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Behavior Based Savings Strategies

Behavior Based Savings Strategies. Lesson: Simple Savings Strategies. Behavior Based Saving Strategies. Establish a savings goal Become a member of a Bank, Credit Union, or Matched-Savings Program Pay yourself first Make saving automatic by splitting your direct deposit

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Behavior Based Savings Strategies

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  1. Behavior Based Savings Strategies Lesson: Simple Savings Strategies

  2. Behavior Based Saving Strategies • Establish a savings goal • Become a member of a Bank, Credit Union, or Matched-Savings Program • Pay yourself first • Make saving automatic by splitting your direct deposit • Signup to receive “nudges” such as emails and text messages • Take advantage of employer based savings programs such as Save for Tomorrow.

  3. Establish a savings goal • According to the CFPB– “Setting financial goals is important, and building savings towards those goals is one of the best ways to achieve them.”

  4. Become a member of a Bank, Credit Union, or Matched-Savings Program

  5. Pay yourself first

  6. Make saving by splitting your direct deposit • Consider split deposits between checking and savings accounts • Consider splitting savings into a savings account at a different financial institution than your checking account

  7. Signup to receive “nudges” such as emails and text messages

  8. Take advantage of employer based savings programs such as Save for Tomorrow • Take advantage of employer based savings programs such as Save for Tomorrow. • Such programs allow you to maintain your standard of living while defaulting pay increases or windfalls into a dedicated savings account.

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