Inspired to Build Savings By Starting Small

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

Great Lakes Michigan Saves Pay Yourself First Saver’s SummitShe was inspired by the saver stories shared at the event and was intrigued by the positive impact even small savings could have for someone like her. She knew she had to get started right away. After taking the Savers Pledge, she created a plan to save at least $20 a month from now on, but if she can manage more, she will. Her goal is to be stress free from bill collectors forever, and with all of the great tips she learned at the Summit, she’s taken a great first step. Now, she plans to spread the word about saving to family and friends.

Ivory is a super saver who also took the Saver Pledge at the Summit. Some time ago, she and her family created a very strict budget plan with the goal of buying a home, and purchased their first home last year. As she was saving, Ivory also improved her credit score and put money into a savings account. Though she’s been successful, it hasn’t always been easy sticking to the budget. “I have made my family sacrifice for two-and-a-half to three years, and now I would like to show them my appreciation by planning a trip,” she said. “The Saver Pledge is giving me the means to do that.”

Just like Sharon and Ivory, every participant at the Pay Yourself First Saver’s Summit took the Saver Pledge, inspired by testimonials from successful savers and examples of how Great Lakes Michigan Saves has helped many families.

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Saver Tips and Stories View all »

Make it Automatic

Holding ourselves accountable can be tough. Maria knew that if she didn’t “set it and forget it” she would have a hard time making sure her regular savings deposits were happening. In April, she took the America Saves Pledge and created a savings plan to increase her emergency fund.

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Put 20 Percent Away

“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my daughter for a college fund. So I started saving 20 percent of my paycheck every month to put it away in a savings account with a high Annual Percentage Yield (APY). By the time my daughter is 18, I will have saved nearly $90,000.”

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From Overwhelmed to In Control

In 2017 Debi felt overwhelmed. Her credit cards were maxed, and she wasn't exactly sure how to handle it. When asked how her credit issues started, her answer sounded like many Savers that we've spoken to: making too many impulse purchases. “I was driven by feelings like ‘That sounds good,’ or ‘I am too tired to cook.’” Then she attended a university extension program that introduced her to America Saves. That’s where she heard the tip that set her on her savings journey - stop accumulating debt.

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