Educational FDIC Consumer News

Better To Start Small Than Not At All

January 8, 2024

The FDIC’s January Consumer Newsletter offers strategies for achieving savings goals, emphasizing the importance of a specific savings plan. It encourages regular saving, promoting the concept of “paying yourself first” by setting aside a portion of earnings.

The newsletter suggests automating savings through direct deposit and explores tax-advantaged retirement accounts with employer matching. It also recommends separating savings for different purposes, using instruments like certificates of deposit, U.S. Savings Bonds, 529 plans, and health savings accounts.

The importance of evaluating and cutting expenses is highlighted, emphasizing that even small beginnings can lead to significant progress. For further details, check out the complete newsletter https://www.fdic.gov/resources/consumers/consumer-news/2024-01.html.