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It's a great time for saving o' the green

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Brenda Echeverria "May your pockets be heavy and your heart be light, and may good luck pursue you each morning and night."—Irish blessing

What better time than St. Patrick's Day to pad your luck by saving a little more green! No four-leaf clover required. Here's a few ideas to help you build up your pot of gold.

Start today. Contribute as much as you can to your savings plans as early as possible. That way, your savings have a longer time to benefit from potential investment growth.

Diversify. Putting your money in different types of investments can help you achieve a more consistent long-term performance than you would likely achieve if you put all your money in a single type of investment. In theory, when certain types of investments are declining in value, other types are gaining value.

Use online tools to guide you.

  • Our budget worksheet can help you get a handle on your income vs. spending habits. Having a clear picture of where your hard-earned green is going will help you make more informed decisions.
  • Wondering how much to save? Use the Ballpark E$timate calculator from Choose to Save®. Or take advantage of our free financial calculators that can help you with your financial decision-making and retirement planning.

Utilize your workplace benefits. Take advantage of benefits offered by your employer, like the 403(b). As a public school employee, you can contribute on a pre-tax and/or after-tax (Roth) basis if your schools district plan allows. Before-tax savings reduce taxable income now and, at the same time, increase your savings for the future. Roth contributions are taxed now, but qualified withdrawals, including earnings, are tax-free. 

Start an IRA. An IRA is also a great way to save for your future and take advantage of potential tax benefits. You can open an IRA with Member Benefits with as little as $25. Call us at 1-800-279-4030 or use our online enrollment form to get started.

Brenda Echeverria, Financial Planner