Author: Joanna Swanson, Head of Direct Sales, First National Bank of Omaha
Happy first day of summer! Here at Enable AL, we hope your summer is filled with sun and fun. But summer is not all play. For many of our account holders, this marks the start of their summer jobs.
If you have a summer job, make sure to put aside some of your earnings to invest into your Enable AL Savings Plan. Since Enable AL plans have tax-free earnings, your money could grow more quickly than assets in your taxable accounts. For those of you who qualify for an ABLE plan, but do not have an Enable AL Savings Plan account open currently, then opening an account is a great summer goal.
We’ve outlined some tips below to help you make the most out of your money this summer:
- Create a budget –Plan out your monthly expenses, including rent, groceries and transportation. This not only helps you manage your spending, but also helps you set aside money for fun summer activities (ice cream shop visits, a beach trip, etc.).
- Set specific financial goals – Summer is the perfect time to save up your money – make sure you save as much as possible, but try and reward yourself with little milestones each time you deposit money into your savings account.
- Cut back on costs –Whether you take advantage of free community activities, or spend time outside, you can have a great time without having to spend a dime.
No matter what your summer plans are, make it a weekly habit to check out our Facebook page and blog to learn more about saving tips and don’t forget to invest your hard earned paychecks into your Enable Alabama Savings Account.