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America Saves Week

Save Today For Tomorrow    

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically thousands of organizations participate in the Week, reaching millions of people. The 2016 annual America Saves Week survey assessing national household savings revealed:

  • Just two out of every five U.S. households report good or excellent progress in meeting their savings needs.
  • 52 percent are saving enough for a retirement with a desirable standard of living.
  • Only 43 percent have automatic savings outside of work.
  • Those with a savings plan with specific goals (55 percent) are making much more savings progress than those without a plan (23 percent).

Save for Emergencies, Prepare for the Unexpected

What is an emergency savings fund?

An emergency savings fund consists of at least $500, usually in a savings account that you do not have easy access to.

Why should you start saving for emergencies?

Maintaining an emergency savings account may be the most important difference between those who manage to stay afloat and those who sink in debt. It also gives you peace of mind knowing that you can afford to pay unexpected expenses. That’s because keeping $500-$1,000 of savings for emergencies can allow you to easily meet unexpected financial challenges, such as repairing the brakes on your car or replacing a broken window in your house. Not having emergency savings is one of the reasons many individuals borrow too much money, resort to high-cost loans, or increase their credit card balances to high levels.

How and where should you build your emergency savings?

The easiest and most effective way to save is automatically. This is how millions of Americans save. Your bank or the FRB Federal Credit Union can help you set up automatic savings by transferring a fixed amount from your checking account to a savings account. It’s a good idea to keep emergency savings in the Special Purpose Share Account. This type of account offers easier access to your money than U.S. Savings Bonds or mutual funds. Though these are useful tools for long-term saving, they are not ideal for an emergency fund that you may need access to more quickly—but not too quickly! Keeping your money in a Special Purpose Account makes it much less likely that you will use these savings to pay for every day, non-emergency expenses. Out of sight, out of mind.  

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