Tips on How to Save
5/17/2017, noon | Updated on 5/17/2017, noon
Tips on How to Save
By Christopher Shuttlesworth
Personal Finance Educator Karen Chan introduced her Money Calendar to concerned residents on May 17, 2017 at the Chicago Library, located
at 9055 S. Houston Avenue, and discussed how the money calendar can help show residents where their money actually goes, how to evaluate
their debt, estimate their income during retirement and know where to get help when they really need it.
Chan said the Money Calendar gives individuals a road map on how to look at 12 different facets of their financial situation. She said the calendar will help them to understand more of their financial limits and how to get
things on the right path.
Chan explained that during the 12-month Money Calendar, individuals should have a plan to guide their spending decisions, compare actual
expenses with the plan and record expenses during from each month.
“For month one, I want you to do it the quick and dirty way,” Chan said. “I want you to look back at your checking account statements, credit card statements and all the places you spent money in.”
She said her best advice for people who lack self control is to save money by using an automatic transaction system that places a specific amount of money in a separate account.
“That is the beauty of participating in an employer plan where the money comes out of your paycheck and you never get it and you can’t spend it,” Chan said. “This is not good for emergency money. But you
only set this up so on pay day, if you have a checking account you will have it set up that it will automatically take $25 from your checking
account to your savings account. And it’s gone and you didn’t have to do
anything. So, make it happen automatically.”
Chan said one of her messages to individuals who are struggling financially and want to begin learning how to save money is to never worry
that you didn’t do it before but to start now.
“Remember to set it up to happen automatically and to never think that the amount that you can save is too little to matter,” she said. “Any little bit, if you save regularly, will add up significantly overtime.”