America Saves Week takes place February 24–March 1, and it’s a great time to review your finances. This year’s theme is: Set a Goal. Make a Plan. Save Automatically. If you need help, you can join thousands of others who are pledging to pay down debt, increase their savings, and start building a more secure financial future.
As one of New Jersey’s strongest Community Mutual Banks, NVE supports and promotes this program because our focus is always on partnering with our customers to help them reach their financial goals. According to America Saves, only half of Americans report having good savings habits. Here are some of the most popular reasons people are saving today:
• Emergencies – Only 37 percent of low-to-moderate income households have a savings or money market account. Nearly a quarter of those who have taken the pledge have chosen “emergency savings” as their first wealth-building goal.
• Education – The second most popular goal is saving for school, according to America Saves pledges.
• Lower Debt – Getting out of the “financial red zone” is goal #3. This doesn’t come as a surprise since a 2012 survey found that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food.
• Home – Today, home equity—the market value of a home minus the balance on any home loans—represents more than four-fifths of the typical family’s wealth.
• Retirement – A top priority for most people is saving for retirement. The earlier the better to help ensure that you have enough money to maintain a comfortable standard of living during your Golden Years.
Tips on Achieving Your Saving Goals
Certain strategies can help you achieve your financial goals. Among the more common are:
• Saving Automatically – Millions of Americans schedule regular fund transfers to designated accounts, such as NVE’s Universal Club Account, or they take advantage of a 401(k) or other corporate retirement plan using automatic payroll deductions.
• Spending Tax Returns Wisely – Many people view tax refunds as bonuses to be used for splurges or treats. A tax refund actually provides the opportunity to improve your financial situation.
Four Easy Ways to Start
If you are looking for ways to get started, here are four simple measures:
• Make a Pledge – People with a savings plan are twice as likely to put aside money for emergencies and retirement as those without. Join over 350,000 people who have already committed to save. When you take the pledge, you can also choose to receive text message tips and reminders to help you achieve your goal.
• Assess Your Savings – Find out if you are saving in all the right places with this interactive 12-step savings tool.
• Evaluate Your Savings Preparedness – This checklist, made up of the characteristics of successful savers, can serve as a useful starting point for evaluating your preparedness.
• Make a Goal – People save more successfully when they have a goal in mind. Picture yourself achieving that goal to keep you motivated.
Of course, NVE’s Branch Associates are always available to offer guidance to help you reach your financial goals, both short- and long-term. Good luck, and happy savings!
To learn more about NVE’s products and services, visit our website. You can also speak with one of our knowledgeable Branch Associates by visiting your convenient neighborhood branch, or call us at 1-866-NVE BANK (683-2265).