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  • It’s National Save For Retirement Week! Today’s Topic: Money Management and Saving Tips

    It’s National Save for Retirement Week 2012! A week dedicated to building knowledge and taking action toward securing your retirement. Each day this week we are going to look at a different contributing factor to retirement and help you increase your understanding of it so that you can take action and be prepared. Today we are looking at money management and saving tips.

    Money management is critical to being able to save for retirement, or any financial goals you want to achieve.  But managing your money can be difficult.  Even when we make a budget, it is easy to get sidetracked by unexpected expenses or even just temptations to spend money on things we may not really need.  Successful money management requires discipline, but it also requires the basic know-how’s for creating a budget, managing debt, and avoiding costly mistakes.

    The first step in managing your money is tracking your income and expenses, seeing where your money is being spent, and making a budget that helps you live below your means so you have money available to save.  Use WISER’s Budget Worksheet to help you get started, and check out our Money Management fact sheet. For some tips on how to keep track of your spending click here.  If debt is a big obstacle getting in the way of your ability to save, also look at our resources on debt and credit.

    In order to manage your money effectively, it is also a good idea to know about some common money mistakes that women often make.  These mistakes can be costly! Read about 5 Money Mistakes Women Should Avoid and 5 Money Mistakes Women In Couples Should Avoid.

    Finally, managing your money is also about finding new ways to save. There are a number of tax credits that exist that too few people take advantage of. The Saver’s Tax Credit is a relatively new credit that helps individuals save for retirement through a federal government match for retirement contributions you have made to your retirement accounts. To learn more about this credit read WISER’s Federal Saver’s Tax Credit fact sheet.

    There is also the Earned Income Tax Credit (EITC). This credit is one of the most beneficial tax policies for low-income families. It is a refundable federal income tax credit for individuals and families who work and meet certain requirements. To be eligible for the EITC, you must have earned income, which must be below a certain limit depending on how many qualifying children you have. For more information read our Earned Income Tax Credit fact sheet.

    If you want to read more on money management, there are some great additional resources on WISER’s Saving & Investing web page.  Join us tomorrow for our week’s final post to learn some important things about managing your money once you are in retirement.

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    About Us

    WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

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