Savings Without the Stress: How to Build a Plan That Works for You

The Big Picture: Why Saving Matters

Imagine this: your car breaks down unexpectedly. Without savings, the repair could mean racking up credit card debt or worse, delaying it entirely.

According to the Federal Reserve’s 2024 Survey of Household Economics and Decision making, nearly 4-in-10 of Americans said they would not be able to cover a $400 unexpected expense using cash or its equivalent. That means 37% would either need to borrow or simply couldn’t pay. Further, about 13% said they wouldn’t be able to pay at all, highlighting a significant financial vulnerability among many households.

But with a plan in place, that same repairs you’d need on your car become just another item you can handle with confidence.

That’s the power of a savings plan. It transforms uncertainty into security and dreams into achievable goals.

Common Misconceptions About Saving

Before we get practical, let’s clear up a few myths:

• “I don’t make enough to save.” Even $10 or $25 a week adds up over time.
• “Saving means cutting out everything fun.” A good plan balances enjoyment today with security tomorrow.
• “I’ll start when I earn more.” The habit is more important than the amount.

Four Cornerstones of a Strong Savings Plan

Instead of a long checklist, think of your plan as building four pillars that support your financial life:

1. Clarity: Know What You’re Aiming For

Set goals that excite you, like a vacation fund, new home, or retirement cushion. Write them down and put numbers to them. Use M&T Money Smart to see where your money goes and how much you can redirect toward your goals.

2. Consistency: Make Saving Automatic

Treat saving like paying a bill, something you don’t skip. Automate transfers so money moves into savings before you can spend it. Use M&T Bank’s Easy Save Program to set up automatic transfers between your checking and savings accounts.

3. Choice: Pick the Right Account for the Job

• Everyday safety net?  Relationship Savings
• Mid-term goals? Certificates of Deposit (CDs)
• Long-term wealth? Investments with Wilmington Advisors @ M&T

4. Check-In: Track and Adjust

Your savings journey won’t always be linear. Expenses shift, priorities change. Schedule a monthly check-in to celebrate wins and tweak as needed.

Try the Savings Calculator to see how your progress stacks up.

What Happens If You Skip the Plan?

Without a framework, it’s easy to:

• Live paycheck to paycheck
• Rely on credit cards for emergencies
• Delay big life milestones
• Stress about retirement

A savings plan flips that script, helping you move from reactive to proactive.

Start Small. Dream Big.

The best time to begin saving was yesterday; the next best time is today. Start small, automate where you can, and keep your goals in sight.

• Open your Relationship Savings account
• Download the mobile app
• Visit the Financial Education Center to keep learning