It's not easy for families to build the financial life they want. Yet, look closely, and you’ll notice some families are still able to enjoy experiences and milestones like retiring early, paying for their kids' college, or traveling the world. All without huge incomes.
Here's the secret.
When it comes to money: it's not what you earn that determines financial success, it's what you keep.
Through smart saving, people find:
- Freedom to make experiences rather than worry about making ends meet.
- Surprise car repairs an inconvenience, not a life-changing money moment.
- The financial cushion to say "yes" to new opportunities instead of a bank balance that says, "no."
How do you become a smart saver? Intentional financial habits are the key. Here's how to get started.
Make Saving a Habit. Today.
While some say that they'll start saving "after we take that trip, buy that new phone, or get that car," the people and families that often achieve financial success find ways to save now.
Even if what savers put aside is small, they're not discouraged. In fact, they're excited.
They know that when those savings are in an interest-generating account like a High-Yield Savings Account, they have a powerful ally on their side…time. Because through time, they are applying the exponential power of compound interest.
How powerful? Ask Theodore Johnson. A UPS employee who saved consistently from his modest income and invested wisely. With time, by his later years, he grew his nest egg to $70 million. ¹
How Do You Make Savings a Habit?
Easy. Automate your savings. With a bank account like a Synchrony High-Yield Savings Account, you can set up repeat, automatic money transfers from a checking account to your high-yield savings account. Then, let your money add up and grow while you have time to focus on other things.
Savings Is a Family Affair
Did you know that the best predictor of children's financial success is the financial habits of their parents? ²
Not only can teaching your kids good savings habits help the overall family finances, but you're also giving them a gift that can help ensure their own financial prosperity. Some tips:
- Get them in the habit of saving early. It's easy for kids to learn that money is just something to spend. By getting them to put some money aside, you can teach them that money is also a tool to get bigger, better things in the future.
- Talk about money experiences with them. Without money conversations, your home, car, and their clothes can seem like magical things that simply appear. Understanding the work, saving, and budgeting behind some of your purchases can help them appreciate the value of saving money.
- Give them savings goals. If you're a parent, it's probably not a shock that kids want things. For bigger ticket items that they want, give them a savings challenge. If they save a certain amount over time, they can spend it on that goal. It's a way to teach them that some things of value take time to have.
The Fruit from Your Savings Habits: Choices, Freedom, Retirement. Sweet.
Remember, financial success and saving isn't about perfection—it's about progress. Even if you start small, consistency and patience usually pay off in the long term.
Start Today: Learn more about Synchrony Bank's savings products
