SET A GOAL! MAKE A PLAN! SAVE AUTOMATICALLY!
Did you know that one of the most important things you can learn in life is how to save money? Once you start, it gets easier and before you know it you’re on your way to making your dreams a reality. According to the America Saves Week website, the personal savings rate of the typical American is near zero. You can change that. As part of this year’s greater focus on wellness, The Office of Human Resources in conjunction with America Saves week is coordinating a financial wellness presentation and providing educational information to jump start your savings.
Title: 5 Habits of a Successful Investor
Date: February 22, 9:00-10:00 a.m. & 2:00-3:00 p.m. (No need to register)
Company: TIAA-CREF Presentation
Location: McDonald Library, Room 130
Title: How Credit Relates to the Mortgage Industry
Date: February 24, 2012 – 12:00-1:00 p.m.
Company: US Bank Presentation
Location: Gallagher Student Center, Room 330
Lunch will be provided – Please RSVP to firstname.lastname@example.org if you plan to attend.
Saving on a Budget: How can those who currently aren’t saving afford to save money? And how can those saving only a little save more? Top ten tips for saving money when budget is tight. Cut spending painlessly. Reduce high-cost debt. Take free money and save it.
Save for Emergencies: Building an emergency savings fund is the top goal of American Savers. There are many places to find money to save. Start with loose change. Not having an emergency savings fund is an important reason why many individuals borrow too much money at high interest rates. With emergency savings, Americans would not have to take out $2billion a year in payday loans at interest rates that average 300 to 500 percent.
Retirement: A 2010 Deloitte survey of 653 plan sponsors indicted that only 15% believe that employees will be prepared for retirement. Xavier offers both a mandatory retirement program and a supplemental retirement account as two mechanisms to aid employees in their planning efforts.
Are you familiar with our supplemental retirement account (SRA) that allows Xavier employees to defer an additional $17,000 per year? If you are over 50, you have the ability to defer an additional $5,500. Consider taking advantage of this optional benefit. To start an SRA or increase your contribution, complete an SRA form and forward to Toni Richardson at ML 5400.
Get Out of Debt: With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth. Did you know you can also take advantage of financial counseling through Xavier University’s Employee Assistance Program (EAP)? Contact a counselor for assistance.
Five Strategies to Saving: Pay off high-cost debt, save for emergencies, participate in work-related retirement program, outside of work, save monthly through an automatic transfer from checking to savings and buy a home and pay off the mortgage before your retire.