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Savings strategies for life

Saving is important, and with a little effort it can become a healthy financial habit.

Research suggests that a new habit takes a little more than two months to form, and after that a behavior becomes automatic. And remember, saving is good for your health and mental wellbeing, too, so it’s worth getting into the habit as soon as you can. 

Here's a reminder of the main points:

  1. As well as helping you reach your financial goals, saving is proven to be good for your mental health.
  2. Before putting money into savings, it's usually sensible to pay off high interest debt first.
  3. Saving money takes effort, but setting savings goals, and reviewing them regularly, can help keep you on track.
  4. Creating a budget will help you to establish your starting point, and how much you can afford to save.
  5. Saving any amount of money, however small, is worthwhile. It can help you get into the habit of saving.
  6. Remember the value of compound interest. The earlier you start saving, the more time you have for the interest you earn to compound.
  7. Choosing where to put your savings will depend on your goals.
  8. During times when interest rates are low, consider alternative ways to put your money to work, like overpaying on your mortgage, making investments or paying off debt.
  9. The sooner you start saving for your retirement, the more you'll be able to save, and the more comfortable you will be.
  10. Consider balancing savings and investments to meet your long term savings goals.
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Financial wellbeing

HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness,  and they provide free individualized support focused on your personal situation and financial wellness.