El Pasoans urged to build cash nest egg

El Pasoans urged to build cash nest egg

March 17, 2004
El Paso Times
by Larry Monarrez

The Consumer Federation of America, U.S. Rep. Silvestre Reyes and local organizations met this week to encourage El Pasoans to take advantage of a free program designed to help people save their earnings.

"Due to cultural and traditional barriers that have survived through the years, or simply due to lack of trust in financial institutions, many El Pasoans -- and many in the Hispanic community -- do not have savings accounts or know the benefits of saving and investing their money," said Reyes, D-El Paso.

Through the El Paso Saves program, modeled after and made possible by America Saves, people get financial education tips, workshops and savings accounts at participating credit unions, officials said. The program offers free information about the benefits of saving and how to do it. Members also get a newsletter and access to volunteer certified financial planners by phone or Internet.

"This service is free for people," said Larry Garcia, co-chairman of! El Paso Saves and president of the El Paso Affordable Ho! using Credit Union Service Organization. "People who develop the discipline of saving can increase their quality of life. It helps build credit, too. ... The main thing is to start saving."

But for Segundo Barrio resident Juan Martinez, 22, saving is difficult.

"I put my money in the bank but I have to take it out because we need it," said Martinez, who works at Burger King to support his wife and two young daughters. "That's how life goes. We need more money to save. After the rent and utilities, I have no money left. And if you have a family, it's even worse."

The program can benefit even those with limited disposable income, Garcia said.

"It's a matter of organizing your finances," Garcia said. "Everybody can put a little away no matter their income. ... The change in your pocket adds up."

People can use their existing accounts or open a new one to become members, Garcia said.

Larry Monarrez may be reached at This e-mail address is being protected from spambots. You need JavaScript enabled to view it ; 546-6126.