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Save More Money
Everyone has different reasons for saving. What are your current savings goals—a new house, your child’s college education, retirement, a nice vacation, home improvements?
Use these tools to help you save more.
Calculate Your Monthly Savings Goal
The first step toward meeting any goal is to establish it. The following tool tells you how much you need to save each month to reach your goals.
Calculate your monthly savings goal.
Assess Your Income and Expenses
Once you have calculated a goal, use this tool to compare your income and expenses.
Determine your monthly income and expenses.
When you've recorded your monthly income and expenses, is there anything left over for savings? You may need to think about curbing the expenses that you have discretion over, such as entertainment, vacations, etc. These are the expenses you may need to cut to reach your monthly savings goals.
Leverage Savings Resources
The first rule of increasing your savings is to pay yourself first—in other words, don't take the money home! By having a portion of your paycheck directly deposited into a savings account, a 529 College Savings Plan or the Thrift or Savings Plan, you are less likely to spend that money on other things. Out of sight and in the bank, your savings will grow with time.
Here are just two Company resources that will help you save:
Direct Deposit
PSEG offers convenient payroll deductions for your contributions to the Thrift or Savings Plan and into a 529 College Savings Plan bank account. Don’t miss out on this easy way to pay yourself first.
Increase Thrift or Savings Plan Contribution
Easily the most powerful financial security tools at PSEG, the Thrift or Savings Plans offer you an incredible value with tax-deferred savings resulting in an immediate tax benefit for you, a generous Company match on your contributions, and convenient payroll deductions. Participation in either plan can only help achieve a comfortable retirement. Taking a bit extra out of your paycheck and putting it in either plan can not only increase your savings in the short-term, it can pay great dividends in the long-term.