Since many Americans do not have the required discipline to amass significant savings, this year’s America Saves Week encourages individuals to take action. According to Ken McDonnell, director of the American Savings Education Council (ASEC), “The theme of America Saves Week 2013 (set a goal, develop a plan, save automatically) is simple yet highly effective. Consider, according to the 2012 Retirement Confidence Survey, [that] workers who had done a retirement savings need calculation were more likely to be very confident they will achieve their goal (26 percent) as compared with those workers who did not (11 percent). ASEC encourages all Americans to take advantage of this opportunity to set a goal, develop a plan and save automatically.”
Setting an achievable goal is the first step in developing financial discipline. The next step is to create a plan that includes tactics for achieving those preset savings goals. As part of the plan, it is crucial that you find easy ways to save in order to increase the chance of success.