mom and daughter putting coins in a piggy bank

7 ways to boost your savings

Originally published by Raymond James.

Although saving more takes some effort, it may be easier than you think – there may even be “free” money available that can help. Here are some tips:

  1. Take advantage of an employer match. If they’ll match 3%, you’ve just covered 6% of your retirement savings goal when you add in your contribution, too. While the specifics vary, many companies will match whatever you contribute to the retirement plan (up to a certain percentage of your income).
  2. Increase your savings rate just 1% a year, whether in an IRA, a 401(k) or some other dedicated account. This small change means you’ll be at 15% within 10 years without even feeling it.
  3. Investigate additional opportunities at work, such as corporate profit-sharing plans, employee stock purchase plans, which enable you to purchase your employer’s stock at a discount, and employee stock ownership plans, which provide company stock at no cost as part of overall compensation.
  4. Put money aside in tax-deferred accounts such as a 401(k) or a traditional individual retirement account. Doing so can cut your tax bill. Contributions to a Roth IRA, by contrast, are not tax deductible but can grow tax-free. Earnings may be taxed if withdrawn before you’ve held the account for five years.
  5. Consolidate your financial accounts to take advantage of potentially lower fees. Don’t assume a bank is your only choice for a checking account, and consider applying whatever savings you achieve to your retirement fund.
  6. Pay yourself first. Schedule automatic monthly transfers from your checking or savings account into your retirement account. This keeps you on track and also ensures that you’re investing regardless of market fluctuations.*
  7. Find a credit card that deposits cash back directly into your retirement account. Careful here – this only works if you diligently pay off the card balance every month.

*This strategy does not assure a profit and does not protect against loss. It involves continuous investment regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue purchases through periods of low price levels.

Investing involves risk including the possible loss of capital. There is no assurance that any investment strategy will be successful. Withdrawals from tax-deferred accounts may be subject to income taxes, and prior to age 59½ a 10% federal penalty tax may also apply.

Disclosures

Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. OnPoint Community Credit Union and OnPoint Investment Services are not registered broker/dealers or registered investment advisers, and are independent of Raymond James Financial Services, Inc. and Raymond James Financial Services Advisors, Inc.

Securities and investment advisors services are:

Not a bank or credit union deposit, obligation or guarantee.

May lose value.

Not FDIC or NCUA/NCUSIF Insured.

Not insured by any federal government agency.

RaymondJames financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Any opinions are those of OnPoint and not necessarily those of Raymond James.  Expressions of opinion are as of this date and are subject to change without notice.  There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.  Investing involves risk and you may incur a profit or loss regardless of strategy selected.

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