America Saves Week (February 22nd-February 26 th, 2021) is an annual opportunity for individuals to assess their savings and take financial action. This year, CCE-Yates County is encouraging the community to take a moment to focus on the importance of emergency savings and saving automatically, and to better prepare citizens for the unexpected, like the Covid-19 pandemic.
This America Saves Week, try these five simple steps to help yourself save automatically- and successfully:
Monday, February 22 nd: Save Automatically
What is the easiest way to save? Automatically! It does not matter what you’re saving for, when you will make the smart decision to have a portion of your income automatically deposited into a savings account, you have increased your chances for success. Having a “set it and forget it” approach to saving increases your success rate. The two best ways to save automatically are:
Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest! Whether saving for an emergency fund, education expenses, retirement, or all things in between, by making saving automatic, our community is in the best possible position to reach any savings goal.
Tuesday, February 23 rd: Save for the Unexpected
This past year has taught us that we must be as prepared as possible for the unexpected. While we all have future savings goals, having an emergency fund to support present unaccounted for needs, like a car breakdown, dental bill, or even a last-minute fun treat should be a top priority.
Don’t have an emergency fund or looking to grow your emergency fund? Take the America Saves Pledge and commit to successfully building an emergency fund of just $500. Embrace the “Start Small and Save Big” mentality.
Wednesday, February 24 th: Save to Retire
It is never too soon to prepare for retirement. In fact, the earlier you start to prepare, the easier it is to save. Preparing for retirement can easily be pushed into the “someday” category, as we focus on present needs and expenses. Because we know that very Americans have a plan for retirement savings that is adequate for their desired standard of living after they retire, today is to focus on the importance of setting aside time to understand your retirement needs and planning to meet them.
Thursday, February 25 th: Save by Reducing Debt
It is time we recognize that by paying down their debt, Americans ARE saving! Actively reducing your debt means you are saving on interest, avoiding late fees, and maintaining or increasing your credit score. On this day, it is important to remember that reducing debt should be acknowledged and celebrated as a form of saving and a component of your financial plan.
Friday, February 26th: Save as a Family
The best way to teach great money habits to our children is to model great money habits. While most Americans know the importance of making sound financial decisions, many feel that money management was not taught to them at a young age. Today, let's encourage our communities to be creative and intentional about finding ways to teach children about money, spending habits, and saving.
Since 2007, America Saves Week, coordinated by America Saves and its partners, has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage our local communities to do a ‘gut-check’ on their finances and saving behaviors. The America Saves pledge is the framework that allows savers to set a goal and plan to achieve better financial stability. To take the pledge, or to learn more information, visit https://americasavesweek.org/.
Last updated February 18, 2021