The weather has been showing some signs of warming up recently, so what other changes does the new season bring? When taking control of your finances, take time to check your progress regularly. Look through how your spending and saving has been going for the first quarter of the year to see if you are happy with where your money is going or if you think you need to make some changes. Do a quick review of your income, expenses, and savings over the first quarter or three months of the year (January through March) and reflect on your financial well-being. Were you able to save money during this time? Saving money can be a challenge, but you can set new savings goals any time throughout the year. Savings goals can be short-term, long-term, or a combination of both.
According to the U.S. Bureau of Economic Analysis (2025), the average personal savings rate was 3.9% of personal disposable income as of March 2025. If you are struggling to save at the rate you need, understand that every household’s financial situation is different. Find ways to save that work for your situation. Let’s start with setting a specific savings goal. When setting your savings goal, decide on a realistic amount you are able to save over a specified time period. If you have a certain amount of money you need to reach your goal, you can use online tools or calculators to help you with your saving strategy.
For example, if you need to have $400 by the end of summer to pay for back-to-school expenses, how much do you need to be saving each week if you start saving on June 1 and need the money in hand by August 31? That gives you 13 weeks to meet your goal. If you save $30.77 each week, you will have $400.01 by August 31. Or if you know you can only spare $20 each week, then you can calculate that it will take 20 weeks to reach a goal of saving $400. Plan ahead to make sure you have enough time to save how much money you expect to need.
Make realistic savings goals and track your progress as you go. Give yourself credit and acknowledgement along the way to stay motivated to continue saving. Sometimes, having an automatic deduction can help with keeping on track without having to think about where the money is going. Knowing how much you can save each week, month, or pay period is important so that you know how long it will take to save up for when you need it. Write down your savings goals this summer and start taking steps toward achieving those goals now.
References
U.S. Bureau of Economic Analysis (BEA). (2025, April 30). Personal Income and Outlays, March 2025. https://www.bea.gov/news/2025/personal-income-and-outlays-march-2025
U.S. Department of Defense. (n.d.). Savings Calculators. Office of Financial Readiness (FINRED). https://finred.usalearning.gov/ToolsAndAddRes/Calculators/Savings
Meet the Author
Jamie Mahlandt is a Financial Educator for Bond, Clinton, Jefferson, Marion, and Washington counties in Southern Illinois. She provides financial education to the local community with an emphasis on financial literacy and financial well-being.
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