WEALTH WORK$ SAVINGS PLEDGE

​Take the AMERICA SAVES PLEDGE

The America Saves pledge is the central tool that allows savers to set a goal, and make a plan to achieve better financial stability.
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 For everyone that take the pledge, you will receive a small token of appreciation.

TAKE THE PLEDGE HERE

As part of the Wealth Works! Financial Well-Being Program, we are once again teaming up with Consumer Federations of America to present America Saves Week!
 
America Saves is a nationally recognized event.  We will be using their programming to highlight and preview many of the new Financial Well-Being program features, such as; on demand education, fun-filled challenges, and interactive experiential tools.

​Saving Theme | Save Automatically

We kick off 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. Split to Save: Direct deposit a certain amount from your paycheck each pay period into a saving account or investment account.  Speak with your bank or credit union on how you can set this up. 
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.
3. Scheduled Transfer. Choose a day of the month or a regular interval, such as every 2 weeks, to transfer a set amount from your checking account to a savings account. Consider picking a lower dollar amount or a time of the month when many other automatic payments are not happening. You’ll set this up with your bank or credit union 

 
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!
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Saving Theme | Save for the Unexpected

While saving for emergencies is always a much-discussed topic in personal finances, here is something that is not as widely discussed: saving for opportunities.
Today we want you to consider reframing saving for the “dreaded emergency,” and recognize that you are also saving for fun and positive opportunities! Doesn’t it feel better to contribute to an OPPORTUNITY FUND vs. an EMERGENCY FUND?

 For years, we have been warned to save for the emergency that is just around the corner. While the phrases “emergency savings” and “rainy day funds” are commonly used, both presume that emergencies are bad — and that is not entirely true. Today, we will encourage you to shift your mindset from saving for emergencies to saving for opportunities! To do this we will elevate the following messages:
● “The unexpected” can be an emergency, but it can also be something fun and positive!
● Create an opportunity fund so that you do not have to miss special moments, events, and things that mean a lot to you.
● Saving is cyclical. While you are building savings, you will spend it! You can release any shame around dipping into your savings account when you have set up automatic savings.

For more information read the article: Saving for the Unexpected Isn’t Just For Emergencies.
Read: 38 Reasons To Have At Least A $500 Emergency Fund
 

​Saving Theme | 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?
 
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. Do you live in the town you are in now, or have you moved to a different location? Do you spend your days relaxing at home, working part time to keep busy, volunteering, or traveling?

​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 these articles, “Questions To Ask Yourself When Saving For Retirement", 6 Steps to Jumpstart your Retirement Journey

​Saving Theme | Save to Reduce Debt

​Here’s the ONE take away you need to know as you consider how to, “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 this blog, “Tips to Help You Reduce Debt and Pay It Off For Good.,” 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.
 

 
Saving Theme | 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.
 
Having money conversations can be as simple as finding ways to save together, as a family. 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).
 
​Meet Amy, as she shares the importance of talking with her children about money and savings in this brief video SAVE AS A FAMILY VIDEO

Here are some steps you may want to take as you close out your financial check-in!
1. Download the Set Goals as a Family resource page and identify a family savings goal and individual savings goals for each member of your family. Discuss each question and gather ideas of how you will save as a family!
2. Take the America Saves Pledge to get support and accountability as you reach your savings goal.
3. Join the Coin Challenge-To start a savings habit as a family, you can teach your kid(s) to save extra change and put in a piggy bank.
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(America Saves will send you tips and reminders to keep you saving. Reply STOP to quit, HELP for information. Message and Data Rates May Apply.)