Developing a Savings "Game Plan"
Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”
Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”
So, when Diaz saw an America Saves article about “paying yourself first,” she decided to make some changes.
After enrolling as a Saver, Diaz got started saving by purchasing a certificate of deposit that carried a penalty for early withdrawals. As someone who would empty her savings to pay for non-emergencies, it was exactly the sort of product she needed.
Diaz also entered a contest run by her local America Saves campaign and won the services of a financial planner for one year, for free. “I think I put in the best plea for help,” Diaz joked.
Working with a financial planner from Money Management International, the couple started off by assessing their finances. The couple saw they “didn’t have a game plan,” said Diaz. “If we kept spending the way we had been, we would be poor, we would never have savings.”
The Diaz’s were over $30,000 in debt, the majority of which stemmed from the purchase of a vacation timeshare that they now admit was a “big mistake.” They began a classic debt reduction strategy, putting all their financial efforts into paying down the highest-interest debt while making minimum payments on lower-interest debts.
Diaz was also given the task of creating a monthly budget. After tracking their spending to see where the money was going, they realized that, “The reason we were struggling was our lifestyle. We liked to go out with friends, go to the movies, play pool. We would spend all the money we wanted,” she said.
Now, she and her husband are learning how to have fun and spend less, by renting movies and cutting back on dinners out. “I’m not going to lie, it’s difficult to stick to it,” she said. “I don’t want to sacrifice my whole life and be the only one at home while everyone else is out. So we compromise.”
The couple has also made major strides toward their top long-term goal, to retire comfortably, by opening and setting up automatic payments into Roth IRAs and 401(k)s.
Diaz’s advice for other savers is to think about savings “not in terms of how much you make, but how much you keep”, adding that “sometimes that means putting off what you could have today, to make sure you have something later on.”
CHECK OUT OTHER SAVINGS JOURNEYS FROM SAVERS JUST LIKE YOU
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “when I started encouraging them to save because that’s when they started receiving small bills from family on the holidays.”
Another Dream Realized
By Mary Brown
Mary Brown was already a disciplined individual when she came to Wisconsin Women’s Business Initiative Co...
Budget like Nohemi
By Nohemi
Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at...
Saver Story: Set a Goal, Make a Plan!
By Shannon
We've chosen Shannon as our Saver of the Month! Her approach to saving for her family’s dream home is a g...
The Gift of Homeownership
By Quaneka Willis
Quaneka Willis, a single mother of three children, was receiving rental assistance through the Housing Au...
Saver Story: Set a Goal, Make a Plan!
By Shannon
We've chosen Shannon as our Saver of the Month! Her approach to saving for her family’s dream home is a great example of how #ThinkingLikeASaver can look different for everyone, but has great payoffs and rewards.
Coping With A Job Loss
By Aimee Shaffer
Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my...
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her hu...
Savings #ImSavingForSweepstakes
#ImSavingFor Winner Story
By Pedram R.
America Saves awarded one lucky saver, Pedram R. from California, $750 for sharing his #ImSavingFor story...
Transforming “I Can’t Save” to “I Will Save”
You will not believe what it took to completely change my life. About three years ago, the HR Administrat...
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her husband lost his job in 2014. Using their savings, Melissa’s family stayed afloat while her husband found a new job.
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her husband lost his job in 2014. Using their savings, Melissa’s family stayed afloat while her husband found a new job.
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save ...
Jump-Starting a Financial Makeover
By Nichelle Johnson
Nichelle Johnson, a single mom with two teenage children, knows what it’s like to stretch a dollar. When ...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Don’t Laugh at Saving Spare Change
By Brittany
Virginia Saves saver, Brittany, decided to start saving again when she became a single mother. She thinks...
Budget like Nohemi
By Nohemi
Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at Chicago. She remembers attending a University of Illinois Saves event where she decorated a piggy bank and took the Pledge, but college life made her put the thought of saving at the back of her mind.
Starting and Continuing a Savings Journey
By Kiara Hardin
When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer ...
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save ...
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Inspired to Build Savings By Starting Small
By Sharon
With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible.
From Overwhelmed to In Control
By Debi
In 2017 Debi felt overwhelmed. Her credit cards were maxed, and she wasn't exactly sure how to handle it....
Taking Back Control Over Finances
By Nadine Bialo
After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back...
Getting Out of Debt
By Tonya Shelton
In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost he...
Savings #ImSavingForSweepstakes
#ImSavingFor Winner Story
By Pedram R.
America Saves awarded one lucky saver, Pedram R. from California, $750 for sharing his #ImSavingFor story. Pedram said, “Saving is important to me because it proves I am not willing to buy unnecessary things to please others or to be perceived as successful.”
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save for retirement. But making a commitment and creating a plan to save isn’t a new concept for him.
If we feature you in our newsletter, you get $50.
You May Also Be Interested In...
Take the America saves pledge
Make a pledge to yourself and create a simple savings plan that works. Complete the Pledge and America Saves will send you short email and text reminders, resources and tips to keep you on track towards your savings goal. Become part of an entire community of savers. Get started now!
creative ways to fund your savings
Those with a savings plan are twice as likely to save successfully. Taking the America Saves Pledge is a pledge to yourself to start a savings journey and America Saves is here to encourage you along the way. Take the first step toward creating a better financial future. Make a plan, set a goal, and pledge to yourself to start saving, today.
Congrats on completing the pledge!
Take the America Saves Pledge
Make a pledge to yourself and create a simple savings plan that works.