PF 3.6: Strategies to Save

Let's say you set a savings goal of $50 per month. How much will you have saved at the end of 4 months?

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Let's say you set a savings goal of $50 per month. How much will you have at the end of 2 years?

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Let’s say you set a savings goal of $50 per month.

You dream of owning a PS5, multiple controllers, a small collection of games, and a few other accessories. When you put it all in your online cart, the bill comes to $1225. How long will it take you to save enough to afford the whole purchase?

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Let's say you set a savings goal of $50 per month. The PS5 Bundle you want to by is $1225. You have a goal of buying the gaming bundle in 7 months, how much would you need to save per month to meet your goal?

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Which strategy will help you save the most money?

EDPUZZLE: Pay Yourself First

• Wait until the end of the month and any money that you have not spent, add it to your savings account.

• On the last day of each month, deposit a fixed $10 to your savings account.

• As soon as you receive your paycheck, put a fixed amount or percentage of your money directly into your savings.

• Only deposit into your savings account when you have a large lump sum of money.

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What is the benefit of automating your savings account contributions?

EDPUZZLE: Pay Yourself First

• You can change the amount you deposit each month.

• The fees are relatively small to enroll in this service.

• Your money will be transferred automatically and guarantees you will be contributing to your savings.

• Your employer will contribute additional money to your savings account if you enroll in this service.

What does it mean to "pay yourself first"?

EDPUZZLE: Pay Yourself First

• Deposit money into your savings account before spending on anything else.

• Purchase an item you want before something you need.

• Pay all of your mandatory expenses before paying for optional expenses.

• Obtain an additional job to supplement your income.

In order, what are the three categories for the 50/30/20 Rule?

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If my after-tax income is $2000/month, how much would I put into each category?

• $1000

• Savings

• $600

• Wants

• $400

• Needs

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Which budget category would each of these items fall into:

• savings

• Minimum monthly payment on student loan debt:

• wants

• Gym membership:

• savings

• Wireless headphones:

• wants

• Electric bill:

• needs

• Extra payment toward credit card bill to pay it off faster: