For many families, trying to save money each month is a challenge. Savings are a critical part of improving income stability, and can have an impact on health and education. Without this stability, many families cannot afford books, school supplies and eventually college tuition. Additionally, an unexpected health crisis can throw a family into financial ruin, even if the family has insurance. Luckily, there are many things you can do to help families in your community save more for their futures.
A savings calculator is one easy way for families to stick to their goals. If you know of families in your neighborhood who could use some help managing their budgets, offer to help them come up with a realistic plan. Discuss their goals, and show them how a simple deposit each month can really add up over time. For a savings calculator to be most effective, the goals need to be long-term, such as saving for college, but many people will be surprised to see how quickly the savings can grow. In this way, you're helping families learn the basics of finance and savings, and they will build confidence from that.
Some United way branches, such as United Way of Greater Austin, offer a savings calculator online. On Greater Austin's website, users can also see which banks in the region will give them the best return for their savings investment. Coupled with the education you've provided, this give families the knowledge necessary to ensure that their money is saved in the best possible way. Families can reassess their savings situation as it changes, and use United Way's website as a base for creating more personalized savings calculators.
By having savings that are growing, families can increase their monthly cash flow and add peace of mind to their day-to-day lives. In addition, savings can help families reach their goals.