How to start the money talk: Why does savings matter?

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Savings are a fundamental part of financial health, as research has shown that unexpected expenses, such as B. car repairs, can become a hardship when people do not have access to emergency savings funds.

“The most important thing when it comes to saving is to just start. Whether it’s $1 a day or something every month, it’s important to have a plan. Talking to an experienced person can help you see things from a different perspective.” One of my favorite conversations with customers is knowing what they’re saving for and helping them figure it out,” said Terry Thomas, Head of Community Banking, Virtual Banking and Business Development at Chase Bank. are how to get there.

How to create your own savings plan:

start small When you start with small goals, you lay the foundation for larger goals, even if you build a safety net with just a dollar a day. Once you get used to it, a dollar a day can be worth more when you start paying attention to your spending habits and look for ways to cut expenses and add them to your savings. identify. Here’s a free online calculator to 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 budgeting, it’s okay to keep it simple. Designate a notebook or section in your notes app to jot down your monthly expenses and what’s coming up versus what’s coming up. A good place to start is to use a tool like Budget Worksheet, which has built-in calculations to help you track your spending and find ways to save.

set a goal. What are you saving for? It could be a new phone, a car, a house. Anyway, focusing on a goal can help you stay motivated to create a plan to get there, such as: B. setting up recurring savings or considering changes to your daily expenses.

Get tools to help you. Choosing an FDIC-insured bank account can give you financial security, easy access to your funds, and help you avoid check-cashing fees that can add up. Many accounts offer mobile banking and automated tools to support your savings goals. Splitting up your direct deposit and setting up automatic transfers are just a few ways to save without thinking.

seek leadership. Joining a conversation about money is a great way to get feedback, advice, and suggestions on your approach to saving. Whatever your goal, seeking advice can help you develop skills, create a plan that can be adjusted over time, and get the help and support you need to reach your goal reach. A great way to start a conversation is to review your budget and savings goals with an expert.

When you’re ready to start the money conversation, 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.

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