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Several financial bloggers (20 at last count!) have been diligently writing articles of encouragement for people to consider increasing their savings rates by at least 1% in the coming year. Since many employees are going through annual benefit elections right about now, it’s also a very good time to put in an increase to your annual contributions to your retirement savings plans. Small steps are the easiest to take, and the least painful – so why not set aside an additional 1% in your retirement plan in the coming year?
The list below includes a boatload of ideas that you can use to help you with this increase to savings. I’ve heard from several more bloggers who are going to put their posts up soon. If you’re a blogger, see the original post for details on how to join the action: Calling All Bloggers!
Listed below are the articles in our movement so far (newest are at the top):
From Dana Anspach: Can You Spare A Penny?
From Steve Doster: The Easy Way to Become a Millionaire
From Nancy Anderson: Save 1% More for Retirement in 2013
From Kathy Stearns: Do the 1% in 2013!
From Ken Weingarten: The 1% Challenge (Should you dare to accept)
From Richard Feight: The 1% Challenge!
From John Hunter: Save What You Can, Increase Savings as You Can Do So
From Emily Guy Birken: Increase your savings rate by 1%
From Jonathan White: Ways to increase your retirement contributions 1% in 2013
From Alan Moore: Financial Challenge – Should You Choose To Accept It
From Ann Minnium: Gifts That Matter
From Laura Scharr: In Crisis: Personal Savings- Here Are Six Steps to Improve Your Retirement Security
From yours truly: Add Your First 1% to Your 401(k)
From Steve Stewart: Seriously. What’s 1 percent gonna do?
From Theresa Chen Wan: Saving for Retirement: The 1% Challenge for 2013
From Mike Piper: Investing Blog Roundup: Saving 1% More
From Robert Wasilewski: Increase Savings Rate By 1%
From Sterling Raskie: A Nifty Little Trick to Increase Savings
From Roger Wohlner: Need Post-Election Financial Advice? Try the 1% Solution
From Michele Clark: Employer Retirement Accounts: 2013 Contribution Limits
Thanks to all who have participated so far – and keep those links coming!
Sterling Raskie, MSFS, CFP®, ChFC®
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I think setting aside an additional 1% of next year’s income into savings is a great idea. With so many people just getting back to work after a significant time out of the workplace, this may be a little tough to jump into right away. Paying down debt accrued to just get by during a long job search can be daunting. The best advice is to make a plan which takes into account your personal situation. Planning for the future is the best plan of all.
Thanks, Mary. You’re right, savings and debt reduction need to be considered hand-in-hand when circumstances require. It makes a great deal of sense to eliminate high cost debt before taking steps to save a lot, and each action can be undertaken in small steps to start off.
jb