AMERICA SAVES WEEK
By: Pier Yvette Alsup, Chief Community Engagement Officer, Together Credit Union
This week might just be one of my favorite weeks of the year. It is AMERICA SAVES WEEK! Since 2007, American Saves Week brings organizations nationwide together to encourage those in their communities to save successfully. Each day is devoted to encouraging everyday consumers, like you and me, to save. This year’s themes include:
Monday – Save Automatically
Tuesday – Save with a Plan
Wednesday – Save for the Unexpected
Thursday – Save to Retire
Friday – Save by Reducing Debt ·
Saturday – Save As A Family
I am a huge proponent of “emergency funds”, so this focuses on the importance of having an emergency fund as well as some of my favorite tips on how to save for the unexpected.
Did you know it is estimated that 40% of Americans do not have access to $400 in savings in the event of an emergency. In addition, the average debt in collections is just under $400? Given these estimates, it is easy to imagine the impact of more consumers having just a $500 emergency fund.
So why is saving for the unexpected important?
Imagine tomorrow you are driving to work and your two front tires fall victim to potholes and need replacing. Or, better yet, you wake up to the news that your favorite music artist is going on tour, and tickets go on sale at noon! If you have emergency fund savings of at least $500, the “unexpected cost” of new tires will be only a minor inconvenience or the concert will be your treat for the year!
What are a few tips for starting or re-starting emergency fund savings?
While budgets are part of on-going, long-term money management, sometimes pairing a quick jump-start with consistent saving is just what you need to fuel your savings commitment with initial results.
How can you jump-start your emergency fund savings?
Do some spring-cleaning and have a yard sale. The profits from your sale are a great way to jump-start your savings without requiring you to cut any of your daily expenses. The bonus? Imagine all the clutter you will remove from your home!
Are you receiving an income tax refund?
Commit to saving a portion (or all) of it in your emergency fund. Done!
What are some simple ways to consistently save for the unexpected?
Keep the change. Simple and easy … a change jar fills up and adds up easily! Also, automate your savings. Just putting $10 away automatically into your emergency fund and you will have $520 within a year.
Ready to get started? Or, need more savings tips and tools? Together Credit Union has them for you and just a click away! Visit www.togethercu.org today.
Together Credit Union is federally insured by NCUA. Membership eligibility required.