Sunday, February 19, 2012, AM | Leave Comment
This year, America Saves Week starts on Sunday Feb 19 and ends a week later on Sunday Feb 26. Federal Reserve Bank and other experts tell us that most Americans today are not saving enough for retirement, and most lower-income households do not have adequate emergency savings for unexpected expenditures.
Folks with lower income live paycheck to paycheck so they are unable to save. But still if they tried, they can save $10 a week, if not more. By the end of the year, they will have saved more than $500 a year. And that’s a good chunk of dough. Without even saving that much a year, you will have nothing at the end of the year. Think about it.
It’s never too late to begin saving no matter how small the amount is. It’s an excellent financial habit. It can prevent you from getting into debt. On the other hand if you don’t save, you can potentially keep accumulating debt under the mattress instead of your saving.
Saving and thus reducing debt will pay big dividend at the end of the day so to speak. America Saves Week is the perfect time to get started and start saving.
This blog, Doable Finance, has always encouraged folks since the beginning of its inception to take financial action through saving and debt reduction which can gradually turn into wealth building.
Some folks might argue that lower-to-middle income families have hard time saving. However, research shows that Americans’ spending is so high that there is little or no effort saving. There are savers and spenders regardless of income level. The spenders don’t even make a small effort to save.
Plan on saving
Research shows that families that have a savings plan in place save about twice as much as those with no plan. Have a plan and put it in writing. You don’t have to be too technical about it. Just watch your spending and never ever go over your weekly or monthly income.
By setting goals to save more and reduce debt, you will be able to have safe and secure financial life with less or no worries about debt.
The brain starts working on solutions and you become emotionally committed when you resolve and are determined to save more and reduce debt.
In a Nutshell
Watch the video and listen to a special message from Shela C. Bair, Chairperson of FDIC on America Saves Week.