By Sharmaine Bucknor

While many Americans might consider themselves financially fit, the numbers paint a different story. According to the Federal Reserve, an astounding 40% of families don’t have enough in savings to cover a $400 emergency. Instead, they go deeper into debt when faced with a car repair, outrageous energy bill, or other unexpected expenses. Sometimes just the idea of trying to save can feel overwhelming. How can a person focus on their financial fitness and build money muscle? One change at a time. Here are some simple savings strategies to get you started.

Let Your Employer Boost Your Retirement Savings
If your employer has a matching retirement plan, maximize the opportunity as much as possible. To make saving for the future easy, enroll in automatic payroll deductions so you pay yourself first with every paycheck.

Build Emergency Savings
If you can save $10 a week, in one year you’ll have over $500 in savings. That’s a solid start to being financially fit. Better yet, treat your personal savings like a monthly utility bill and set aside a percentage of every paycheck to automatically go into savings. Then, when you’re faced with an emergency expense, you can pull the money from that account.

Take a Look at Your Withholdings
Adjust yours using the IRS Tax Withholding Estimator at IRS.gov. This tool can help you keep more of your money now instead of getting a refund from the IRS every year. The goal is to avoid a large return without paying additional taxes in April.

Find Better Rates
Shop around for lower rates on loans, higher rates on savings, and lower costs on your insurance policies (car, home, life). Insurance companies often offer premium discounts when you bundle your insurance policies. Those savings can add up quickly.

Focus on Saving Money
Work on saving money every month by trimming your budget and tracking your spending. Schedule a date and time to spend one hour maximum to carefully monitor everything you buy with your money, including groceries, dinner out, movies, music, streaming services (Netflix®, Hulu®, and more). Don’t forget about gym memberships, club dues, subscriptions, and any groups or organizations that require a monthly or annual fee. Then, evaluate those expenses, eliminate services you don’t use and cancel subscriptions that don’t provide a return on the investment. For services you want to keep, it’s worth contacting the company and/or their competition to find the best deal and packages available.

Get Financially Fit in 2024
Whether you plan to build your savings, finance a new ride, or send someone off to college this year, write out your goals to help make them happen. No matter where you are in your financial journey it’s never too late to start. Even small steps toward financial wellness can boost your financial fitness.

This article was written by Transportation Federal Credit Union. With over $280 million in assets, the organization welcomes all active, retired, military personnel or contractor of the U.S. Department of Transportation, Department of Maritime Administration, Federal Aviation Administration, Federal Railroad Association, National Highway Traffic Safety Administration as well as 100+ companies throughout the Washington DC, VA and MD area to open an account. Locations in Washington, DC; Cambridge, MA and soon in Alexandria, VA. For more information about the organization or to become a member, visit http://www.TransFCU.org or call 202.366.9400.