1 family proves it's possible to turn $1 into thousands - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

1 family proves it's possible to turn $1 into thousands

JACKSON, MO (KFVS) -

Not a dime saved for the future: That's a reality for a third of you watching according to a new survey, but we found out anybody can turn that around.

You can even start with just one dollar.

Heartland News met a typical working family that went on a plan to start saving with just one dollar per week.

The amount increases by one dollar each week on a 52 week savings plan. Many banks offer easy how-to's on their websites to set up a savings account and make either automatic or in-person deductions.

"We found it through our bank on Facebook," said Kevin Ngo. "Anybody can do it."

He and his wife Kailyn say they knew they had to start saving after their 15-month-old son Kyle was born.

Both of them work full time and hope to secure a financial future for their family all around. That includes having a secure college fund for Kyle when it's ready for him to go to a university.

"We feel education is the most important thing," said Kevin.

Saving for anything can be difficult for every family on any budget big or small.

Many people say knowing how to get started with a plan is the hardest part. The Ngo family found a one year place that they plan to continue every year.

"It gave me a huge sense of security to see the funds grow," said Kevin.

Kailyn agrees.

"I just like knowing he will have money ready when he grows up. We love him so much," she said of her son.

The idea: Save $1 the first week, the next week $2 and so on for a year.

By the end of 52 weeks you're depositing $52 per week and your accounts grows to about $1400.

Over the course of two years, the Ngo's will have $2,800. Then, when Kyle is 18, they plan to have saved $20,000 all because they started when he was just a few months old.

"It is easy to put in that extra dollar as it makes you more conscious of your money all around," said Kevin.

"It makes you feel good," said Kailyn.

Financial planners recommend a $500 emergency fund. To get started another strategy could be saving just 50 cents a day.

Over a year you have more than $180. That's 40 percent of the fund.

The key, financial planners say the sooner you start the sooner your pennies turn into serious cash.

Most local banks also offer free strategies to help you map out your budget including what you spend on each segment of your life from food to entertainment to medical bills.

Keeping track of this and checking your budget balance and needs at the first of each month is also a key tool to navigate a future and grow retirement and college funds, according to financial experts.

Other easy tips:

  • Weatherize your home to make your heating and cooling bill as low as possible. Ask your electric provider for resources they offer such as apps and tips for your specific living space.
  • Cutting out your $2 coffee drink per day and bringing a lunch to work can also save you as much as $100 - $200 per month.
  • Keeping your cars tuned up can save you $100 a year in gas according to financial analysts.
  • Families also tell us setting gift spending limits and planning family potlucks for special events also helps them cut down on monthly costs.

According to the website, America Saves, eating out two fewer times per month can save $360 a year, comparison shopping for gas can save $48 over a year, and bouncing one less check a month to avoid over draft fees can save $240 and more.

For tips for all kinds of ways to save, plan, and prepare check out: www.americasaves.org

It includes tips on how to set goals, create a strategy for various budgets, and easy ways to cut down on extra costs.

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