April 2012

News From Local Campaigns

April 6, 2012

By Katie Bryan, America Saves communications manager

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This story is part of the Spring 2012 American Saver Newsletter

Across the country, campaigns participated in America Saves Week 2012 (February 19-26) in a variety of ways:

Charlotte Saves hosted a Student Forum at the University of North Carolina - Charlotte with Students in Free Enterprise, featuring keynoter Brenda Williams, director of financial literacy at the State Treasurer's Office. In addition, the 8th Annual Charlotte Saves Partner Luncheon launched the year-long campaign, “Be an Everyday Superhero, Save Automatically!”

Greater Cincinnati Saves celebrated its first widespread America Saves Week with a proclamation from Mayor Mark Mallory. The new coalition of organizations supporting America Saves created a public calendar of saving workshops and financial opportunities and sent out social media messages during the Week. The campaign also began promoting its new website, www.GreaterCincinnatiSaves.org.

Partnering with colleges and universities in the Greater Philadelphia area to promote goal setting and savings, Philadelphia Saves reached out to students by working with faculty to present savings and debt reduction tips in classroom settings, tabling in high-traffic areas to provide savings resources, and at some campuses, partnering with financial institutions that offer low cost savings accounts. All participants were encouraged to sign up as Savers.

In New Jersey, the “Somerset Saves Employment and Savings Seminar” featured a workshop by the Financial Planning Association of New Jersey that gave attendees the tools to find money even in the tightest budgets in order to save for emergencies today and security in the future. The seminar also provided income tax assistance, financial coach sessions, free credit reports and counseling, and meetings with bank representatives about the benefits of low-cost savings plans. New Jersey Saves participated as a volunteer exhibitor and partner.

Texas Saves worked with organizations statewide to promote savings and financial action. Partners included Foundation Communities, which promoted savings bonds at all Austin VITA sites; Coastal Community and Teachers Credit Union in Corpus Christie, which hosted a savings challenge for high school students; Covenant Community Capital/Houston Saves, which hosted a financial fitness fair; and YWCA of Metropolitan Dallas, which urged participation in its financial education and tax credit education classes, and financial coaching urged clients to sign up for Texas Saves.

Virginia Saves partnered with the Virginia CASH coalition, IRS, and local VITA sites to exhibit and distribute materials throughout the state. The Southeast Rural Assistance Project also distributed Saves information to all customers. In addition, the first ever Governor’s Proclamation for Virginia Saves Week was issued in a news release by that office, and $100 drawings were offered as incentives to sign up to become a Virginia Saver. Virginia Saves also collaborated with Military Saves at an event in Chesapeake during the Week.

To encourage people to deposit their change at a participating financial institution, West Virginia Saves sponsored Roll Your Change. Savers who made deposits could enter a drawing to win a $500 savings bond. Branches of participating financial institutions also competed against one another to sign up the most new Savers. The winning branch won a catered lunch.

In partnership with the Housing Authority City of Milwaukee, Wisconsin Saves held a “Road to Success Expo” showcasing financial awareness resources available throughout the city. Milwaukee Mayor Tom Barrett announced the city proclamation of America Saves Week, and Wisconsin State Treasurer Kurt Schuller announced a state proclamation from the Governor recognizing the Week.

A Quarter Saved Is a Quarter Earned

April 5, 2012

By Katie Bryan, America Saves communications manager

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This story is part of the Spring 2012 American Saver Newsletter

No one knows better than Savers how to find the extra dollar here and quarter there that, over time, add up to substantial savings. Here are a few of their favorite savings tips.

"When buying a home, don't buy the most expensive home you can qualify for when applying for a mortgage, and don't try to buy everything you want at the same time, such as new furniture and a new car. Consumers buy too many things too quickly without having time to adjust to living within their new budget." Sheila Vives, Pocahontas, AR

"Rent movies from the local library. It's free! The cost of going to the movies in my area is about $20 for two people. In addition, going to a rental store or kiosk for a movie at $1.50 per night can add up – especially when you are focusing on saving. So, instead of renting movies my husband and I wait until our local library gets the movie that we wanted to see." Ericka Shearin, Washington, DC

"My saving technique was taught to me by my sister: Every week I give myself a certain amount of money to spend on fun stuff like shopping, movies, and going out to dinner. To make sure that I stick to that budget, I take that amount out of my bank account in cash at the beginning of the week. Once the cash is gone, that’s it until the following week. If there’s something I really want to buy that costs more than my weekly allowance, I have to save it until I have enough to buy it. It’s a great way to make sure I don’t lose track of what I’m spending money on, like I might if I were doing all of this on my debit card." Caitlin Thayer, West Hartford, CT

"Do you see a fun family event in your area that you'd like to take the family to? Check the organizers website before buying tickets at the door. Often you can save $1 – $5 by purchasing the tickets online through their website." Danielle Fochs, Tucson, AZ

"As a teacher I spend $1,000 to $2,000 dollars on my classroom each year. Many companies are happy to support teachers with discounts and classroom donations. Local supply stores often give different penny deals to teachers each week at the start of the school year. Instead of $1, I only spend 1 penny for a notebook, pack of pencils, or a bottle of glue with my teacher id! The resources are out there if you are willing to find them!" Cristy Garcia, Austin, TX

"Many people don't know that the pharmacy located inside large warehouse clubs are open to the public. You DO NOT have to be a member to get the savings offered to their members for your prescriptions. The savings can be great. Give the pharmacy a call and see how much you could be saving." Marshal Gilliam, Greer, SC

"Stop using credit cards! Pay them off, close the account, and cut them up. Using cash is a way to prevent overspending and budgeting a certain amount of cash for an emergency fund ensures you will have money saved for a rainy day." Shaun Faulds, Barnegat, NJ

"I bought a crock pot and I put dinner on before I leave for work. This way my dinner is done when I get home and it keeps me from rushing or making a rash decision and stopping for fast food. I sent out an email to others and got some great recipes. I’m saving over $50 monthly." LaWanda Lewis, Cleveland, OH

Saver Story: Learning to Adjust

April 4, 2012

By Katie Bryan, America Saves communications manager

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This story is part of the Spring 2012 American Saver Newsletter

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves. Originally, Barns had no savings and only had enough money to live paycheck to paycheck, which she described as “very uncomfortable and stressful.” Through seminars provided by Charlotte Saves, Barns learned that she was operating without a budget, that most of her spending was done sporadically, and that the small things she spent money on really added up.

Charlotte Saves helped Barns track her spending better by writing down all the things she bought. Through this tracking Barns realized she paid a $50 late fee for something every month. “I quickly realized I could be saving this $50 towards my son’s college, a new car, or most importantly an emergency fund,” said Barns.

Charlotte Saves helped Barns to be honest with herself as well as the creditors she was working with. Barns cut her spending and set up payment plans to cover her bills. Barns even got her son involved in saving. By saving together they were able to bond and spend quality time together -- all while saving. “It’s liberating to know I have a safety net if anything were to happen,” said Barns “and that I built that safety net with my own savings.”

Barns is working towards finishing school and doesn’t want to end up with a lot of debt, so she’s made paying for school and becoming a homeowner her saving priorities. Without Charlotte Saves, Barns didn’t think she’d have her current goals or the knowledge to save efficiently to reach them.  When Barns first started saving she added $25 per week towards her savings account. Today she is up to around $50 per week. “It was an adjustment,” said Barns. But when she saw the changes even just after 2 months she realized what a difference saving had made.

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