Do you struggle to save money? If so, you’re not alone! In fact, only half of Americans say they have good savings habits. That’s why America Saves Week was created. It’s a specific time you can set aside to review your finances, decide what you want to save for, and start saving on a regular basis.
Even if you’re already saving, it’s always good to review your savings, decide if you can save more, or set a new savings goal for yourself. So why not join thousands of others who are pledging to pay down debt, save money and improve their financial situation during America Saves Week.
Not sure what your savings goals should be?
Here are the most popular goals of those who have participated in America Saves:
Only 37 percent of low-to-moderate income households have a savings or money market account at a bank or credit union and nearly a quarter of savers who have pledged to save have chosen “emergency savings” as their first wealth-building goal.
Save for Education
Saving for education is the second most popular goal savers select when they pledge to save with America Saves. There are many different things to factor in when saving and paying for college.
Pay Down Debt
Getting out of debt is the #3 goal savers select when they pledge to save. That does not come as a surprise since a 2012 survey found that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food.
Save for a Home
For decades, home ownership has been the main path to wealth for most Americans. Today, home equity - the market value of a home minus the balance on any home loans - represents more than four-fifths of the typical family's wealth.
Save for Retirement
Retirement savings is a top priority for many savers. Saving for retirement now will ensure that you have enough money to maintain a comfortable standard of living when you stop or reduce the amount of hours you work.
Not sure how to save?
Here are some saving strategies to help:
- Save Automatically - The easiest and most effective way to save is automatically. This is how millions of Americans save at their bank or credit union, and how millions of employees save through 401(k) and other retirement programs at work. Learn more.
- Save at Tax Time - Do you spend weeks eagerly anticipating your tax refund? When the money finally comes in, is it gone tomorrow? Many people view tax refunds as unplanned bonuses. They see the money as a gift from the government, to use for splurges or treats. But a tax refund provides the opportunity to improve your financial situation. Learn some easy ways to put your tax refund to good use.
Take the America Saves Pledge today to set your savings goal and make a plan to save. When you take the pledge you can also choose to receive text message tips and reminders to help you save for your goal. And don’t forget to follow America Saves on Facebook and Twitter. Follow Webster Bank on Facebook and Twitter to stay on top of company news and community service, special offers and discounts, giveaways, and the latest from our Webster bloggers.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. For even more easy ways to save, talk to a Webster banker today. Visit your local banking center or call 800.325.2424.