4 Lessons From National Savings Day To Reach Your Final 2024 Money Goals
Written by
J. Arky
Edited by
Amber Barkley
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National Savings Day happens every year on Oct. 12 and offers a great time for individuals, families and communities to strategize on how to best go about saving money. While 2024’s National Savings Day has come and gone, it’s not too late to learn from it — 17 million Americans lack financial knowledge and have trouble managing their money effectively, according to a 2023 report from money-saving platform Raisin.
While Oct.12 is a great day to come up with a game plan, there are still tips and tricks to be applied to hit your financial goals, even by the end of this year. Ben McLaughlin, a finance expert and the president of Raisin US, offered consumers four tips for reaching financial success, in this year or the next.
Know Your Numbers
“Fully understanding your financial situation is crucial to setting yourself up for future success, and more of us need to take stock!” said McLaughlin.
“Taking a few minutes to calculate everything and have the big picture of how much money is coming in and going out each month can be nerve-wracking — especially considering nearly 50% of Americans experience hopelessness and despair because of their financial situation,” he said.
However, he added that knowledge is power, and being fully aware of your financial situation is a wonderful gift to give yourself.
Set Your Priorities
What’s truly important to you in this life? That should be your guiding question as you think about your finances, according to McLaughlin, as well as where to commit your resources in the future.
“Do you prioritize living in a central location with many amenities, hosting big meals for your friends and family, and saving for your child’s education?” he asked. “Use what’s most important as the cornerstone for how you think about your money, and from there, you can decide what you want to prioritize spending on and where you can cut costs.”
Cut What You Don’t Need
One of the easiest ways to save is by cutting unused subscriptions like gym memberships and streaming services, in McLaughlin’s professional opinion. “These costs can add up quickly, totaling about $314 per household annually.
“Typical financial advice often chastises people to avoid takeout, coffees, evenings out … any unessential expenses,” he explained. “Lunches alone cost an estimated $467 a person, food delivery fees add up to $655 and the average adult spends just over $1,000 on alcoholic beverages.”
While these costs can add up quickly, McLaughlin added, “The best move is mindfulness over austerity. Don’t set yourself up to fail; cut what you think you won’t miss.”
Start Saving
Just because National Savings Day comes once a year does not mean you need to wait for the next one to come around to begin saving some money.
“No matter what your priorities are, having a nest egg in case of emergencies can help keep you on the right path,” said McLaughlin. “If you want to jump-start your savings, now is a good time to lock in a higher rate on a safe, guaranteed cash product like CDs.”
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