America Saves Financial Challenge FAQs
Revised February 2015
Daily Challenge Activities
Can you count mandatory pension payroll deductions as part of the $5 a day savings?
No. The Challenge will only give you points for voluntary savings. This includes voluntary contributions to tax-deferred savings plans at work such as 401(k), 403(b), and Section 457 plans. You will also get points for any investing that you do on your own outside of work in personal IRAs or other investment accounts if your deposit amount equals or exceeds $5 a day (even if you only make an actual deposit every week or month or year).
Are there any good tools available to track my daily expenses?
Yes. You can download Rutgers Cooperative Extension’s ATM/Credit Card/Cash Tracker form at http://njaes.rutgers.edu/money/pdfs/expensetracker.pdf.
Can the $5 per day for daily investing be combined with the pocket change and/or $1 per day for savings in a can or jar until I can transfer money to a bank account?
Yes, as long as the $5 is in addition to saving $1 a day plus pocket change. In other words, there should be no “double-dipping” on meeting the savings requirement for the two daily activities.
Can I get alternative activity Challenge points for requesting my free annual credit report?
No. Alternative Challenge activities must be financial activities that can be performed daily.
Challenge Web Site Logistics
What do you do when you are away at meetings or on vacation? How do you report your points?
Record whatever points you can, even if it is not a full week. Download a paper tracking form at http://bit.ly/MoneyChallengeTracker to keep track of your points until you can get to a computer or tablet and go online. Remember that you have 7 days from a specific date to enter points online.
Do I need daily computer access to participate in the America Saves Financial Challenge?
No. You just need to be able to enter your points within 7 days so, for example, if your computer is at work, you can enter points for the weekend on Monday. Be sure to use the drop down menu for the previous week. You can use the printed tracking form (see above) to keep track of your points until you can enter them online.
Should I participate in the Challenge if I know that I am going to be away from home or work?
Absolutely! The America Saves Financial Challenge is designed to encourage people to make permanent lifestyle changes to improve their finances…no matter where they are. By all means, continue to perform the 10 recommended behaviors and record your points while away on a vacation or business trip.
What should I do if I can’t remember my password?
Click on the Forgot Username/Password link on the login page and your password will be e-mailed to you.
How late can I sign up for the America Saves Financial Challenge?
Participants have a week after the America Saves Financial Challenge starts (on February 22) to enroll. There is also a 7-day grace period to enter data for a particular Challenge day (e.g., March 17 for March 10). This rule is in effect to assure that ongoing average daily scores (shown in the pink bar graphs when you enter data) are accurate.
I went to complete last week’s sheet to report my Saturday points and it is gone. Now what do I do?
Just click on the drop down menu for weekly Challenge dates in the upper right hand corner of the page and then click on the previous week’s dates. You will be able to enter data for dates within the past seven days.
For an FAQs handout click here: America Saves Financial Challenge FAQs
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