BUSINESS CENTS
To Build your Savings, Start
with Small Goals
Paid Content by Vanderbilt Mortgage and Finance, Inc
ments on the principal balance of an existing mortgage loan. Vanderbilt Mortgage is happy to share its 2021 Home Loan Guide created to help educate and prepare homebuyers for a mortgage. Here are three simple steps to start a successful savings plan:
Set a realistic goal
It may not be realistic for you to start saving $500 a month, but that doesn't mean you can't save an amount that makes you comfortable. Consider $50, $25 or even $5 if that sounds reasonable. Starting with a small, realistic goal can help you stick to a savings plan. Tracking your goals builds excitement, whether that's for an emergency fund or to buy a new home. Visibly seeing progress reinforces your
Building a savings account can seem daunting. Many people believe they should have a high amount of savings tucked away, but then often become overwhelmed thinking about that goal. By shifting your mindset and taking small, achievable steps, you can reach your savings goals and more. Keep in mind, if your savings is low or nonexistent, you're not alone. Fewer than 40% of Americans could pay an unexpected $1,000 bill with their savings, according to a recent survey. The pandemic has presented countless challenges for many people, and even if you tapped your savings to make ends meet, you can always restart and refocus.
The good news is there are simple steps you can take to establish a savings account and help you reach other goals like a down payment on a new home, or extra pay-