America Saves Blog
Tips, advice, and the latest news from the savings world.
January 11, 2011
By Katie Bryan, America Saves Communications Manager
Here’s an easy resolution to help you save more in 2012.
Increase the amount you save towards retirement by 1%.
Saving 5%? Bump it up to 6%. Saving nothing? Start small by putting 1% away. If you are already saving for retirement through your work, upping your retirement contribution is easy. Just visit your HR department and let them know you want to increase your retirement contribution. Want more information about saving at work? Check out this PowerPoint. Even if your employer doesn’t offer a retirement plan, you can still save for retirement, and get some tax benefits in the process, by putting money in an Individual Retirement Account (IRA).
Why 1% is a Great Number
- You probably won't notice a 1% smaller paycheck.
- You'd be surprised the difference a 1% increase can make in the long run. For example, a 30-year-old who saves 6 percent of a $50,000 salary, or $3,000 a year, will have nearly $840,000 banked by the time she has to start taking funds from her 401(k) at age 70½. (This assumes an 8 percent annual growth rate.) If she boosted her yearly contribution by just $500 she'd have nearly $980,000. That's a difference of nearly $140,000.
Want to run your own numbers to see how much a 1% difference would make for you? Visit the Ballpark Estimator.
Have we inspired you to increase your retirement savings by 1%? Let us know on our Facebook page.
January 10, 2012
FDIC and Opportunity Texas Host Webinar about Texas Saves and Texas Saves Week 2012
Date: January 18, 2012
Time: 1:30-2:30pm CST
The goals of this webinar hosted by Opportunity Texas and the FDIC are to:
- Provide an overview of Texas Saves;
- Walk through how your organization can help individuals sign-up for Texas Saves;
- Outline ways your organization can get involved in Texas/America Saves Week from February 19-26, 2012; and
- Highlight a few resources your organization can use to promote tax-time savings.
Additionally, the Houston Saves coordinator will talk about Houston Saves and their event for Houston Saves Week and the Texas AgriLife Extension Service will talk about their Texas Saves activities.
Texas Saves, part of the broader America Saves platform, is a campaign to promote and increase savings for Texas families and children.
To register for this event, please use this on-line registration form: https://fdicsurvey.inquisiteasp.com/fdic/surveys/QV5PC5/
Registration is open though Thursday January 12, 2012.
Webinar information will be distributed on January 13, 2012.
For More Information
January 4, 2012
Financial New Year’s Resolutions are hard to keep. That’s why America Saves, a national initiative that encourages individuals and families to save money and build personal wealth, has partnered with SaveUp, the nation’s first free rewards program for saving money and reducing debt, to offer $1,000 towards a savings account to help jump‐start one saver’s 2012 savings goals. The winner will be chosen on January 31, 2012.
How to Enter
To be eligible for a chance to win the $1,000 savings prize, or any of SaveUp’s other exciting rewards, new and existing America Saves users must register at www.americasaves.org/saveup. SaveUp is available for free to Americans who bank at more than 18,000 US financial institutions.
Learn More About SaveUp
Have questions about what SaveUp is or how it works? Visit this SaveUp FAQ page.
January 3, 2012
Thank You to everyone that joined America Saves in 2011. Not a member? Join today. 2011 was a big year for us with the launch of our redesigned website and blog. We can’t wait to bring you more tips, advice, and motivation to help you save in 2012. In the spirit of year-end wrap-ups, below is a list of the top 10 blog stories on America Saves from 2011 (calculated by number of hits).
- 5 Ways to Save Money on Groceries (Guest post from WiseBread)
- Keeping Track of What You Spend and Budgeting
- Don’t Increase Debt During the Holidays
- What’s Your Number? Online Retirement Calculators
- Loan and Learn (Guest post from Awesome Island)
- Nation’s Top Consumer Complaints
- The Hardest Part About Getting Out of Debt
- Save on Heating and Cooling Your Home (Guest post from Money Talks)
- Five Ways You Can Save $100 or More
- Make Saving Automatic
December 28, 2011
We do a lot of overindulging during the holidays. We take an extra day off work, eat an extra piece (or two) of pie, and sometimes charge more than we can afford on our credit cards. With the holidays nearing an end, and post-holiday credit card bills rolling in, it’s time to create a plan to pay off any debt we may have incurred during the holidays.
Cut Back on Spending – The first step in getting out of debt is to stop borrowing. If you overspent during the holidays you need to cut back your post-holiday spending. It may help to cut up your credit cards or lock them away in a safe place.
Make a budget – Cut out any expenses you can and plan to pay off your debt as quickly as possible. While you are making a budget, figure out the most you can afford to pay each month to reduce your debts, then make those payments without fail.