If you had to come up with $2,000 to pay for an unexpected expense next month, could you get your hands on the money? Nearly a third of respondents to the 2021 National Financial Capability Study—30 percent to be exact—said they probably or certainly could not. That's where America Saves Week, which runs from February 27 through March 3, can help.
America Saves, Military Saves and its new sister program Veteran Saves are managed by the nonprofit Consumer Federation of America. This year, Military Saves Week and Veteran Saves Week will run from April 24 – 28. These weeks are annual opportunities for civilian and military organizations and their personnel to promote good savings behavior and a chance for individuals to assess their own saving status. And each program offers resources and information that you can use to start increasing your savings today.
America Saves Week 2023 focuses on key themes such as saving automatically, saving for different milestones and paying down debt, which all tie into some of America Saves’ central guidance to help individuals build their savings. In addition, America Saves is introducing a new online guide, The Workplace Savings Collective, to help employers find services and products that can help them build a customized workplace savings program.
According to America Saves, more than 800,000 individuals saved more than $500 million in 2021, and those who develop a savings plan are twice as likely to save successfully. The organization also promotes saving automatically, through methods like a split deposit from your employer or recurring scheduled bank transfers, as the most effective way to save, as it removes the potential to forget to put funds in savings or decide to spend money rather than set it aside.
Now is a great time to start saving, no matter how small the initial amount. Remember that every contribution—plus its associated interest—adds up over time.
Take the Pledge
If you want to save more, America Saves Week is the perfect opportunity to commit to a plan to do so. Taking the America Saves Pledge can be the nudge you need to help meet your savings goals—whether for an unexpected emergency, retirement, a new car or house, or a special vacation.
When taking the pledge, you’ll choose what you’re saving toward, how much you need to save total, and how you plan to achieve it—for example, committing to save $50 a month for the next 12 months. It's a promise to yourself that you'll set a specific goal to work toward and make a plan to achieve it.