Sunny Day Savings

    3 minute read
    Building slack for summer fun
    This summer, consider creating some new habits like saving for a sunny day. Many American families save for a rainy day which is very important, but saving for a sunny day can be fun and motivating. It can also be a fun way to set a goal and get the entire family involved in creating healthy financial habits.

    There are lots of ways to start saving money, but to really make gains you’ll need to begin tracking your income and spending so that you can meet your savings goals. Here are some steps to saving for a sunny day this summer.

    1. Create your “sunny day” savings goal
    What's on your family's wish list this summer? This is the fun part – coming up with a fun family goal everyone can work towards achieving. It’s important to get buy-in from your family by helping them understand why you’re embarking on this journey together and what it will take to be successful. Attempting the goal together is meaningful as the daily acts taken towards achieving the goal leads to a lot of bonding. Consider creating a specific goal that everyone can work towards, whether you want to take your children on a big family vacation, save up for a down payment on your first home or pay cash for a vehicle. Working towards a savings goal teaches everyone about saving and thoughtful spending. Whatever your financial goals are it’s important they line up with your family’s values.

    2. Make saving for your sunny day a part of your spending plan
    If you have some financial slack leftover after paying your expenses each month consider putting aside a little extra just for your sunny day goal this summer. A spending plan is a great way to assess what you have available. Check out our spending plan worksheet to get started.
    • Tip: Be intentional in efforts to save money before paying anything else. Every time you receive money, whether it’s from an employer or money as a gift, consider how much you can save. Even if it’s only $20.00, some savings is better than no savings. Small amounts can add up to large amounts over time.
    3. Avoid the temptation to spend your sunny day money on something else
    When you’re saving for your sunny day goal, it can be tempting to spend some of that money on something else. Imagine the freedom of being able to enjoy a family vacation knowing that it’s already paid for. Keeping your eye on the end goal will help you continue to build your savings.

    4. Enjoy your sunny day!
    Once you’ve achieved your financial goal, enjoy it! And then you can start saving for your next sunny day.

    Whatever new goals you wish to work towards this summer, we encourage you to consider sharing them with others. Having accountability partners in people you trust like friends and family is a great way to stay on the path.

    Credit Human is also here to support and partner with you on your financial journey. If you need some slack this summer come by and see us in your neighborhood Financial Health Center. We’re here for you and ready to begin helping you achieve your goals.