Make a pledge to increase your savings today
Try these America Saves Week tips to increase your wealth.
January 29, 2018 - Author: Kathy Jamieson, Michigan State University Extension
Are you happy with your savings? Would you like ideas on how you can make your savings grow? America Saves Week is just around the corner, Feb. 26 – March 3, 2018. This is the perfect time to set some savings goals and implement some saving strategies.
Save with a plan
Sign up for America Saves Pledge. In this pledge, you identify what you are saving for, how much you want to save and for how long. According to Locke and Latham’s theory on goal setting, clear and challenging goals that you are committed to are more likely to be achieved. Their theory also suggests receiving feedback contributes to your progress.
Through the America Saves Pledge, you can get the feedback you need by signing up for text messages or emails that will provide advice and reminders to keep you on track.
Make saving simple
One of the easiest ways to make saving simple is by setting up automatic direct deposits. In order to set this up, complete a direct deposit authorization form with your employer. Basic information needed to complete this form includes:
- The name of your bank or credit union.
- Your account type—checking or savings.
- Your account number.
- Your bank’s ABA routing number.
In addition to the convenience of direct deposit, it is reliable, fast and environmentally-friendly.
Save for the sudden surprises
You never know when you are going to get in an accident, lose your job, have a medical emergency, have a computer breakdown or lose your phone. These are unfortunate events that are not planned and can cost significantly, both financially and mentally.
People’s financial feeling of well-being is particularly influenced by whether or not they feel comfortable with their emergency savings. However, according to a 2016 poll by The Associated Press-NORC Center for Public Affairs Research, two-thirds of Americans indicated they would have a difficult time coming up with $1,000 for an emergency.
Save your refund
Tax season is upon us. For many, this can be an opportunity to jumpstart your savings or pay down your debt. The IRS has created Standard Form 8888 to directly deposit your refund (or part of it) to one or more accounts at a bank or other financial institution in the United State, such as a mutual fund, brokerage firm or credit union. By doing this, you can also reward yourself by entering a chance to win one of over 100 prizes through the SaveYourRefund contest offered by America Saves and Commonwealth.
Start saving today for tomorrow. America Saves Week and Michigan State University Extension have a wealth of money management tools and resources to help you get started today by making a savings plan to reach your goals. Many free adult money management and youth money management programs are offered throughout Michigan and the year.