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Many of us have good intentions to start saving for the future, but life often gets in the way. We are too busy, we have other expenses that take priority, or we think we do not have enough left over each month to save. Whatever challenges we face, it is never too late to start saving for the future--even saving the most modest amount today can make a big difference in the future!

The University of Minnesota Extension offers many resources to get you started—from thinking about what your needs and wants are for the future to determining what you need to save to reach those goals. 

Begin Saving Today


Woman-holdingdollar177px.pngNo matter how little you think your income is, it is possible to save! Taking small steps and setting small reachable goals is important. After all, it can be overwhelming to think about the future. 

Coming up with your savings plan is an ongoing process. Setting small goals will help you move closer to creating a savings plan that is obtainable and aligned with what you value for your future. Here are some resources and tools to get you started:

  • To learn how to set goals, understand the difference between needs and wants, and understand basics of saving, check out "Spending and Saving" U of M | Extension site.
  • Visit the Minnesota Department of Commerce’s website to start the 30-Day Financial  Health Challenge and take a step each day to improve your financial health.

Budgeting to Create Savings


Tracking your daily expenses and creating a financial balance sheet will provide you a “snapshot” of what you earn and spend over a given month. These resources will get you started:

Reduce Debt


Make a plan for reducing your debt. Pay more than the minimum balance on credit cards to pay it off faster and prioritize your debt repayment. It’s important to pay secured debt first such as home mortgages or car loans, so you can avoid foreclosure or repossession. Check out University of Minnesota Extension resources

If you are in debt and need help, the Commerce Department offers guidance in selecting credit counseling services.

Avoid Scams


Don’t let scams or fraud stand in the way of financial security. Remember - if it sounds too good to be true, it probably is! If you suspect fraud or a scam, report it to the Commerce Department’s Consumer Response Team at 651-539-1600 or toll-free at 1-800-657-3602 (in Greater Minnesota).

Find Ways to Save Money!


As you think about ways to save each month, you may have to be creative. Check out these resources as a way to start:

Insurance as Asset Protection


With appropriate coverage, insurance can protect your property and finances from accidents and unexpected illness. If you rent, don’t assume that your landlord’s insurance will protect against loss. Don’t take the risk. Protect your personal property by getting a renter’s insurance policy. You can go to the Commerce Department website for guidance on insurance for every life stage.

Other Resources and Tools to Help You Save