Women Today

Gina Nytes, Kaukauna branch manager for Citizens Bank, brings us this week's financial tip:

Are you looking to achieve a savings goal? Do you have a workable savings plan set to help you achieve the savings goal? If not, here are some tips to help you take the necessary steps towards attaining your goal.

• The first step to getting your savings on track is to know where your money is going. Make a budget by listing all of your monthly expenses, then deduct the total from your monthly income. If you have money left over, you could be saving more. If there’s nothing left over, review your list to determine where you might cut expenses.

• Next, if you haven’t already, you might want to add the category "savings plan" to your list of budget items and write down the amount you can put away each month. Putting the amount in writing can help you achieve two important results: First, you’ll start thinking of "saving for the future" as an important financial obligation. Second, you’ll feel more committed to following through on your savings budget.

• Even though it’s human nature to spend what we earn, it’s important to remember to spend less than you earn. You can maximize your contributions to your savings plan by having a certain amount of money taken out of your paycheck before you’re tempted to spend the money on non-essentials.

• If you’re like most people, saving for tomorrow means you have to give up something you want today — a new car, a new wardrobe, a new flat screen TV. Giving up the things you want is hard to do, but it can benefit you in the long run. The next time you find yourself admiring something you’ve "just gotta have" ask yourself, "What am I giving up in my savings plan if I buy this?" Take the time to think about purchases and differentiating between needs and wants.

• Finally, if at the end of the day you find yourself needing additional assistance, seek help from your banker or financial advisor. They can help you establish a clear savings goal, help you decide how much to contribute to the savings plan and provide you with the guidelines for choosing an investment mix that’s right for your personal situation.

These tips are a great place to help you begin your savings plan. Through motivation, dedication and evaluation of your progress, you will quickly start seeing your savings account grow.