Los Angeles Saves

Throughout Los Angeles, people just like you are proving you can start small and think big. Los Angeles Savers are setting financial goals, tracking their spending and taking control of their financial future. These tips and tools can help you set goals, develop strategies to reach those goals, and start saving. So what are you waiting for?

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The FDIC developed a new "Receiving Economic Impact Payment Page" for consumers to get the information they need to receive the Economic Impact Payment (AKA stimulus check) electronically. You can also learn more about it via YouTube video.

New City-County partnership connects Angelenos with resources to open a safe and affordable bank account

Wed, 04/29/2020 @ 03:00 PM

The CARES Act includes nearly $300 billion for direct payments to low- and moderate-income individuals to mitigate the economic impact of the COVID-19 pandemic. But if Angelenos don't have a bank account, they can't get a direct deposit of the money they're entitled to, which means it will take too long to receive their payments.

That’s why Mayor Garcetti announced a partnership with L.A. County’s Department of Consumer and Business Affairs and its Bank On Los Angeles County initiative led by the Center for Financial Empowerment to make it easy to open a bank account. 

Angelenos can open an affordable bank or credit union account online now to claim their Economic Impact Payment faster. You can learn more about opening a Bank On account here.

For those having difficulty opening an account or cashing your checks, you can find a list of partners here who will cash your stimulus payments at no cost. Bank of America, Chase, Wells Fargo, and Union Bank are the first to announce that they’ll waive the cashing fee for non-account holders.

Savings Strategies:

Building wealth starts when you set a goal and make a plan to reach that goal. Whatever goal you choose – whether it’s buying a car, buying a house, or getting out from under your debts – learn about proven savings strategies and get simple tips on the best ways to save. Click on the links below to learn how to:

 


Contact us!

Chun-Yen Chen, This email address is being protected from spambots. You need JavaScript enabled to view it. 

2020 Los Angeles Saves Partners

  • Asian Pacific Community Fund
  • Broadway Federal Bank
  • Building Skills Partnership
  • California Department of Business Oversight
  • Cathay Bank
  • Central City Neighborhood Partners
  • Chinatown Service Center
  • CTBC Bank
  • Federal Deposit Insurance Corporation
  • First Choice Bank
  • First Foundation Bank
  • Haven Neighborhood Services
  • Junior Achievement of Southern California
  • Los Angeles Alliance for Economic Inclusion
  • Los Angeles Department of Consumer and Business Affairs
  • Los Angeles Public Library
  • Pacific City Bank
  • Pacific Western Bank
  • Preferred Bank
  • Pure Hearts R US
  • Royal Business Bank
  • State Bank of India (California)
  • Union Bank

RSS Recent Blog Entries View all »

  • 5 Ways To Teach Kids How To Save At Home

    We start kids young with almost everything— sports, school, so why not saving? We are always looking for new ways to #ThinkLikeASaver in the America Saves community. The earlier that you have a positive mindset around saving, the easier it is to save successfully as an adult.

    Read more...
  • Creating a budget for your family

    It’s always the right time to create a saving and spending plan (aka a budget). It’s also a good idea to revisit that plan annually or when a major shift occurs in your income or expenses. 

    We’ve created an easy to use, but thorough, Spending and Saving Plan tool to use. Before you get started, here are some tips to help you #ThinkLikeASaver, ensuring that your money is working smarter and harder for you.

    Read more...
  • 4 Steps to Spending Your Stimulus Check Wisely When You Don't Have An Emergency Fund

    Most Americans don't have an emergency fund. While we're all experiencing this pandemic very differently — some having only minor inconveniences and others finding themselves without a job or having to close their business — those without a savings cushion are vulnerable to feeling the ramifications of COVID-19 for a very long time.

    With stimulus checks on the way, there will be tough financial decisions to make once received. Here are active steps you can take, along with things to consider to help you develop a solid spending plan.

    1. Make a list of all expenses

    Write out every single expense that you have, including essentials like food and utilities. Be sure to go through your checking and savings account history to make sure you don't have any “vampire” expenses, like monthly subscriptions that you may have forgotten about and no longer need.

    2. Talk to all creditors and lenders

    The CARES Act puts into effect two mortgage relief provisions: protection from foreclosure, and a right to forbearance (pausing or making partial payments) for those experiencing loss of income due to COVID-19. However, the provisions are not automatic and are only for federal loans, so you MUST talk to your lender.

    If a creditor/lender offers you a payment plan or other relief, make sure you get it in writing and take note of the names and dates of the customer service representatives with whom you speak.

    Thankfully, some utility companies have announced they won't cut off services if they aren't being paid. Be sure you know all of your utility and service providers' stance on this, so there are no surprises. You don't want to make any assumptions.

    RELATED: Your lender might let you miss a few mortgage payments. Three questions you should ask first

    3. Prioritize expenses

    Expenses relating to food, shelter, and medicine should come first. This would include mortgage, rent, utilities, groceries, diapers, and medications. It also includes medical insurance premiums and homeowners/renter's insurance.

    If you need childcare to work, that is another essential expense. Next in line are auto-related expenses, including transportation, gas, insurance premiums, and car payments.

    Loans that are secured by collateral (for example, mortgages and auto loans) are generally considered more important than those without collateral, like consumer credit card debt. For example, if you don't pay your mortgage, a bank can foreclose on your property; if you don't pay your car loan, the bank can seize your car. While not paying your credit card bills will negatively affect your credit score, credit card companies will not come into your house and take your personal possessions.

    Federal student loans are currently not accruing interest until September 30, 2020, and can be put into forbearance so that no payments are due. If you have a private or institutional loan, you will have to contact the lender for other options.

    Remember, if you can afford the minimum payments on your credit cards, then make those payments. It will help to maintain your credit score.

    Expenses for "elective" items, like gym memberships, streaming services, and other subscriptions, come last. Before simply canceling a contract, make sure to contact the vendor – canceling may come with a hefty penalty, but you may be able to temporarily "pause" the service.

    4. Pay your debts in the order of priority

    Now that you know all your expenses, have prioritized them, and know your payment options with creditors and lenders, it's time to make the payments in order of priority.

    It's important to note that we are approaching tax season, so many expect to receive their tax refunds in the coming months. If you plan to receive a refund, you can apply the same process to that extra income.

    If you are still unsure or are overwhelmed with where to start, use our decision tree for guidance on what to do with your stimulus check and tax refund.

    Then make a commitment to be more proactive with saving by taking the America Saves pledge. We'll be your savings accountability partner as you take a small step toward saving.

    Stimulus Decision Tree

    Download Decision Tree: PNG | PDF

    Then make a commitment to be more proactive with saving by taking the America Saves pledge. We'll be your savings accountability partner as you take a small step toward saving.

    Take the America Saves Pledge

  • Pantry Shopping and Meal Planning Preparation Tips

    With experts telling Americans to practice social distancing and to be ready for a possible 14-day self-quarantine one of our first concerns is food. How do we shop and prepare for 14 days worth of meals? Equally important are concerns about shopping without overbuying and staying on a budget.

    Read more...

Los Angeles Saves


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Tip of the Day

  • Still need a #gift idea? Here are some that will help others reduce #debt and #save more. http://ow.ly/r3ZaT 

Consejo del Día

  • Segunda estrategia para ahorrar: Ahorre para casos de emergencia http://ow.ly/PZROg

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Saver Tips and Stories View all »

#ImSavingFor Winner Story

America Saves awarded one lucky saver, Pedram R. from California, $750 for sharing his #ImSavingFor story. Pedram said, “Saving is important to me because it proves I am not willing to buy unnecessary things to please others or to be perceived as successful.”

Read more...

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.

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Saving With My Boys

When Kelly was a kid, she loved the picture book A Chair for My Mother by Vera B. Williams. In the story, a little girl lives in an apartment with her mother and grandmother. The little girl’s mother is a waitress and sole provider for their family. Together the family saves money by putting their change in a giant jar every day. They are saving for a big cushy chair for the little girl’s hard-working mother. Together with patience and diligence, they buy the mother a very comfy chair.

Read more...