5 Savings Related Checklist Points to Examine Today

Some people keep a close watch on their savings, knowing exactly what is going on at all times. Others, however, subscribe to the “set it and forget it” philosophy. In other words, they make a final decision and leave things that way for an extended period of time.

You don’t have to review your strategy on a daily basis, however, it is a good idea to keep a close watch on what you are doing.

Here are five savings related checklist points to review today (unless you have done so in the not so distant past):

• Your budget. How much money are you spending every month? How much are you saving? When it comes to basics, this is just about as basic as it gets. In short, you can get by as long as you spend less than you earn. That being said, you may want to make changes that allow you to save more money.
• Your retirement savings. From an IRA to a 401(k), there are many types of accounts that make it easy to save for retirement. How much money are you contributing to these accounts every month? Do you know how your money is being invested?
• Your debt. One of the best ways to save more money is to eliminate debt. For example, once your student loans are paid off, you can take the money and add it to your savings. The same holds true with any other type of debt, including mortgage, car loan, and credit card.
• Your emergency fund. You never know when an emergency could come up and throw you a curve. Do you have enough money in an emergency fund to handle anything that comes your way? If not, you should reassess your situation and attempt to make progress in this area in the near future.
• Your goals. You should have both short and long term savings goals. How much money do you need to save for retirement? How much money do you need in an emergency fund to feel comfortable?

Once you examine these five savings related checklist points, it won’t be long before you are making changes for the better. From there, you can continue to review and make adjustments as you see fit.