Skip to main content

Image Magazine

Sponsored Content

Simple Steps Toward Saving Money

Jun 08, 2015 05:11AM, Published by Family Features, Categories: Family Features, Family Features Lifestyle




(Family Features) Putting money in a savings account seems simple enough, yet it's a struggle for many.

According to federal data by Statistics Brain, the average U.S. family's savings account held a balance of $3,800 in 2014. While there has been an upward trend in the amount being socked away each year, increasing savings account balances can help Americans meet their long-term goals, such as retirement.

When building your savings account, take the task head on by defining a clear course of action and setting specific goals.

Know how you’ll use the money. There are a variety of ways you can use your newly earned savings, from growing your savings balance to making a major purchase to paying down debt. Set an attainable goal, such as paying off a credit card, funding a down payment for a new house or making an extra mortgage payment.

Challenge yourself to save. If you need a little extra motivation, tackle a program that lets you gradually step up your savings game, such as the 52 Week Savings Challenge.

"A savings challenge is a great way to ensure you’re not only stashing money away, but doing so on a regular basis," said John Heath, directing attorney for Lexington Law. “Creating a habit of saving money is the ultimate takeaway, and the simplest way to ensure a solid financial future for your family."

The challenge is simple: start off saving $1 the first week, $2 the second week, and eventually $52 in the final week of the challenge. If you save each week throughout the year, you will be $1,378 richer. You may find it helpful to set a weekly reminder to stay on track.

Remember, although the challenge suggests starting off with $1 for the first week, you could decide to save more if your budget allows and come out an even bigger winner.

Ditch the money jar. By opening a savings account, you will be far less likely to “borrow” from yourself. Having an account also makes it easier to arrange for automatic recurring transfers that move money from your checking account to your savings account on a regular schedule. If your paycheck is delivered via direct deposit, you can also direct a portion of each check directly to savings.

Use accounts that give you a boost. Most financial institutions offer a variety of saving options to fit your needs. For example, if you meet certain criteria, you may be eligible to open a high-interest savings account to grow your savings even higher. Another route is to choose a savings account that imposes penalties for excessive withdrawals. While these accounts can feel restrictive, they provide a valuable deterrent for those who are too easily tempted to dip into their savings.

Treat your savings contribution like a bill. Create a budget that outlines all your expenses, and includes a line for savings. Thinking of your savings account as a debt to be paid will help hold you accountable for making regular deposits and limit any tendencies to spend what you may have been able to save.

For more tips for managing your money, or your credit, visit www.LexingtonLaw.com.

Photo courtesy of Getty Images

Sponsored by Lexington Law


Like what you're reading? Subscribe to Image's free newsletter to catch every headline



Family Features Family Features Lifestyle


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • David Shrigley

    06/25/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    06/25/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Hope and Hazard: A Comedy of Eros

    06/25/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/26/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • Kids' Night!

    06/26/2017
    04:00PM — 10:00PM

    Monday is family night at the Latham House Tavern - Every Monday kids 12 & under eat for ½ off! A...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/27/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • Taco Tuesday

    06/27/2017
    04:00PM — 10:00PM

    Every Tuesday is Taco night at the Latham House Tavern! Our house Tavern Tacos on special, Margar...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/28/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • David Shrigley

    06/28/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Hope and Hazard: A Comedy of Eros

    06/28/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • Ready. Fire! Aim.

    06/28/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Hanover's Farmers Market

    06/28/2017
    03:00PM — 06:00PM

    Wednesdays 3 - 6 p.m. beginning June 7 The Hanover Area Farmers Market will open on Wednesday...


  • Wing Wednesday

    06/28/2017
    04:00PM — 10:00PM

    Join us for Wing Wednesday every week. 50 Cent wings from 4pm until close! (Minimum order 6 w...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/29/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • All Night Happy Hour

    06/29/2017
    04:00PM — 10:00PM

    Our Happy Hour Specials are available ALL NIGHT on Thursdays, starting at 4:00 PM. Discounted...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/30/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • Prime Rib Friday

    06/30/2017
    04:00PM — 11:00PM

    Every Friday. 12oz prime rib served with maple parsnips, grilled asparagus and a baked potato & h...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • David Shrigley

    07/01/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/01/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Hope and Hazard: A Comedy of Eros

    07/01/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • Jazz & Art Festival Concerts & Art Show

    07/01/2017
    11:00AM — 04:00PM

    Suicide Six Ski Lodge 247 Stage Rd, South Pomfret, Vermont, 05067 Join us for a festive celebr...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • David Shrigley

    06/25/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Hope and Hazard: A Comedy of Eros

    06/25/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • Ready. Fire! Aim.

    06/25/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/26/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • Kids' Night!

    06/26/2017
    04:00PM — 10:00PM

    Monday is family night at the Latham House Tavern - Every Monday kids 12 & under eat for ½ off! A...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/27/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • Taco Tuesday

    06/27/2017
    04:00PM — 10:00PM

    Every Tuesday is Taco night at the Latham House Tavern! Our house Tavern Tacos on special, Margar...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/28/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • David Shrigley

    06/28/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Hope and Hazard: A Comedy of Eros

    06/28/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • Ready. Fire! Aim.

    06/28/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Hanover's Farmers Market

    06/28/2017
    03:00PM — 06:00PM

    Wednesdays 3 - 6 p.m. beginning June 7 The Hanover Area Farmers Market will open on Wednesday...


  • Wing Wednesday

    06/28/2017
    04:00PM — 10:00PM

    Join us for Wing Wednesday every week. 50 Cent wings from 4pm until close! (Minimum order 6 w...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/29/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • All Night Happy Hour

    06/29/2017
    04:00PM — 10:00PM

    Our Happy Hour Specials are available ALL NIGHT on Thursdays, starting at 4:00 PM. Discounted...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Jungles! In the Thick of It

    06/30/2017
    09:00AM — 12:00PM

    Travel deep into the jungle and celebrate the journey with paintings, drawings and sculpture. Cam...


  • Prime Rib Friday

    06/30/2017
    04:00PM — 11:00PM

    Every Friday. 12oz prime rib served with maple parsnips, grilled asparagus and a baked potato & h...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • David Shrigley

    07/01/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Hope and Hazard: A Comedy of Eros

    07/01/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • Ready. Fire! Aim.

    07/01/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Jazz & Art Festival Concerts & Art Show

    07/01/2017
    11:00AM — 04:00PM

    Suicide Six Ski Lodge 247 Stage Rd, South Pomfret, Vermont, 05067 Join us for a festive celebr...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Hope and Hazard: A Comedy of Eros

    07/02/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/02/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/02/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • We're turning one, and what a great year it has been! Join us as the Latham House Tavern celebrat...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/03/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Kids' Night!

    07/03/2017
    04:00PM — 10:00PM

    Monday is family night at the Latham House Tavern - Every Monday kids 12 & under eat for ½ off! A...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/04/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Taco Tuesday

    07/04/2017
    04:00PM — 10:00PM

    Every Tuesday is Taco night at the Latham House Tavern! Our house Tavern Tacos on special, Margar...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/05/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Hope and Hazard: A Comedy of Eros

    07/05/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/05/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/05/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Hanover's Farmers Market

    07/05/2017
    03:00PM — 06:00PM

    Wednesdays 3 - 6 p.m. beginning June 7 The Hanover Area Farmers Market will open on Wednesday...


  • Wing Wednesday

    07/05/2017
    04:00PM — 10:00PM

    Join us for Wing Wednesday every week. 50 Cent wings from 4pm until close! (Minimum order 6 w...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/06/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • All Night Happy Hour

    07/06/2017
    04:00PM — 10:00PM

    Our Happy Hour Specials are available ALL NIGHT on Thursdays, starting at 4:00 PM. Discounted...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/07/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Prime Rib Friday

    07/07/2017
    04:00PM — 11:00PM

    Every Friday. 12oz prime rib served with maple parsnips, grilled asparagus and a baked potato & h...


  • First Fridays

    07/07/2017
    05:00PM — 08:00PM

    Once a month we welcome visitors to view our exhibitions without a guide and at their own pace. ...


  • Beauty and the Beast

    07/07/2017
    07:30PM — 10:00PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Hope and Hazard: A Comedy of Eros

    07/08/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/08/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/08/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Beauty and the Beast

    07/08/2017
    02:00PM — 04:30PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • Opera North Young Artist Showcase

    07/08/2017
    06:00PM — 07:30PM

    Welcome our core company of artists to the Upper Valley at this special concert. Enjoy a preview ...


  • Opera North Young Artist Showcase

    07/08/2017
    06:00PM — 07:30PM

    Welcome our core company of artists to the Upper Valley at this special concert. Enjoy a preview ...


  • Beauty and the Beast

    07/08/2017
    07:30PM — 10:00PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Hope and Hazard: A Comedy of Eros

    07/09/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/09/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/09/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Beauty and the Beast

    07/09/2017
    02:00PM — 04:30PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • Opera North Veranda Concert

    07/09/2017
    05:00PM — 07:00PM

    Celebrating exotic ports of call through the travels of John and Clarence Hay. Learn about their ...


  • Opera North Veranda Concert

    07/09/2017
    05:00PM — 07:00PM

    Celebrating exotic ports of call through the travels of John and Clarence Hay. Learn about their ...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/10/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Kids' Night!

    07/10/2017
    04:00PM — 10:00PM

    Monday is family night at the Latham House Tavern - Every Monday kids 12 & under eat for ½ off! A...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/11/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Taco Tuesday

    07/11/2017
    04:00PM — 10:00PM

    Every Tuesday is Taco night at the Latham House Tavern! Our house Tavern Tacos on special, Margar...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/12/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Hope and Hazard: A Comedy of Eros

    07/12/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/12/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/12/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Hanover's Farmers Market

    07/12/2017
    03:00PM — 06:00PM

    Wednesdays 3 - 6 p.m. beginning June 7 The Hanover Area Farmers Market will open on Wednesday...


  • Wing Wednesday

    07/12/2017
    04:00PM — 10:00PM

    Join us for Wing Wednesday every week. 50 Cent wings from 4pm until close! (Minimum order 6 w...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/13/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • All Night Happy Hour

    07/13/2017
    04:00PM — 10:00PM

    Our Happy Hour Specials are available ALL NIGHT on Thursdays, starting at 4:00 PM. Discounted...


  • Beauty and the Beast

    07/13/2017
    07:30PM — 10:00PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • Beacon Brass Quintet

    07/13/2017
    07:30PM — 09:30PM

    Summer Music Associates is proud to present The Beacon Brass Quintet in an encore appearance in N...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Creative Lives Summer CAMPS

    07/14/2017
    09:00AM — 04:30PM

    Creative LIves Summer Camps help children thrive in mind, body and creative spirit! We will be wo...


  • Prime Rib Friday

    07/14/2017
    04:00PM — 11:00PM

    Every Friday. 12oz prime rib served with maple parsnips, grilled asparagus and a baked potato & h...


  • Beauty and the Beast

    07/14/2017
    07:30PM — 10:00PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Hope and Hazard: A Comedy of Eros

    07/15/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/15/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/15/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


  • Lobster on the Green

    07/15/2017
    04:00PM — 07:00PM

    Please join us for the second annual Lobsters on the Green- Saturday, July 15. Seatings at 5PM an...


  • A Celebration of Opera North’s 35th season

    07/15/2017
    04:30PM — 06:00PM

    Opera North celebrates its 35th season with wonderful music performances on the lawn of this uniq...


  • A Celebration of Opera North’s 35th season

    07/15/2017
    04:30PM — 06:00PM

    Opera North celebrates its 35th season with wonderful music performances on the lawn of this uniq...


  • Beauty and the Beast

    07/15/2017
    07:30PM — 10:00PM

    Disney’s Beauty and the Beast, the classic “tale as old as time,” is performed entirely by talent...


  • This exhibition at Hood Downtown, 53 Main Street, Hanover, will be on view from June 9 through Au...


  • Hope and Hazard: A Comedy of Eros

    07/16/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a group exhibition curated by American artist Eric...


  • David Shrigley

    07/16/2017
    11:00AM — 05:00PM

    The Hall Art Foundation is pleased to announce a solo exhibition of work by British artist David ...


  • Ready. Fire! Aim.

    07/16/2017
    11:00AM — 05:00PM

    Ready. Fire! Aim. is a joint exhibition that will take place at the Hall Art Foundation in Readin...


 

 


PROUDLY BROUGHT TO YOU BY THESE COMMUNITY SPONSORS


Northcape Design Build
Hanover Inn at Dartmouth
Ultimate Bath Store

Sean's Lawn N' Garden Services
Cabinetry Concepts
New London Inn & Coach House Restaurant