Winter 2008 American Saver
In this issue:

•    America Saves Week 2008 Participation Broad   
•    Cleveland Saver Profile: Turning Pennies into Dollars
•    New Website Launched for America Saves Week
•    Savings Progress Checklist  
•    Sign up for Monthly Emails from E-Wealth Coaches
•    National Groups Promote America Saves Week
  • Military Saves to Hold Events Worldwide
  • Cooperative Extension to Reach Over 7 Million
  • Youth Groups Leads the Way on Student Savings
  • Saves Week Promotes Saving During Tax Time
  • Collaboration with ASEC Brings New Partners
•    News from Local Campaigns

 
America Saves Week 2008 Participation Broad

     Support from key national leaders, the participation of major national organizations, and hundreds of grassroots initiatives will be part of America Saves Week 2008, to be held the week of February 24.

     The chairmen of the Federal Reserve Board and Federal Deposit Insurance Corporation (FDIC) and prominent financial experts are supporting the Week, in which over 80 national government agencies, nonprofit organizations, and business groups are participating. The statements of support and list of participating groups can be found on the new America Saves Week website (www.AmericaSavesWeek.org), which was launched earlier this month by America Saves and the American Savings Education Council (ASEC).

     This organizational participation nationally and locally is far more extensive than in 2007 and includes:

• a congressional resolution supporting the Week introduced in the House of Representatives;
• endorsements and participation by governors and mayors;
• 500 savings events within the military;
• activity by 130 Cooperative Extension programs in 21 states;
• savings programs in 130 schools in 16 states;
• within United Way, 25 tax time savings programs;
• participation by major private employers; and
• expanded activity during the Week by dozens of state and local America Saves campaigns.

     "We are encouraged by the rapid growth and support for America Saves Week," said America Saves Director Nancy Register. "There is a real potential for this Week to become truly a national Week in which thousands of organizations encourage and assist millions of Americans to assess and improve their finances."

     Sharon Rose is a living example of Ben Franklin’s famous saying, “A penny saved is a penny earned.” Or, as her father used to put it, “Pennies make nickels. Nickels make dimes. Dimes make quarters. And quarters turn into dollars.”

     Since signing up as a Saver about a year ago during America Saves Week 2007, she has saved her pennies, quite literally, and turned them into nearly $500. “It has been amazing,” she said. “Last year, I ended up with $30 in pennies just from finding them outside on the ground.”

     She caught the savings bug while attending a luncheon on promoting youth savings offered through her employer and Saves campaign sponsor, Third Federal Savings Association. She read through one of the packets on the Saves campaign and decided to sign up. “I figured what better way to promote it than do it yourself,” she explained.

     What attracted her in particular was the message that small amounts of savings add up over time. “That’s what caught my eye,” she said. “I always thought that you needed a large amount to get started. I said, ‘I could do this.’”

     The goal she set for herself was to save a dollar a day. “I started off picking up every penny that I saw. Add ‘em up and roll ‘em up,” she said. She took some teasing from her friends – “there she goes again with her pennies” – but she kept it up, and every week or two she made her deposit.

     She also used an idea she got through her employer to test for “spending leaks” by writing down everything she spent for a month. She realized she was putting a lot of money in vending machines for snacks and drinks. She determined to cut that amount in half and add the savings to her account.

     The other big change she’s made is to discipline herself to stop raiding her savings. “In the past, I would maybe put $50 or $60 in the account. Then I’d turn around and use it,” she said. “That sometimes is the challenge when you have not been saving before,” she added, “because you can always find something to spend it on.”

     She’s passed on the savings habit to her daughter, a student who was struggling to find the money to save. She encouraged her to start small and build up over time as her income increases.

     Using that same approach, Sharon Rose has already passed her own first-year goal of $365. Her plan for the future is to double the amount she saves each year. “I figure every year, if I can keep doubling it, it will add up and I should be on the road to success.”

New Website Launched for America Saves Week

America Saves and the American Savings Education Council launched a new website this winter, www.AmericaSavesWeek.org, to provide information about and materials in support of the February 24-March 2 Saves Week. Designed for individuals, employers, educators, financial institutions, and non-profits, the website houses a wide range of materials, including: brochures and fact sheets that employers can distribute, savings assessment worksheets and inspirational Saver stories for individuals, public service announcements for television stations, and comments from ‘financial celebrities’ like Federal Reserve Chairman Ben Bernanke and Washington Post columnist Michelle Singletary.
 

Checklist to Measure Savings Progress

     The most successful savers are those who stick to a plan, take advantage of savings opportunities, and avoid financial traps. Use this checklist to see how your savings habits stack up. 

     1)Do you know your net worth, that is, the dollar amount representing all your assets minus your debts?

     2) Do you have a personal spending plan with specific goals and plans for achieving these goals?

     3) Do you have a personal spending plan that allows you to save enough money to achieve these goals?

     4) Do you have credit card or payday loan debt? If so, are you reducing this debt?  

     5) Do you spend less than your income and save the difference?

     6) Do you have sufficient emergency savings to pay for unexpected expenses like car repairs and medical treatment?

     7) Are you saving enough for a retirement to provide a desirable standard of living?

     8) Do you save for retirement at work through a 401(k) or other contributory plan? 

     9) Outside of work, do you save automatically through regular pre-authorized transfers from a checking account to a savings or investment account?

    10) Do you save a portion of tax refunds, gifts, bonuses, or other financial windfalls?

    12) Do you expect to pay off all mortgage loans before retirement?

If you are like most of us, the checklist will help you identify some weak spots in your savings practices. The America Saves Week website, www.AmericaSavesWeek.org, offers all sorts of tools, information, and links to other websites you can use to shore up those weaknesses and get yourself on the road to savings success.

 Sign Up to Hear from “E-Wealth Coaches” 

     As part of America Saves’ work to provide ongoing financial advice and encouragement, the campaign is working with nationally recognized financial experts to advise subscribers on such topics as money management, investment basics, and building wealth through homeownership. Savers can sign up for monthly emails from these “E-Wealth Coaches” at the “Receive Monthly Savings Messages” page on the new America Saves Week website, www.AmericaSavesWeek.org. 

National Groups Promote Savings Week

Military Saves to Hold Events Worldwide

From Iraq to Navy ships to stateside installations, over 500 events are planned across the world for Military Saves Week 2008, making military outreach a significant and global component of overall America Saves Week plans.

The Military Saves campaign has enrolled over 8,200 Savers since the campaign’s inception in February of 2007, and the campaign expects thousands more to enroll during the February 24-March 2 education and enrollment drive.

A diverse set of activities is on tap, including kick-off rallies, picnics and luncheons, fun runs, and a variety of money management seminars.

In addition to sponsoring many of these events, defense credit unions and military banks have agreed to offer incentives, such as cash rewards and special interest rates, for military members who make automatic savings deposits.

Cooperative Extension to Reach Over 7 Million

     Cooperative Extension representatives in 21 states expect to reach an exceptionally large audience – over 7 million – during America Saves Week 2008 through a combination of face-to-face workshops, tax preparation assistance, media and marketing. 

     Cooperative Extension, a program based at land-grant universities and serving local communities with financial, health and nutrition education, has enrolled tens of thousands of Savers since 2001 and hopes to enroll another 13,000 Savers during Saves Week.

     Over 130 extension programs in 21 states are participating in the effort. Planned activities include partnerships with banks and credit unions to offer no fee savings accounts, motivational workshops to employees and program participants, support at Volunteer Income Tax Assistance (VITA) sites to encourage tax filers to open savings accounts, billboard marketing, “Piggy Bank Beauty Pageants,” and information tables at local malls.

Youth Group Leads Way on Student Savings

     More than 130 schools in 16 states are planning to participate in America Saves Week 2008 through the efforts of the Family, Career, and Community Leaders of America (FCCLA).

     The FCCLA has enrolled over 2,500 students to date through the America Saves/FCCLA Saves campaign.

     For Saves Week, teachers and students are planning motivational workshops, and many chapters are partnering with local financial institutions to offer incentives for students to open and grow their savings accounts, including matches, cash rewards, and special prize-drawings.

According to the IRS, over 75 percent of tax filers received a refund check in 2007. Those refund checks, which averaged $2,324, are the single biggest savings opportunity for many middle- and low-income families who have already budgeted regular paychecks to cover living expenses and day-to-day needs.

     In addition, 25 local United Way organizations plan to offer financial and savings education at Volunteer Income Tax Assistance (VITA) sites, where volunteers offer free tax preparation to low-income filers. They will encourage tax filers to enroll as American Savers and to “Save Some” using Form 8888.

Collaboration with ASEC Brings New Partners

     The American Savings Education Council (ASEC), a program of the Employee Benefit Research Institute (EBRI) designed to promote retirement savings, has planned a wide range of events as part of America Saves Week 2008.

     The following are among the activities organizational partners of ASEC and members of EBRI have planned:

• Retirement plan sponsors, such as GlaxoSmithKline and Missouri State Employee Retirement System, will promote retirement saving among employees by discussing the importance of participating in workplace-based retirement plans and making the maximum contribution. 
• Money management firms, such as Merrill Lynch and Fidelity Investments, will encourage plan participants to utilize the savings tools they provide to better manage their savings.
• Non-profits, such as the American Institute of Certified Public Accounts, will utilize their networks to promote savings messages.
• Federal government agencies, such as Federal Citizen Information Center of the General Services Administration and the U.S. Department of Labor, will distribute free literature explaining such retirement savings vehicles as Individual Retirement Accounts and 401(k) plans. 
• State government agencies, such as the Washington State Department of Financial Institutions, will be teaming up with local non-profits to promote savings messages in schools.

Get Involved With America Saves Week

     Are you ready to take charge of your financial future? America Saves Week is here to help. Enroll as a Saver at www.americasaves.org/enroll and receive the American Saver newsletter and email access to free financial planning advice. Or, contact America Saves staff at information@americasaves.org or (202) 387-6121 to plan events in your area, find out what your organization can do, and connect with other groups and local partners.

News from Local Campaigns

     Cleveland Saves is promoting Cleveland Saves Week through The Plain Dealer newspaper, four other local publications, three radio shows, and two television appearances. The campaign plans to distribute 20,000 pieces of promotional materials, stuff 15,000 paycheck envelopes, host daily community seminars, and award savings bonds to students during the Cleveland Cavaliers-Washington Wizards basketball game. 

    DC Saves will mark Saves Week by airing a video featuring local Savers at free tax preparation sites located throughout the city. The campaign, which expects to enroll 1,000 Savers during the week, is planning a "Super Saturday" program combining asset-building, financial services, and free tax preparation.

     Miami Dade County Mayor Carlos Alvarez is to host a Miami Saves Week kick-off press conference on Monday, February 25 and issue a proclamation celebrating the week. Throughout the week, the Metro’s “Go Bus” outreach vehicle will travel to shopping centers, malls, hospitals and small businesses to sign up over 300 Savers. In addition, Spanish language radio stations will promote the week’s events and provide a call-in line.

    Maryland Saves’ “Roll in the Dough” Campaign will encourage Savers to bulk up their savings account. During Saves Week, anyone who makes a deposit into a new or existing savings account at over 100 participating bank and credit union branches across Maryland will be entered into a drawing to win $1,000.

    North Carolina Saves has planned a number of events for Saves Week, including events on college campuses, presentations at churches, programs for members of disability groups, and work with local employers to encourage their employees to enroll as Savers.

    Several seminars are being planned by Okaloosa Saves (FL) during Saves Week, include an Identity Theft Seminar that will include a free community “shredding,” a Piggy Bank Beauty Pageant, and a Financial Expo at a local mall.  Media outreach has included radio, television, and billboards.  The Florida Saves campaign, which expects to reach over one million through the media, aims to hold at least one event in every one of Florida’s 67 counties.

     San Diego Saves is hosting a Retirement Planning Seminar that will feature speakers from the Department of Labor, Social Security Administration, and the IRS. The campaign will also present “lunch and learn” seminars with local Chambers of Commerce.

     Plans are underway for Tennessee Saves Night at a University of Tennessee-Chattanooga basketball game during Saves Week. Basketball-shaped piggy banks will be handed out, and there will be savings bond giveaways. Media coverage is scheduled for the student and local papers, and television appearances are also lined up. The Hamilton County Commission plans to designate the week as Tennessee Saves Week, and Tennessee Governor Phil Bredesen is to sign a Saves Week proclamation. Tennessee hopes to enroll 500 new savers through the activities.

     Washington Saves Week is scheduled to begin a day early in Pierce County with a “Build Wealth, Not Debt” Financial Fair Saturday, February 23. Organized by the Pierce County Asset Building Coalition, the fair will provide programs on such topics as “Slaying the Debt Dragon,” “Making Your Money Work for You,” and “Becoming Credit Savvy: Improving Your Credit Score.” 

     Wisconsin Saves aims to enroll 250 new savers and is sponsoring a “Roll Your Change Week” to coincide with Saves Week. The campaign also plans to send check-stuffers to more than 68,000 state employees. Savings articles featuring America Saves are scheduled to appear in two local newspapers.

    Utah Saves has events planned at libraries, youth centers, and courthouses across the state for Saves Week, some of them in Spanish. The campaign is also sponsoring a “Wild Hog Contest” in Nephi, UT, where participants will compete to make the best home-made piggy bank.