NJCFE symposium saving strategies for those who don't save-12-11

Saving For Those Who Never Save Barbara O’Neill, Ph.D., CFP Rutgers Cooperative Extension

Definition of Savings “ Putting money aside from present earnings to provide for the future.”

Savings Coat of Arms ,[object Object],[object Object],[object Object],[object Object],[object Object]

Types of Savings ,[object Object],[object Object],[object Object],[object Object]

Reasons To Save ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Why People Don’t Save ,[object Object],[object Object],[object Object],[object Object],[object Object]

1. Collect Coins ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

2. Anticipate Extra Paychecks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

3. Automated Employer Retirement Savings Plans ,[object Object],[object Object],[object Object]

4. Other Automated Savings Opportunities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

5. Continue Paying a Loan or Bill: To Yourself ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

6. Accelerate Debt Repayment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

7. Track and Slash Expenses ,[object Object],[object Object],[object Object],[object Object],[object Object]

8. Fund IRAs on the “Installment Plan” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

9. Take Advantage of “Free Money” ,[object Object],[object Object],[object Object],[object Object],[object Object]

10. Take Advantage of Catch-Up Contributions ,[object Object],[object Object],[object Object],[object Object],[object Object]

11. Reinvest Lump Sum Payouts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

12. Reinvest Cash Distributions ,[object Object],[object Object],[object Object],[object Object],[object Object]

13. Bank Windfalls (a.k.a., “Found Money”) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

14. “Kick It Up a Notch” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

15. Increase Yields on Savings ,[object Object],[object Object],[object Object],[object Object]

Seeing the Possibilities is Key ,[object Object],[object Object],[object Object],[object Object]

Closing Thought “ If it is to be, it is up to me” Comments? Questions? Experiences?

Rutgers Cooperative Extension Financial Education Resources ,[object Object],[object Object],[object Object],[object Object],[object Object]

NJCFE symposium saving strategies for those who don't save-12-11

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NJCFE symposium saving strategies for those who don't save-12-11