America Saves Blog

Blog

Tips, advice, and the latest news from the savings world.

Be Prepared: Over 125,000 Auto Accidents will Occur this Weekend

Written by Super User · 25 May 2012

May 25, 2012

By Katie Bryan, America Saves communications manager

Take extra care if you are driving over this Memorial Day holiday weekend. AAA announced last week that approximately 34.8 million people will take a trip by automobile of at least 50 miles this weekend.  Based on driving records and claims history, the Consumer Federation of America (CFA) estimates that, during the Holiday travel period, over 125,000 auto accidents will occur, resulting in 75,000 to 100,000 auto insurance claims filed with the nation’s auto insurance companies.

Do you know what to do if you get into an accident? CFA produced the guide, Navigating the Auto Claims’ Maze: Getting the Settlement You Deserve, which contains insiders’ advice on how drivers who get into accidents can file a successful auto insurance claim and collect a fair settlement.

The consumer guide contains a handy “checklist” that consumers can use to keep track of key information and to make sure they are treated fairly.  The guide and checklist provide crucial information that consumers often don’t hear about, including:

Requiring a 54.5 MPG Rule by 2025 Could Save You Money

Written by Super User · 24 May 2012

May 24, 2012

By Katie Bryan, America Saves communications manager

Earlier this week, the Consumer Federation of America released the Top 10 Reasons Consumers Want 54.5 MPG by 2025. And not surprisingly, two of the reasons on that list are that the new rule will save consumers money.

“What’s not to like?” said Mark Cooper, Director of Research for CFA, of the 54.5 miles-per-gallon (mpg) by the year 2025 standard, which is expected to be adopted late this summer. “Better gas mileage means more money in Americans’ pockets. Last year household gasoline expenditures set a record, reaching an average of over $2,850. Consumers can’t stomach these prices and the new standards are the only way they’re going to get some relief.”

Below are the money saving reasons from that list:

  1. The standards lower the total cost of driving from the minute you drive off the lot. For the typical consumer who takes out a five-year auto loan, the monthly gas savings are greater than the increase in the monthly payment needed to buy a more fuel-efficient vehicle. Over the life of a vehicle covered by the new standards, the average buyer will bank a net savings of $3,000.
  2. Consumers value fuel-economy -- it's a worthwhile improvement in quality. It’s expected that the new standards will increase auto prices by about $300 per year over the next 15 years. That is less than the increases the automakers have imposed on the public by voluntary increases in quality over the past 15 years and today.  Better fuel economy is priority #1 for enhancing quality.

Click here to read the entire Top 10 Reasons Consumers Want 54.5MPG by 2025 list.

What do you think about enacting a 54.5 MPG rule by 2025? Let us know on our Facebook page.

Murphy’s Law and Emergency Savings

Written by Guest Blogger · 23 May 2012

The following post comes from the Military Saves Blog. Follow then on Facebook and Twitter.

By Adrianna Domingos-Lupher, AFC®

Owner, Military Money Chica, Personal Finance Blog

I’m sure you’ve all met my friend, Mr. Murphy.  He’s a frequent visitor to our home and is notorious for showing up when we least expect it.  Mr. Murphy can be quite an expensive houseguest with little regards as to how his actions will impact your finances.

Murphy’s Law Hits Home

Mr. Murphy’s most infamous visit to our home took place just as we bought our brand new front-loading washer and dryer.  As we basked in the glow of our newly purchased and installed clean machines, Mr. Murphy dropped by.  Unannounced.  As usual.  And when he visited, he really settled in.  Within a month of our large-scale washer/dryer purchase our sprinkler system pump broke AND our air conditioning compressor bit the dust.  Thanks a lot, Murphy.  Thanks. A. Lot.

The total damage of the trifecta: $1200 washer and dryer (planned purchase), $600 water pump (unplanned), $600 A/C compressor (unplanned).  

How on earth were we going to pay for all of this?  Granted, we’d set aside money to cover our washer and dryer, but we still had a bit of sticker shock.  It was no small purchase.  When the water pump and AC went, it just felt like a bad dream.  

I don’t know about you, but I hate spending money I didn’t plan to spend.  It just hits me in the pit of my stomach.  

Fortunately, I was one step ahead of Mr. Murphy.

Emergency Savings: Your Best Defense Against Murphy’s Law

Banking to Save for College

Written by Super User · 22 May 2012

May 22, 2012

Kayla Carr, Illinois High School Student, Young Illinois Saves Leader

My savings goal is to save for college, and I’m still saving for it today.

I want to save for college because I know the college I want to go to will cost a lot. So, I am saving up now during my four years of high school. By the time it's 2015 and I graduate, I will have money to get me to college.

I told my aunt about my goal and she gives me money, $10 every week, even if I have a job as well. It’s hard for me to save this money because I do get a sweet tooth from time to time. I used to tell my cousin to hide my money so I wouldn’t spend it on candy and food.

Now, when I got my bank account, I put my $10 in the bank to save.

Other people need to have their own saving tactics as well. Set your mind to your goal, and you can do anything. Just don’t think about candy that much! So go for it, and your money will stack up.

Annual Credit Score Knowledge Survey Reveals Considerable Improvement and Costly Misunderstandings

Written by Super User · 15 May 2012

May 15, 2012

By Katie Bryan, America Saves communications manager

 

A study yesterday by the Consumer Federation of America and VantageScore Solutions found that over the past year, consumer knowledge about credit scores improved significantly, including awareness of who collects information on which most scores are based, the importance of checking this information, what good scores are, how to raise them, and what service providers use these scores.

The study also found that most consumers still do not know how costly low scores can be, when multiple inquiries hurt their scores, and the risks of purchasing credit repair services.

Despite recent improvements in their knowledge about credit reports and scores, most consumers still lack important knowledge:

 

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Administrator2 | January 13, 2014

    Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings. http://ow.ly/sj972

Saver Stories View all »

Coping with a Lost Job

Written by Katie Bryan | October 28, 2013

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

Read more...

Developing a Savings "Game Plan"

Written by Katie Bryan | October 28, 2013

Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”

Read more...

Transforming “I Can’t Save” to “I Will Save”

Written by Guest Blogger | January 13, 2016

You will not believe what it took to completely change my life. About three years ago, the HR Administrator of the corporation where I worked (as a temp with no benefits) forwarded an email to me. Fifteen seconds. One small act of kindness. That's it - that's all it took!

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving