The end of February signals a time to focus on saving. America Saves Week is a national effort to set a savings goal, make a plan, and save automatically. Join millions of others who are taking time this week to start or grow their savings.
American workers are not saving enough for their future or to even cover emergencies and planned expenses that may crop up in the short term. According to the Federal Bureau of Economic Analysis, the average personal saving rate for Americans hovers around 5 percent – which is far too low.
Commit to saving
It all starts when you make a commitment to yourself to save. Take the first step and take the America Saves pledge to save money, reduce debt, and build wealth over time.
America Saves will keep you motivated with information, tips, and reminders to help you reach your savings goal. Think of them as your own personal support system.
Are you saving for the right things?
Just like your car needs a tune-up, and just like you need your annual physical, your checkbook needs a checkup, too. America Saves Week is an annual opportunity for savers just like you to assess your savings and make sure that you are saving for all the right things.
If you only do one thing for America Saves Week, complete this simple assessment to see if you are saving adequately for your future.
Save the easy way…automatically
It can be hard to put aside money for savings, but there is an easy way to save money without ever missing it by making your savings automatic in 2018.
- Every month, have your bank transfer a fixed amount (like $25) from your checking account to a savings or investment account. Talk to Bank Midwest or your local bank to set this up.
- Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a savings account. Ask your HR representative for more details.
- Set up automatic payments towards your debt through online bill pay or by providing your checking account information to your loan provider to ensure that the payments are on time and in full.
- If your employer offers a retirement account, sign up and put in at least the minimum contribution to receive any matches they may offer. Ask your HR representative for more details.
Secure your financial future today by splitting a portion of your pay into a savings account and/or opening or increasing the amount you save for retirement. These automatic savings methods are one of the best ways to save.
Saving money, improving your financial life, building wealth.
It all starts with you. Set a goal and make a plan to reach that goal. After all, if you have a savings plan, you’re twice as likely to save successfully.
America Saves Week may only be one week, but there’s never been a better time to start saving. Do yourself a favor and commit to start saving today.