02-19-19 CSU Ext News: Do you have a savings plan?

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America Saves Week – February 25 – March 2, 2019

 

Do you have a savings plan? One of the most important things you can learn in life is how to save money. We know that savers with a plan are more than twice as likely to make progress towards their savings goals as those without a plan. Those with a plan are more likely to spend less than they earn. Living within your means allows you to build wealth over time.

Saving money, improving your financial life, and building wealth.

It all starts when you set a goal and make a plan to reach that goal. Goals are where you want to go in life; what you want to own, what you want to do. So what is your goal? Why do you want to achieve this particular financial goal? Breaking the goal down into smaller steps makes it more manageable.

Take the Challenge

Since February is a national month of savings campaigns, Bent County Extension is hosting some savings opportunities that really “pay off!”  First, follow bent_county_extension on Instagram and comment on the #AmericaSavesChallenge posts each day.  You will be entered in a drawing for one of two $100 Amazon gift cards just for participating in the discussion about saving money!  Even better – You have 27 chances to enter!

Then, take the 30-Day $100 Savings Challenge. You could save $100 in a month by saving back between $1 and $5 for 30 days. So many of us spend more than that in a day and don’t even know where it went!  Here’s a handy savings chart to keep track:

 
Day # Deposit Total Completion Check-Off   Day # Deposit Total Completion Check-Off
1 $1 $1     16 $4 $34  
2 $1 $1     17 $4 $38  
3 $1 $3     18 $4 $42  
4 $1 $4     19 $4 $46  
5 $1 $5     20 $4 $50  
6 $2 $7     21 $5 $55  
7 $2 $9     22 $5 $60  
8 $2 $11     23 $5 $65  
9 $2 $13     24 $5 $70  
10 $2 $15     25 $5 $75  
11 $3 $18     26 $5 $80  
12 $3 $21     27 $5 $85  
13 $3 $24     28 $5 $90  
14 $3 $27     29 $5 $95  
15 $3 $30     30 $5 $100  

Everyone has the ability to save. At America Saves, the motto is “Start Small, Think Big.” You can start with only $10 a week or month. Over time, your deposits will add up. Even small amounts of savings can help you in the future.

Cash in those dusty jars of pennies. Pack your lunch instead of buying it at work. Make your coffee at home. Only purchase what is on your list at the store. There are lots of little things you can do to fund your savings. Just be creative.

America Saves Pledge

February 25, 2019 to March 2, 2019 is America Saves Week.  Let America Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. That’s what this pledge is all about. When someone takes the Pledge, they identify a savings goal (such as a rainy day fund or retirement), an amount to save per month, and the number of months they will save that amount. In other words, they make a basic savings plan.

And it doesn’t stop there. America Saves will keep you motivated with periodic information, advice, tips, and reminders sent by email or text message to help you reach your savings goal. Think of America Saves as your own personal support system and take the pledge.

America Saves Campaign

America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Non‐profit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org  and americasavesweek.org .

https://americasaves.org/for-savers/pledge

https://consumerfed.org/

https://americasaves.org/

https://americasavesweek.org/