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Plan Well, Retire Well

Saving and investing your money

America Saves: Two Easy Ways to Save a Lot, Fast!


Here are two good tips for ways to build a significant amount of savings fast.

Continue Paying A Loan

If you're about to pay off a loan, continue making the same monthly payment – to yourself! You'll never miss it. First, decide where to deposit the money - a savings account, money market account, IRA account at your bank or mutual fund company, investment account at your broker, etc. Set up an automatic transfer from your checking account to the savings account for the amount of the debt you just paid off. And watch the money grow. Compound interest, here we come!

Bank A Windfall

Whenever you receive unexpected money – an inheritance, bingo winnings, tax refunds, retroactive pay, etc. – put at least part of it into savings. Many of you will be getting a tax refund very soon. On your tax form, you can instruct the IRA to deposit the entire amount directly into one account, or use Form 8888 to split your refund into more than one account. So it's easy to divide your refund between, for example, a savings account and checking account. With Form 8888, you can also choose touse all or part of your refund to buy series I savings bonds.

Make a rule in your home that you'll save at least a certain percent of any unexpected check you receive. My husband just got a refund from medical insurance that we had no idea was coming. Yippee! I put it in the bank this morning, before we could even think about spending it.

Become an American Saver! Sign up at http://bit.ly/gliVkL to set your savings goal and get more tips throughout the year.



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by Karen Chan on Monday 10/10/2011