Nastco/Getty Images/iStockphoto If you’ve considered saving money, now is the week to do it. For help, visit americasavesweek.org.
If you’ve yet to make good on your new year’s resolution to start saving more, then this is the week to do it.
America Saves Week, running through Feb. 28, is a national campaign that promotes good savings behavior while helping Americans take stock of their own savings habits — or lack of them.
Established in 2007, America Saves is being supported this year by more than 1,700 organizations — including financial institutions, employers and state and local agencies — whose mission is to encourage individuals and households that there’s no time like the present to start building a strong financial future through the simple act of saving.
While putting a little something away for the inevitable rainy day seems obvious, too many lower- and middle-income households are still finding it a difficult thing to accomplish even as the economy continues to recover from the Great Recession.
“It’s like ‘eat your vegetables’ — everyone knows saving money is good for you, but the message isn’t getting through to everybody,” Kathy Stokes, director of the American Saving Education Council, one of the organizations behind the campaign, told the Daily News.
“There’s still a lack of preparedness on the part of a lot of people, which is where we come in.”
The annual America Saves Week survey, released Monday, showed a slight improvement in savings habits over the past year.
Those who said they are spending less and squirreling away the difference grew to 71% from 68% in 2013, while Americans who said they are saving at least 5% of their income climbed to 52% from 47%.
“A lot of that progress has to do with the economic recovery,” Stokes said.
“When people are feeling more confident about the economy, they’re more likely to make savings a goal, and they’ll stick to it. It’s nice to see that we’re helping to get the message out there.”
HOW IT STACKS UP
To help get on the right financial path, go to the America Saves Week site, americasavesweek.org, and use its savings progress assessment tool by answering a series of yes or no questions on your current savings habits. The site also lays out simple steps for establishing a savings strategy, including:
* Setting a savings goal (emergencies, retirement, car, education or a home)
* Making a plan (creating a budget and sticking to it)
* Growing your money through such financial products as savings accounts, certificates of deposit and savings bonds
* Saving automatically through employer retirement plans like a 401(k)
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Lifestyle – NY Daily News
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