4 Tips To Still Achieve Your Savings Goals For 2021

Save Smarter: Achieve Your Savings Goals For 2021 

You still have time to achieve your savings goals for 2021. Follow these 4 simple but practical ways to save more money.

The year 2021 is half-way through. If you struggled to stick to your financial goals in the past 6 months, don’t worry because you have 6 more months to turn things around. Follow these 4 tips to achieve your savings goals before 2021 ends.

4 Practical Ways To Save Money Quickly

1. Downsize Your Monthly Debt Payments

For a lot of federal employees, a large portion of their salary goes toward paying various types of debt—mortgage, auto loans, credit card, student loan, and so on. If your debt has been preventing you from achieving your financial goals, debt consolidation may be what you need. 

With debt consolidation, you combine all your debt into one debt by paying them with money from the federal employee loan program. An affordable allotment loan will make your loans more manageable since you benefit from a lower interest rate and manage only one payment every month. You can take what you save from your monthly payments and add it to your savings.

2. Get A Side Hustle

Don’t rely only on your salary. Boost your savings further with a side hustle. Your side hustle does not have to be another employment. Rather, find a way to monetize something that you already love doing. The ideal side hustle should not double your stress, only your income. There are so many side hustle options nowadays that do not even require you to get out of the house.

3. Make Your Money Earn

Maximize what you have already saved by making sure it earns on its own. There are numerous options for where to keep your money based on your savings goals. You can open a high-yield savings account, a certificate of deposit, or a money market deposit account. 

High-interest savings accounts and investments let you save more money. You can fast-track your savings by investing in money market funds, bonds, or treasury bills and notes. If you’re interested in investing but don’t have the money yet, take advantage of the federal employee loan program offered by us. Enjoy easy application and low interest rates so you can achieve your financial goals this 2021.

4. Live Below Your Means

The temptation to spend is truly difficult to resist, especially in today’s world where shopping can happen in just a few taps on your phone. A lot of people fall into the temptation of buying lavish or unnecessary things for the sake of instant gratification or to impress others. However, aside from being unnecessary, these only take you further away from your savings goals. You should live below your means—just because you can afford something doesn’t mean you should buy it. Instead of spending a large portion of your salary on shopping or other frivolities, add the amount to your savings and live simply.

There is still time to achieve your savings goals. Make the most out of the second half of 2021 with these tips and a little help from us!

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

How To Save Money When Living Paycheck To Paycheck

Developing A Money-Saving Mindset To Prepare For The Unexpected

Saving money when living paycheck to paycheck can be difficult to achieve. For emergencies and unexpected expenses, but we can help!

Living from paycheck to paycheck is stressful itself, and having unexpected expenses or needing cash due to a priority makes it more difficult.

Breaking the cycle is not as easy as it seems. There are many reasons why people are in this situation. However, taking small steps can go a long way.

Here are some ways to save money when living paycheck to paycheck:

1. Track your expenses.

Whether it is due to low income or a lot of expenses, some people may get caught up in the cycle that they forget to pay attention to where their money goes. Some people take on more debts to manage monthly expenses. So, how is it possible to save?

The first thing you can do is to figure out how you spend. List down your expenses, including the cost and the item. 

If you find it hard to set aside time every day, you can opt to keep all bills and receipts together in one place. Then, make a list at the end of the month.

Understanding your spending habits is critical in saving money when living paycheck to paycheck.

2. Create a budget.

After knowing where your money goes, you can start looking for ways to set aside more of it. One way of doing that is by creating a budget.

With this, you can limit your spending. Use it as a guide. In doing so, you will start seeing things you can cut. For instance, you can reduce the number of times you dine out. If you think your cable package is too much for your needs, consider changing it into a smaller package. Is your cellphone plan suitable for your needs? Or are you not able to maximize its use?

3. Start with short-term goals.

Since you are living paycheck to paycheck, you do not have to start big. You can develop the habit of saving by setting small short-term goals. For instance, set your initial savings goal to $100 and try to achieve it in a few weeks.

To achieve this goal, you have to start setting aside a specific amount every week. This is why you should track your expenses. Look for areas where you can spend less.

How we can help?

Saving money is the best way to prepare for any emergency. However, there are instances when you have no money to take care of unexpected expenses. In that case, looking for a favorable loan with low interest rates and flexible repayment terms is the best option. That is what we are about. Contact us to learn more!

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

Top Retirement Strategies For Federal Government Employees

Preparing For Retirement: Tips For Government Employees

It is never too early to plan for your retirement. Here are some retirement strategies that can help federal government employees prepare for their future.

Preparing for one’s retirement is a great way to ensure financial security.

Whether your retirement is near or you still have years of working as a federal government employee, it is important to plan early. You have to understand what to expect and know how you can prepare financially to have a more comfortable retirement.

Planning for federal retirement is not that different than what employees in the private sector do. But, before you start, you have to decide how much money you will need to have a comfortable life. Then start setting aside a certain amount every year to cover it. If you cannot help but spend due to unexpected situations, it may help to get loans for federal employees.

Understand Your Benefits!

Working as a federal government employee comes with many benefits. You can opt to participate in the Federal Employees Retirement System (FERS). If you do, 0.8% of your basic pay will be contributed to the plan. The government will contribute 10.7% or more.

Once you retire, you will typically receive 1% of your pay during the top three earning years of your government career multiplied by the number of years you have been in service.

If you were hired before January 1, 1984, check if the Civil Service Retirement System (CSRS) is funding your retirement. In this case, your pay will not have deductions for Social Security Taxes. So, you will not get Social Security payment when you retire.

If you were hired in 1984 or later, you are automatically added to FERS. You will get federal employee benefits, including Social Security.

The government offers many retirement benefits for federal government employees. Research and make sure you understand them.

Checking Investment Choices!

The Thrift Savings Plan (TSP) offers various investment choices, depending on risk appetites. Consider your options and start investing. You can also choose a life-cycle find, which is composed of a set of investments that change as you grow older. It is designed to help employees meet their retirement goals with minimal effort. TSP’s investment funds have low expense ratios. You can also consider investments outside of the TSP. 

Getting Professional Help!

Many federal government employees do not know what to do to prepare for their retirement. You can get help from a professional. A certified financial planner and a registered investment advisor can give you advice.

Other Retirement Strategies to Try!

Here are other strategies that may help:

• Consider the maximum survivorship option. 

• Invest in a voluntary contribution plan.

• For CSRS annuitants, it is best to retire in the first three days of a month. This way, you get your first pension check at the end of the month.

• Put your sick leave payout in the bank.

• Set aside money every year.

While preparing for your retirement, you may face unexpected expenses. In such cases, you may get loans for government employees. There are types of loans that aim to help government workers have access to favorable loans with affordable interest rates.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

Protect Your Biggest Asset: Your Employees

A US employee loan program can be a beneficial resource for both a company and its employees. Understanding what it is and what to consider can help you get started.

Financial stress is a problem that many employees face. Emergency loans can help employees with unexpected expenses, and having quick access to funds is imperative.










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US Employee Loan Programs:

When financial emergencies happen, a great option for employees is having quick access to emergency loans. Similar to personal and business lending programs, there is an interest rate and borrowers follow a repayment schedule. 

What to Consider if You Are An Employer:

There are many benefits to offering employee loans as a benefit for workers. However, starting an employee loan program requires proper research. Here are some of the things you have to consider when creating loan policies:

• Circumstances or reasons that will lead to granting a loan – Will loans be granted no matter the reason? Or will you only approve those for certain instances like emergencies? Will you ask for documents from employees?

 

• Loan amount – How much can the company set aside for the loan program? What is the maximum amount employees can borrow?

• Loan term (typically two to three years) – How long will the repayment be? 

• Repayment method (usually through payroll deductions) – What method will the company use to ensure repayment?

You may also want to draft a promissory note. This document will spell out the promise of a borrower to repay a loan. Include the repayment terms, including the amount, frequency, interest rate, and consequences of defaulting on the loan.

Since there are many things to prepare when creating a US employee loan program, it is recommended to work with a reliable third-party company with experience in employee loans for businesses. This can make the process quicker and you won't have to build a program yourself.

Employees are the heart of a company. They are the ones helping the business grow and succeed. So, the company needs to be ready to extend help.

Financial struggles are not uncommon. Many American employees experience them. As a way to address financial issues, a lot of workers rely on loans. However, finding lending programs with favorable terms may be hard.

As an employer, you should consider offering employee loans as an employee benefit. Not only will it help your workers, but it will also ensure higher productivity and loyalty.

Whether you decide to do it or not, you have to weigh the pros and cons of your choices. Think about how it will impact the business, company morale, and work environment.

Protect Your Biggest Asset: Your Employees! Visit  Salary Access by Access Loans to learn more.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).