Celebrating America Saves Week
July 21, 2017 | Return to Financial Education
February 27 – March 4 marked the annual America Saves Week. The goal of this movement is to reach people all over the nation so they might learn about the importance of saving. America Saves Week seeks to encourage more Americans to build wealth, not debt.
Here are the seven takeaways from 2017’s America Saves Week:
- Save Automatically - It can be hard to put aside money for savings, but a simple solution is to let your bank account do it for you. You can change your direct deposit settings so that a portion of your check is always going into savings. This provides an easy way to save money without ever having to worry about missing it since the service is automatic.
- Family Savings - Good and bad savings habits start at home. It’s important that your whole family understand and is committed to your family’s financial plan. Whether you’re budgeting, saving, making retirement decisions, or assessing workplace benefits, consider sharing these choices with your children, no matter their age. Not only will this help them to learn about spending and saving, but it will also set a great example for being disciplined with their money once they grow up.
- Save for Retirement - Saving now for retirement will ensure you have enough money to have a comfortable standard of living when you stop working. Participate in a work-related retirement program or open up an Individual Retirement Account (or IRA). Are you already saving for retirement? Set a goal to increase the amount you save toward retirement.
- Saving at Tax Time - Saving a portion of your tax refund can be a big step toward meeting your savings goals. This tax season, get ahead of your financial goals by taking a piece your tax refund and putting it into savings.
- Pay Off High-Interest Debt - To reduce your debt and start accumulating wealth, all it takes is planning, discipline, and patience. Take care of your high-interest debt first, and then work your way down until it’s all paid off. Find places to cut your spending to put more towards debt.
- Save for Emergencies - It is always better to have some a financial plan for anything that might come up in life. An emergency savings fund should be set aside and contributed to each month. Even by saving small, regularly scheduled contributions, the account will build over time and be there for when you need it.