January 2012
Seven Savings Tips for Young Adults
January 26, 2012
by Eric Bell, Editor-in-Chief, YoBucko
Saving money can be tough when you're just starting out in the real world. To help you understand how to save more money in your twenties, here are seven simple savings tips to help you save more money:
- Budget to Save
- Automate your Savings
- Save for Emergencies
Creating a budget is one of the first steps to save money. A budget is like your roadmap to financial success. It shows you where you are today, and helps you track your spending each month. Think of a budget as your monthly spending scorecard. Once you've created your budget, look at your spending to see where you can start trimming the fat.
Paying yourself first is tough if you have to cut a check every time you want to save a few bucks. Fortunately, there is a simple way to save that you can access if you have a bank account: direct deposit. Direct deposit allows you to automate your savings plan by sending money straight to your savings account. Talk to your employer or your bank to find out how you can set up direct deposit. Before you know it, you'll be building a nest egg and well on your way to financial independence.
When you are just starting out, building an emergency fund should be a top priority. Experts recommend saving 3x your monthly expenses if your single, and 6x your monthly expenses if you are married or have kids. Bad things happen, even to good people. By building an emergency fund, you'll be prepared to make it through the tough times and have a some extra money set aside for a rainy day.
FDIC Hosts Webinar About America Saves Week 2012
January 25, 2011
Date: February 1, 2012
Time: 2:00-3:00 p.m. (EST)
The purpose of this webinar is to:
- Provide an overview of America Saves Week;
- Explain the potential benefits to participating in America Saves Week;
- Highlight a Resource Kit your organization can consider to use to promote savings during the Week.
Registration
To register online for this event, please go to:
https://fdicsurvey.inquisiteasp.com/fdic/surveys/VWQDJ9/
Please register by Thursday, January 26, 2012.
Webinar information will be distributed on January 31, 2012.
For Additional Information
Please contact Nicola Kelly at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
or (703) 254-0782.
National Financial Capability Challenge
January 23, 2012The following come from the U.S. Department of the Treasury and the U.S. Department of Education. It includes great information for educators about the National Financial Capability Challenge.
We all make financial decisions everyday. For most of us, though, no one taught us the best way. Students today face a fast paced, dynamic economy and need a good financial education to succeed. That’s why we are excited to announce the National Financial Capability Challenge sponsored by the U.S. Department of the Treasury and the U.S. Department of Education that runs from March 12 through April 13, 2012. The Challenge is a free, online series of financial questions for high school students to test their knowledge of earning, spending, saving, borrowing, risk protection, and more.
You can sign up now to join the growing number of educators engaging their students in this challenge. Registration is easy and free at challenge.treas.gov. As educators, it is critically important to use this opportunity to help prepare our students for financial independence!
Sticking to Resolutions
January 19, 2012
By Katie Bryan, America Saves Communications Manager
New York Times writer John Tierney recently wrote about one man's resolve to lose weight and how he did it. It is an interesting look into how we need to use our willpower, which the article tells us is a real thing. Even though the article focuses on how to keep your resolution to lose weight, we can take the strategies presented and apply them saving money.
The article points out that you are already ahead of the game by just having a resolution. If you can continue working on your resolution past January you have an even better chance of success. Luckily, last week we presented our readers with a simple resolution. It’s a one-time change that you don’t have to work on month after month – increase your retirement savings by 1%.
But, you may have larger long-term goal like paying down debt, building an emergency fund, or saving for a home. The New York Times article offers the following basic strategies to help:
Tips for a Rainy Day
January 17, 2012
By Kristina Wedseltoft, America Saves Intern
It’s a rainy day here at America Saves and I’m sure everyone has heard the expression “Save it for a rainy day”. Well have you been saving for a rainy day? Not many people put saving as a priority, but saving and contributing to an emergency fund are very important. To help you kick start your savings here are 5 money saving tips that can help you save for the next rainy day.
1. Cut down on phone extras
- Get back to basics and cancel services such as call waiting and caller ID.
- Drop your long distance services. Try Google voice or Skype with free domestic calls within the US and low rates for other countries.
- Reevaluate your calling plan and make changes to suit your needs.
2. Stretch your clothing budget
- Make sure you buy clothes that are versatile and easy to mix and match.
- Minimize dry cleaning by investing in machine wash materials and saving dry-cleaning for special occasions.
- Sell your unworn clothes at consignment stores or buy back retailers. For a few ideas of a store close to you click here.
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