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Save During America Saves Week

A lot of great events happen in spring including America Saves Week!  Haven’t heard of this national passtime? That’s okay – let me give you the low down.

What Is America Saves Week?

America Saves Week has been happening since 2007. This year, Americans will celebrate saving from February 26 – March 3 but we hope they continue to save long after that. Organizations around the country offer activities and programs related to saving and designed to encourage new or better saving habits.  Last year, over 500,000 individuals across the nation made a pledge to save or participated in a savings awareness activity. .

How Can You Participate in America Saves Week?

Participating organizations design activities to make saving fun.  Some areas offer games and contests to promote saving, some focus on public awareness and information.  Your local bank or credit union may be planning something so be on the lookout from news from them about it.

Add your name to the list of those who will start or continue to save money in 2018. You can go directly to the America Saves Week website here.  Or, connect through social media to share your success with friends. The facebook page is here.  The twitter link is here.

Why Should I Save?

Whether you want to participate or not, saving is still a good idea.  One big benefits of building your savings is being able to pay for unexpected expenses without using credit.  Amassing just 3 – 6 months worth of living expenses in a savings account can prevent a minor problem from becoming a major hardship. Having a savings account will improve the asset column of your personal balance sheet.  Planning and saving for large purchases allows you to provide a higher down payments on installment credit, like a car loan, so monthly payments are lower. Plus, you’ll pay less interest.

How Do I Start to Save?

There are lots of ways to start saving but I think the best way to maintain your saving habit is to put it on automatic pilot.  Online banking features make it so easy to set up too.  Set up an automatic recurring transfer for the day after your payday.  Select a reasonable amount – starting small is better than not starting at all. If you get paid weekly, and opt for just $20 a paycheck to move to your savings account, you’ll have over $1,000 in savings at the end of a year.

You might decide to take half your income tax refund and start a savings account.  What if you are finally making that last payment on your car loan and don’t plan to get another for awhile? Take that payment, or a portion of it, and direct it to your savings account.  There are lots of creative ways to reduce spending and start saving.  More ideas can be found here.

Happy America Saves Week!