan!
Investing involves risk including the possible loss
of capital. There is no assurance that any investment strategy will be successful. Withdrawals from
tax-deferred accounts may be subject to income
taxes, and prior to age 59½ a 10% federal penalty
tax may also apply.
12 WomenincMagazine.com