Track Where Your Money Is Going
Analyze your expenses and see where your money is going. Try to cut back on unnecessary expenses.
Automate Your Savings
Make savings a priority by treating it as a bill that you have to pay each month. Set aside an amount to save each month and put it on automatic.
To make saving even easier, talk to your local bank or credit union to see if it’s possible to set up an automatic deposit each month.
Develop An Emergency Savings Fund
Emergencies happen. Be prepared. Set aside enough money to cover 3-6 months of living expenses. Your emergency fund should be stored in a liquid savings account.
A liquid savings account is an account that you can easily access, without having to pay a penalty for withdrawing funds. A traditional savings account offered at your local bank or credit union is an example of a liquid account.
Develop A Financial Plan
Develop a roadmap to achieve financial success. There are many individuals and organizations out there who can help you develop a plan. Consider speaking with a certified financial planner. To find a financial planner near you, visit www.cfp.net or www.fpanet.org.
Don't Drown In Debt - Get Help
If you’re over your head in debt, consider meeting with a certified credit counselor. Certified credit counselors can work with you to develop a plan to reduce your debt.
Educate Yourself - Free Classes
Organizations across Washington offer financial education classes. Find free classes on DFI's financial education calendar.