Ohio Saves Week has rolled back around once again, and with it, the reminder to make your financial security a priority by pursuing savings-focused behaviors! Whether your focus is on saving to buy your first home or building an emergency fund, Ohio Saves Week puts the focus on how to help you reach your goals. Below you’ll find the daily savings themes provided by America Saves for this year’s Ohio Saves Week.
Save with a plan
Savers with a plan are twice as likely to save successfully for things like retirement and their (or their children’s) education! Create a simple savings plan when you take the Ohio Saves Pledge for a chance to win the opportunity to jump-start your savings! Curious about your savings plan? America Saves has created a simple assessment to see if you are saving adequately.
Save the easy way…automatically
The easiest way to get started saving is automatically! Contact your employer or banking institution to learn how to set up automatic transfers from your checking account to your savings account, or have part of your paycheck automatically deposited into a savings account. Already saving automatically? Get creative and find other ways to automate other aspects of your financial life in 2019!
Save for the unexpected
Financial emergencies often come out of nowhere, and not being prepared to face these expenses can have dire consequences. Whether it’s unexpected car repair or a home appliance that’s on the fritz, the best way to handle these emergencies is to be prepared. We all have those unexpected events in life that can lead to financial stress, but it doesn’t have to be that way. Putting aside a few dollars a week into a savings account for unexpected costs can build financial security – and relieve a lot of anxiety! Saving for the unexpected starts with small, regularly scheduled contributions that build up over time.
Save to retire
Studies show few Americans have adequate savings for retirement but it’s never too late – or too early – to start saving. Saving now for retirement will help ensure you have enough money to enjoy a comfortable standard of living when you stop working. Participate in a work-related retirement program such as a 401(k) or open an Individual Retirement Account (or IRA). Already saving for retirement? Try increasing the amount you save by 1 percent each year. FINRA has created the Smart 401(k) resource that provides helpful information about the ins and outs of 401(k) plans – whether you just started saving or have been saving for retirement for years, this resource is an excellent place to learn more!
Save the extra
Did you know you’re more likely to save a windfall than a small amount consistently over time? Hack that psychology by saving your bonuses, raises, and tax refunds. This tax season, get ahead of your financial goals by depositing at least $50 of your refund into a savings account. If you do, you’ll also be eligible to win one of over 100 prizes up to $10,000 by entering SaveYourRefund!
Save as a family
Good savings habits start at home. Model good financial habits for your children by saving money from your paycheck, delaying purchases until you can afford them, avoiding whim purchases, and establishing a monthly budget. Teach your children to do the same and help them open their own savings accounts. They love seeing their “pot” grow! The Consumer Financial Protection Bureau has also created an excellent resource called Money as You Grow, which can help families practice good decision making, and learn good money management together!
Need some additional support reaching your savings goal? We have resources to help! America Saves has partnered with the Association for Financial Counseling & Planning Education® (AFCPE®) to connect you one-on-one with an Accredited Financial Counselor® (AFC®) who is committed to answering your financial questions and providing you with free and unbiased financial advice that is tailored toward your personal financial goals. Anyone who takes the Ohio Saves Pledge during America Saves Week (February 25th – March 2nd, 2019) will be able to take advantage of this incentive from America Saves!