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Those with a Plan Save More Successfully.

Inspired to Build Savings by Starting Small

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

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Family Wealth Facts

The ninth annual America Saves Week survey showed that those with a “savings plan with specific goals” save more successfully than those without a plan.


 
The survey was undertaken by ORC International, which interviewed a representative sample of 1,004 adult Americans on January 28 - 31 by landline and cell phone. For more details, click here.

Campaign News


America Saves and National Disability Institute Working Together to Promote Saving

In 2016, over five million individuals with disabilities are eligible to open ABLE tax advantaged savings accounts and not lose access to Social Security, Medicaid and other benefits. America Saves and the National Disability Institute (NDI) are partnering to encourage those opening such accounts and many others with disabilities to make a commitment to save and be supported by America Saves resources.

Both organizations will use their networks and resources to expand opportunities for individuals across the spectrum of disabilities to set a specific monthly commitment to save toward a financial goal such as an emergency fund. “Becoming a part of America Saves offers a customized pathway to a better economic future and quality of life,” stated NDI Executive Director Michael Morris. America Saves Director Nancy Register said, “America Saves is pleased to join forces with NDI to encourage individuals with disabilities to make saving automatic and build wealth.”

What's the Best Way to Save? Automatically!

Do you automatically transfer money to a savings account each month? Setting up automatic savings is the easiest and most effective way to save – it puts your extra cash out of sight and out of mind. There are several ways to automate.

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High Schoolers Win Big with Essays on Saving

Two Arlington, Virginia high school students have added to their savings by winning first and second place in the annual America Saves Essay Contest organized by Northern Virginia Saves. To enter the contest, students in grades 9-12 wrote essays on the theme, “Saving Involves Self-Motivation and Delayed Gratification” and took the saver pledge. A panel of Virginia Cooperative Extension (VCE) Master Financial Education Volunteers judged the 51 essays submitted from all four high-school grades from 7 high schools in Alexandria and Arlington, VA..

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A Quarter Saved...

Is a Quarter Earned


No one knows better than Savers how to find the extra dollar here and quarter there that, over time, add up to substantial savings.

Here are a few of their favorite savings tips —
I use a lot of different shopping apps. When it's time to cash out credits to my account, I request a check and deposit the money into a separate bank account. It's money I never count on, so it's like getting a small bonus every few months!
- Blacklick, OH
Set aside half of your mortgage/rent payment from your paycheck during the first pay period of the month, and the other half at the second pay period of the month. By setting aside the payment in this way, you won't go broke from having to pay it out of that last paycheck of the month. This also works for other bills, (electric, gas, water, car, etc.) where bi-monthly payments aren't automatic. It may take a month or two to get on the schedule, but it can be done, and is worth it.
- Prince George, VA
My goal was to save enough to pay off a car early. I achieved my goal and paid off my car. Now I am making my car payment into my savings account (automatically) to pay myself back. I am paying myself the interest I would have been paying out, and that is even more than my savings account pays!
- Bastrop, TX
Have the bank save for you! Set up an auto withdraw each month from checking to savings. You can put it in your checkbook like a payment and don't think about it, then watch the savings grow without effort.
- Athens, IL
Several months ago I heard a financial tip about saving for vacation expenses. For a whole year save $1 to $52 for 52 weeks in a year. By the end of the year you will have saved $1,378. I decided to take the total and divide it by 52 weeks, which is roughly $25 a week. I opened a separate savings account at my bank and faithfully deposit $25 a week into the account. Additionally, I deposit any spare change and any $1 bills in my wallet at the end of the week. This savings program has allowed me to fund my yearly vacation and not use my credit card. I'm about to leave for a trip to Jamaica in a few weeks and have saved over $1,000 for my expenses which I would have previously put on my credit card.
- Mason, OH

Local Campaign Highlights


Across the country, campaigns are continuing to spread the word about savings and financial responsibility in a variety of ways. Read highlights from the following campaigns:
  • Silicon Valley/South Bay Saves
  • Virginia Saves
  • Young Illinois Saves
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Volume 16, Issue 1
In This Issue:
  • Inspired to Build Savings by Starting Small
  • Family Wealth Facts
  • Campaign News
  • What’s the Best Way to Save? Automatically!
  • High Schoolers Win Big with Essays on Saving
  • A Quarter Saved…Is a Quarter Earned
  • News from Local Campaigns

Send Us Your Savings Tips:

Email your savings tips to us or tap here to fill out the form.

If we select your tip for publication, we will send you a check for $25 to purchase an EE Savings Bond, which you can buy online.

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American Saver Editor
Sara Cooper
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American Saver is the quarterly newsletter of the America Saves campaign, a national campaign to encourage and assist Americans to save money, reduct debt, and build wealth more effectively.

The campaign is coordinated by the non-profit Consumer Federation of America (CFA), supported by national foundations, and advised by dozens of non-profit, government, and business groups. A generous grant from Bank of America Charitable Foundation supports the publication and distribution of the American Saver.

Questions about how to start a local savings campaign in your area should be directed to
Lindsay Ferguson, lferguson@consumerfed.org.
Copyright © 2016 Consumer Federation of America / America Saves, All rights reserved.


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