How to Get Savings Crafty With Your BFFF
Your BFFF of 401k savings here (go figure that the company with three OOOs would throw an extra F in the BFF).
Okay. Full disclosure: I’m probably doing this in the reverse order of what I should … but you really should stick around for the fun.
So … a fear fact, a friend to help and then like good friends do … we’re going to go out for some fun.
Fear Fact: We’re Not Saving Enough. Period.
First, the savings fear fact. According to The Associated Press – NORC Center for Public Affairs Research, 66% of Americans would struggle to pull together $1,000 to cover an emergency.
If you’re a homeowner, it’s not hard to imagine $1,000 bill of any kind. And, apparently, this statistic is not isolated to people making less than $50,000 year. Even America’s wealthiest households would be challenged to collect the money without selling something or borrowing it. Of the households earning more than $100,000 a year, 38% say they would have some difficulty coming up with $1,000. 1.
And this saving struggle affects people’s ability to save for retirement. Our wheelhouse, for sure. When the same Associated Press poll asked people if they will have enough money to retire on time, 54% called the likelihood … dubious.
Why We Care? We’re Your 401ks Best Friend
We know every dollar counts. That’s why we provide education on all manner of savings approaches, not just getting mooola into your 401k.
If you’re a saddled with debt, we outline the common question of whether it’s better to pay off the debt (the student loan variety in this example) or investing in your 401k .
Or, if you have no debt and are eager for a saving strategy, we implore you to try the 10% Savings Trick for retirement and an emergency fund.
But friends should not only be about lending advice but also ready to have some fun.
Some Saving Crafts Fun: The New Piggy Bank
A couple months back, I go into get a haircut and Lauren (she, Michelle or Parker generally cut my hair – I like to diversify) and I get to talking. At first, it’s the typical stylist/client small talk.
But then it somehow takes a bizarre turn – who knows, perhaps she was fishing for a bigger tip. 😉 — but we start talking about how she’s saving up for a girls trip. Funny enough, the trip’s destination and the good times to be had weren’t where she spent most of her time daydreaming.
Instead, it’s over a shadow-box craft she was making so she could save for her trip. Her goal was to motivate herself and have fun putting at least $5 a day into this new “piggy bank.” She had used the trick previously to save for a new car.
You know what, Lauren? We get it. We’re makers in our own right. We built blooom and made it really simple to use so you’ll save while enjoying life now. Then we treat you like a friend, trying to make it fun and letting you know we’re here if you have a question or need a little financial help.
But ultimately, we help you get your 401k investments aligned with your later-in-life goals. A shadow-box for financial freedom? Yes, let’s Pin that!
And that’s just what we’ll do. From Pinterest, share with us your favorite savings crafts that encourage savings. They can be your creation or someone else’s, we simply want to celebrate this spirit of saving (but if it’s your creation, definitely let us know).
The best savings crafts sent to us on Pinterest will be collected and shared on our Savings Crafts board.
To send us a Pin or even a board:
- Click the share button at the top of any Pin or board
- Choose the Pinner (that’d be us blooominc) or send it our e-mail address: email@example.com
- Add a message, if you’d like
- Click Send
Guess what? After Lauren shared her shadow-box savings crafts story (and the pic), I did bump up the tip and made sure she’d have $5 for that day.
- Poll: Two-thirds of US would struggle to cover $1,000 crisis – NORC Center for Public Affairs Research. May 19, 2016 http://www.apnorc.org/news-media/Pages/News+Media/Poll-Two-thirds-of-US-would-struggle-to-cover-$1,000-crisis.aspx