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7 Ways to Boost Your Savings

7 Ways to Boost Your Savings

  • Retirement & Longevity
  • Family and Lifestyle
  • Article

Discover smart options to grow 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. While the specifics vary, many companies will match whatever you contribute to the retirement plan (up to a certain percentage of your income).

  2. Increase your savings rate just 1% a year, whether in an IRA, a 401(k) or some other dedicated account. This small change means you’ll be at 15% within 10 years without even feeling it.

  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. Doing so can cut your tax bill. Contributions to a Roth IRA, by contrast, are not tax deductible but can grow tax-free. Earnings may be taxed if withdrawn before you’ve held the account for five years.

  5. Consolidate your financial accounts to take advantage of potentially lower fees. Don’t assume a bank is your only choice for a checking account, and consider applying whatever savings you achieve to your retirement fund.

  6. Pay yourself first. Schedule automatic monthly transfers from your checking or savings account into your retirement account. This keeps you on track and also ensures that you’re investing regardless of market fluctuations.*

  7. Find a credit card that deposits cash back directly into your retirement account. Careful here – this only works if you diligently pay off the card balance every month.

*This strategy does not assure a profit and does not protect against loss. It involves continuous investment regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue purchases through periods of low price levels.

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.

Important Disclosures

Saling Wealth Advisors is an SEC registered investment adviser located in Louisville, Kentucky. Saling Wealth Advisors may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Saling Wealth Advisors’ web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Saling Wealth Advisors’ web site on the Internet should not be construed by any consumer and/or prospective client as Saling Wealth Advisors’ solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Saling Wealth Advisors with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Saling Wealth Advisors, please contact the state securities regulators for those states in which Saling Wealth Advisors maintains a registration filing. A copy of Saling Wealth Advisors’ current written disclosure statement discussing Saling Wealth Advisors’ business operations, services, and fees is available at the SEC’s investment adviser public information website – www.adviserinfo.sec.gov or from Saling Wealth Advisors upon written request. Saling Wealth Advisors does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Saling Wealth Advisors’ web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

This website and information are provided for guidance and information purposes only. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice.