The last week of February is America Saves week! America Saves week provides an opportunity for organizations to come together within their communities to try and help people save money successfully. America Saves, the nonprofit organization who created this annual celebration, pledges the framework that allows savers to set a goal, and create a plan to achieve improved financial stability. Not only is this an annual celebration, but it is also a call to action for Americans to commit to successful saving methods.
America Saves is a non-profit organization that uses economics and social marketing to motivate, encourage, and support Americans to save their money, reduce debt, build wealth, and adopt safer financial habits. Since 2007, thousands of non-profit, government, and corporate organizations have partnered with America Saves to help spread this information on the local, regional, statewide, and national level.
The past few years caused significant financial setbacks for many Americans, particularly for low-to-moderate income earners. As a result, the theme for America Saves week 2023 is “A Financially Confident You”. Being financially confident means being able to build a savings habit, knowing what resources are available to you, and knowing how to take advantage of those resources. It also means you are willing to accept opportunities that can strengthen your overall financial wellness.
America Saves week has 5 themes that focus on financial wellness, with an increased focus on how each theme connects to building financial confidence. Additionally, these themes will address the barriers that prevent many Americans from being able to save.
- Save Automatically
- Saving automatically makes saving a habit. Setting up automatic savings can help ensure you will have money set aside when you need it.
- Save for the Unexpected
- This doesn’t have to be an emergency fund; some unexpected purchases can be positive!
- An “opportunity fund” can allow you to spend your money on something you enjoy.
- Save for Major Milestones.
- It can be very difficult saving for multiple goals at once but prioritizing them can make the process easier.
- Save by Reducing Debt
- Reducing debt can increase your credit score, save money on interest and fees, and gain more disposable income.
- Saving at Any Age
- Help your family understand the building blocks of financial confidence and have age-appropriate conversations regarding money.
- Saving money is a lifelong skill and habit, and you are never too young to start learning.
If you would like to get your savings journey started, or increase your number of avenues to save, visit First Bank’s Savings & Money Market accounts page!