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Planning for the future when you can't pay for today

Growing up, we’re taught when you work hard you get to play hard. Life’s path seemed so clear. But, life has a funny way of throwing curve balls and plans often get derailed – layoffs, stagnant salaries, student debt, under employment. Planning for a future you cannot see may not make sense. At first.

Why should I plan for the future?

None of us has taken a class in “futuring”. Trying to plan for the future when you’re just making ends meet is overwhelming. If you’re not worried about your financial future, who else will be? Now more than ever, it’s important to be an advocate in your journey to financial wellbeing.

Think of your savings plan as a glorified budget. A snapshot of where you are today, the direction you want to go, and the steps it will take to get you there. Even if that step is setting aside $20 a month, taking action is what matters.

Saving money now could give you the freedom to make choices in the future.

How should I start planning for the future?

Start saving something. Even if you can only save a little every month. Even if you don’t know how you’ll spend the money. Save for the now.

Set a savings goal. Don’t have a specific goal in mind? Get into the savings habit with an emergency savings fund.

Make sure goals are S.M.A.R.T. Help set yourself up for success by making sure you’re specific, measurable, attainable, relevant, and have a realistic time frame.

How can I save money when I'm broke or have too many expenses?

We get it. Paying bills, credit card debt, loans, living your life. You’re in the thick of it. Finding savings can be hard.

Taking small steps today, can have a big impact on tomorrow.

Try reviewing bills to find savings. Put any extra money you find into an automatic savings plan like Numerica’s Bonus Saver account. 

Numerica's Round up to Savings works like an automatic savings account making it easy to save money and keep it saved. Your everyday debit card transactions are rounded-up to the next dollar amount and the difference is deposited into your Numerica savings account.

Pay yourself first. It’s one of the most frequent—and best—pieces of financial advice. Treat savings like a bill and make your payment each month!

Rewire your brain from impulse spending. Countless studies have shown that the simple act of shopping for deals lights our brain up with dopamine – the “feel good” hormone. Learn to balance your immediate wants with long-term needs.

Do I really need a savings plan?

We're so glad you asked because the answer is yes. The future is not now. But guess what…it’s coming. 

Get started with a savings plan you can manage:

• Start saving something just to get the habit going
• Set a savings goal that is S.M.A.R.T.
• Make savings automatic
• Pay yourself first
• Be mindful when you spend