America Saves Week is Feb. 27-March 3

 

While the percentage of adults who said they could cover a $400 unexpected expense grew to an all-time high of 68 percent since the launch of the Federal Reserve Economic Well-Being of U.S. Households report in 2013, America’s personal savings rate continued to decline, from 9.1 percent in Q3 2021 to 2.9 percent in Q4 2022, according to the Commerce Department. More than 37 percent of households said they were unable to cover expenses for longer than one month if they lost their main source of income, according to a Consumer Financial Protection Bureau report.  

Saving is an important component of creating financial wellness and stability. As your trusted financial advisor, Forte Bank can provide a financial check-in that can put you in the driver’s seat so you can stay the course to reach your financial goals and avoid financial pitfalls.

Here are ways you can boost your savings:

• Pay yourself first. Many employers offer automatic payroll deduction, which is one of the best ways to start and keep saving. Use those funds to build a retirement fund.
• Create a spending plan. Unlike a strict budget, a spending plan is a guide to help you take control of your finances by tracking where your money goes so you can prioritize your spending.
• Start small. Setting aside just $4.90 a day (the average cost of a daily cup of coffee) for one year can boost your emergency fund by nearly $1,800 annually.
• Build a cushion. Strive for an emergency savings of six to nine months of living expenses.
• Put your tax refund to work. Last year, more than three quarters (86 percent) of Americans planned to use their returns for savings or paying off debt.

Other important factors to consider when choosing where to place your savings:

• Access. How quickly can you retrieve funds? Community banks use the latest technology to allow consumers the freedom to access their money when and where they need it.
• Safety. Is your money protected? The FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC-insured funds.
• Earnings. How much will you earn? Community banks offer competitively priced products and services.

To talk more about the importance of saving or to open a savings account during America Saves Week, stop by a branch or email info@fortebankwi.com.

Take the America Saves Pledge 

Make a commitment to yourself to save more effectively and successfully by having a savings plan. Take the America Saves Pledge to get started and receive tips, reminders, and nudges along your savings journey.

 

About America Saves
America Saves is a non-profit organization that uses principles of behavioral economics and social marketing to motivate, encourage and support everyday Americans to save money, reduce debt, build wealth and create better financial habits. America Saves encourages individuals and families to take the America Saves pledge, a tool  that empowers them to commit to save successfully with a plan. Thousands of non-profit, government, and corporate organizations partner with America Saves through local, regional, statewide, and national campaigns both year-round and during America Saves Week. America Saves is an initiative of the Consumer Federation of America (CFA), a non-profit, pro-consumer organization  of over 270 consumer education, advocacy, and cooperative members dedicated to advancing consumer interest.