October is Financial Planning Month

by Nichole Pulley   October/7/2015

Whether it’s for retirement, a trip to the Bahamas or your kid’s college fund we are all saving for something. Or we should be! Right?

Find the savings account that works for your needs, whether it be online or brick and mortar. The conventional wisdom is to save about 10% of your gross earnings for a rainy day. For some that may lead to a more Spartan lifestyle than we can support. I suggest starting smaller and building. Start with $5-$10 per pay period. If you don’t miss the money add a little more. Keep doing this until you have found you savings “sweet spot”. Next automate your savings so it’s seamless.

Here is where you should take the Cleveland Saves pledge. All you need is your goal and an email address to sign up.  After you have taken the pledge you will receive updates and tips on how to maximize your savings and decrease your debt.

If you need help making a budget or figuring out how to start the savings process, we’ve got a counselor for that! Two in fact; Renee Harris and Keith Davis. Contact Renee at 216.205.4465 or rharris@nhscleveland.org and Keith at 216.205.4470 or kdavis@nhscleveland.org. Financial Capability counseling is geared toward helping you get a handle on how much you spend, owe and save. Please don’t hesitate to call if you want to know more.

We have all heard the old adage “A penny saved is a penny earned” but let’s aim higher.

What are you saving for?

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