America Saves Week

Monday, February 22nd | Save Automatically

It’s America Saves Week! Each year we encourage our community to dedicate this week to pause and do a financial check-in, and this year is no different.

Chances are that you are someone you love has experienced a loss of income since the onset of Covid-19 in America— so what better time to take this week to get a clear view of your finances, set your financial goals, and make a plan to achieve them?

We kick off Day One of America Saves Week by focusing on the easiest and most effective way to save— to SAVE AUTOMATICALLY.

How do you save automatically?

The two best ways to save automatically are:

1. Splitting Your Direct Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit program. Contact your HR representative for more details, and set this up today. No amount is too small!
2. Setting Up An Automatic Bank Transfer: At a chosen time, your bank or credit union will transfer a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.

Having a “set it and forget it” approach to saving increases your success rate.

Remember, savings is a HABIT, not a destination. When starting your savings journey, getting into the habit of saving is so important. Start small and THINK BIG. Even if your savings goal is $10 a week until you accumulate your first $500 in your emergency fund, you’ll be better prepared for those pesky unexpected emergencies and can simply pay it with your cash savings!

Ready to commit to saving more successfully? We encourage you to take the America Saves Pledge, or repledge with a new goal. Not only will you have a new savings plan, and receive support, reminders, and tips from America Saves, you’re halfway to being eligible to be entered to win one of our TWO $500 cash prizes in the #ImSavingFor Sweepstakes!.

Tuesday, February 23rd | Save for the Unexpected

Day Two of America Saves Week has us preparing for something that we should all actually expect: To have an “unexpected” financial emergency.

Today, for Save for the Unexpected Day of America Saves Week, we’ll check in with ourselves to ensure that we are building an emergency fund.

Yesterday we mentioned that saving is a habit, not a destination. The best place to put that into practice is when you are building an emergency fund.

Read: 38 Reasons To Have At Least A $500 Emergency Fund

For decades financial gurus have told us that we need to have 3 to 6 months of expenses saved to be financially secure.

While the more you can have socked away for a rainy day, the better, for most Americans, saving that amount is overwhelming and scary.

But, when you focus on building your HABIT of saving and start with a small goal of just $500, that seems much more attainable. Then, once you achieve that milestone, you can confidently keep going!

Before you know it, saving has become a lifestyle. You’re saving automatically and building your rainy day fund!

If you haven’t, we encourage you to take the America Saves Pledge. Not only will you have a new savings plan, and receive support, reminders, and tips from America Saves, you’re halfway to being eligible to be entered to win one of our TWO $500 cash prizes in the #ImSavingFor Sweepstakes!

Wednesday, February 24th | Save to Retire

Many of us have thought about retirement. You may already be saving for it, which is excellent.

But have you thought about HOW you want to retire? More specifically, have you thought about what it will take to continue to live the lifestyle you have or the lifestyle you want once you retire?

Today is Save to Retire Day of America Saves Week.

Many Americans have expressed that the pandemic has helped them realize what matters most to them. Family, stability, creating memories, and travel were sentiments that we repeatedly heard when asked what was most meaningful to them.

Being able to have the type of lifestyle you want during retirement— spending quality time with loved ones, traveling, and not being a financial burden on your family, means that you have to prepare TODAY.

As you sit down to do a financial check-in within yourself around your retirement today, consider not just IF you’re saving for retirement, but if you’re saving ENOUGH for retirement.

For more tips and resources around saving for retirement, including two retirement calculators that will help you determine how much you should be saving for retirement based on your current scenario, check out this article, “Questions To Ask Yourself When Saving For Retirement.”

Then take the America Saves Pledge to receive resources, reminders, and tips from America Saves to support you in your retirement savings goal. You’ll also be on your way to eligibility for the #ImSavingFor Sweepstakes, where you could be entered to win one of our TWO $500 cash prizes.

Thursday, February 25th | Save by Reducing Debt

It’s Day Four of America Saves Week, and here’s the ONE take away you need to know as you consider today’s focus, “Save by Reducing Debt”:

WHEN YOU PAY DOWN YOUR DEBT, YOU’RE SAVING!

By actively reducing your debt, you are saving on interest. When you pay on time, you save on late fees and maintain your credit score— saving money long-term.

With so many Americans being affected financially by the pandemic, actively paying down your debt may not be a priority, and that’s okay. Be sure that you talk to your creditors and take advantage of any repayment options or arrangements that allow you to keep your credit score intact and avoid additional interest and late payment fees.

Check out today’s blog, “Paying Down Debt Is Saving,” for tips, resources, and tools that help you get a clear view of your finances and decide how to best approach reducing your debt and expenses.

We encourage you to join a community of people on a similar savings journey. The #ThinkLikeASaver Facebook Group is hosted by America Saves and is a great place to get ongoing support and interact with like-minded people committed to saving effectively.

Three more actions you can take as part of America Saves Week:

1. Take the America Saves Pledge to get support and accountability as you reach your savings goal.

2. Enter the #ImSavingFor Sweepstakes for a chance to win up a $500 cash prize.

3. Join us for the #ThinkLikeASaver: Tackling Debt Town Hall on the America Saves Facebook page at 2 pm ET.

Friday, February 26th | Save as a Family

Did you learn what you needed to know about money as a child, from your parents, other adult role models, or school? For many Americans, that answer is no.

As we round out America Saves Week, we want you to spend time thinking about how you can instill ways to #ThinkLikeASaver in the young people in your life. After all, savings can be both tangible (like saving in a piggy bank) and intangible (like preserving energy by turning off the lights).

Here are some steps you may want to take as you close out your financial check-in!

1. Take the America Saves Pledge to get support and accountability as you reach your savings goal.

2. Enter the #ImSavingFor Sweepstakes for a chance to win one of TWO $500 cash prizes.

3. Join the #ThinkLikeASaver Facebook Group hosted by America Saves, to get ongoing support and interact with like-minded people committed to saving effectively.

4. Sign up for text reminders, tips, and support from America Saves while on your savings journey. Just text AMERICASAVESTEXT to 877877.

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Last updated July 15, 2021