America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically thousands of organizations participate in the Week, reaching millions of people.
The 2014 Annual National Survey Assessing Household Savings revealed that while most Americans are meeting immediate financial needs, they are worse off than several years ago.
- Only about one-third of Americans feel prepared for their long term financial future.
- 68 percent reported that they are spending less than their income and saving the difference. Down from 73 Percent in 2010.
- Nearly two-thirds of respondents (64%) said that they “have sufficient emergency savings to pay for unexpected expenses like car repairs or a doctor visit.” Down from 71 percent in 2010.
- 76 percent said that they are reducing their consumer debt, or are consumer debt-free. Down from 79 percent in 2010.
How Can I participate and start saving?
Visit http://www.americasavesweek.org/for-individuals to make your savings pledge, take a savings self-assessment and more. During America Saves Week to be held February 23-28, try to focus on each day's theme:
Monday, February 23
Assess Your Savings
Tuesday, February 24
Pay Off High-Interest Debt
With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth. Find places to cut your spending so that you can pay down your debts faster and find places to trim your expenses.
Wednesday, February 25
Family & Youth Savings
Good savings habits start at home. Whether you’re budgeting, saving, making retirement decisions, or assessing work-place benefits, share the choices you make with your children no matter what age they are.
Thursday, February 26
It can be hard to put aside money for savings, but there is an easy way to save money without ever missing it – make your savings automatic in 2015.
Friday, February 27
Save for Retirement
Saving now for retirement will ensure that you have enough money to live a comfortable standard of living when you stop or reduce the amount of hours you work. Participate in a work-related retirement program or open up a Roth IRA. Already saving? Increase the amount you save toward retirement by 1% in 2015.
Saturday, February 28
Save for Emergencies
An emergency savings fund consists of a small amount of money, usually in a savings account that you do not have easy access to. Saving for this fund starts with small, regularly scheduled contributions that build up over time.