Assess Your Savings Plan

What is the status of your savings?

Like your health, you should assess your savings annually to make sure you are saving for all the right things.

Complete the assessment to see if you are saving adequately and create a savings plan.

Get Started

The Questions

Do you spend less than your income and save the difference?

Do you have at least $500 of emergency savings to pay for unexpected expenses?

Do you save automatically through regular transfers from a checking account to saving or investment account?

Do you save a portion of tax refunds, gifts, bonuses, or other financial windfalls?

Do you avoid having revolving credit card debt?

Do you avoid turning to payday loans to cover expenses?

The Questions

Do you save enough for retirement?

Do you save for retirement at work?

Do you build equity in your home or other property?

Do you expect to pay off all mortgage loans before retirement?

Do you know your net worth (the dollar amount representing all your assets minus your debts)?

Your Results

Congratulations on taking the time to assess your savings!

Take the Pledge Studies show that making a Savings Pledge can help individuals be more dedicated to saving.


What You're Doing Now

You spend less than your income and save the difference

Congratulations! You are among the 66% who spend less than their income and save the difference. Ever want to know how much extra money you could save each month if you cut out that daily coffee or weekly dinner? Use this handy calculator to determine your monthly savings if you spend less per month and invested the savings. Visit the AARP Benefits of Spending Less Calculator.

You have at least $500 of emergency savings to pay for unexpected expenses

Having at least $500 saved for a rainy day allows you to pay for unexpected expenses like car repairs and medical treatment. Now see if you can increase this amount. With the Emergency Savings Calculator you can calculate how long it will take you to build up your emergency savings fund even more by taking emergency expenses, living expenses, and insurance deductibles into consideration. Don’t be caught in a lurch, use the calculator and find out how much extra you should save per month to be prepared for life’s unexpected events. Visit AICPA's Emergency Savings Calculator.

You save automatically through regular transfers from a checking account to saving or investment account

Great! You are part of the millions of people who save automatically through 401(k) and other retirement programs either at work or by saving at your bank or credit union. Learn how consistent contributions to a savings account can add up over the years. Watch your wealth grow with the magic of interest! Visit AICPA's Savings Calculator.

You save a portion of tax refunds, gifts, bonuses, or other financial windfalls.

Saving these types of windfalls is a great way to kick start your savings. Before you consider frivolously spending your tax refund, consider using the extra funds to contribute to an IRA, make an extra credit card payment, buy a savings bond, or one of the other options that will benefit your financial future. Visit Choose to Save's tips on What to Do With Your Refund.

You avoid having revolving credit card debt.

Borrowing more money than you can afford is costly in many ways. Taking on too much debt lowers your credit score, adds stress that can affect family and work life, and can prevent you from saving more. Learn how quickly you can pay off your debt with the Federal Reserve Credit Card Calculator. Based on the information you provide, the calculator will give you an estimate of how long it will take you to pay off your credit card balance.

You avoid turning to payday loans to cover expenses.

Payday loans are extremely expensive cash advances that must be repaid in full on the borrower's next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, unaffordable repayment terms, and coercive collection tactics made possible by check-holding. Learn how these loans work and get tips on alternatives to high-cost payday loans and advice on coping with payday loan problems. Visit Consumer Federation of America’s PayDay Loan Consumer Information.

You save enough for retirement.

Congratulations! It’s important to recheck your retirement savings accounts every so often to make sure you are on track to live a comfortable retirement. The Ballpark E$timate helps you quickly and easily determine how much money you need to save by taking complicated issues like Social Security benefits and earnings assumptions, and converting them into language and numbers that are easier to understand. Available in an Interactive online version, a printable worksheet, and an iPhone “app.” Visit the Ballpark E$timate.

You save for retirement at work.

Saving through your employer is one of the most effective ways to save. Learn more about how to open a 401(k), different plan options, strategies on proper investing, and rules on how to manage, move, and withdraw funds from your account. Take charge of your 401(k) and become an expert! Visit FINRA's 401(k) Investing Advice.

You build equity in your home or other property.

Did you know that home equity - the market value of a home minus the balance on any home loans - represents more than four-fifths of the typical family's wealth? So, each home loan payment not only helps pay down the principal and interest on your home, but also builds your wealth. Learn why home ownership is the main path to personal wealth, how home ownership increases homeowner wealth, and estimate your current and future home wealth at America Saves.

You expect to pay off all mortgage loans before retirement.

Discover how much money in interest payments you can save if you increase your monthly mortgage payment. Simply input the number of years remaining on your mortgage, the total length, amount, interest rate, and possible additional monthly payment you can make to determine how much money you will save overall! Visit the Mortgage Payoff Calculator.

You know your net worth, the dollar amount representing all your assets minus your debts.

Did you know only 49% of Americans know their net worth? Discover what your current and future net worth are with America Saves’ Personal Wealth Estimator! By listing your financial and nonfinancial assets and debts, the Personal Wealth Estimator is able to calculate your current and future wealth for 5, 10, 20, 30, 40 or 50 years in the future. Visit the America Saves’ Personal Wealth Estimator.


What You Could Be Doing

Spend less than your income and save the difference.

Spending less than you earn allows you to save. Studies show that even those making less than $25,000 a year are able save. Use this handy calculator to see how much extra money you could save each month if you cut out that daily coffee or weekly dinner and invested the savings. See how eliminating certain budget, utility, and entertainment expenses will help you save big in the long run! Visit the AARP Benefits of Spending Less Calculator.


Save at least $500 for emergency savings to pay for unexpected expenses.

Having at least $500 saved for a rainy day will allow you to pay for unexpected expenses like car repairs and medical treatment without having to turn to high-interest credit, payday loans, or family and friends for money. With the Emergency Savings Calculator you can calculate how long it will take you to build up your emergency savings fund by taking emergency expenses, living expenses, and insurance deductibles into consideration. Don’t be caught in a lurch, use the calculator and find out how much extra you should save per month to be prepared for life’s unexpected events. Visit AICPA's Emergency Savings Calculator.

Set up an automatic savings account through regular transfers from a checking account to saving or investment account.

The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union. Learn how consistent contributions to a savings account can add up over the years with this AICPA's Savings Calculator. Visit America Saves to learn more about saving automatically.

Save a portion of tax refunds, gifts, bonuses, or other financial windfalls.

Saving these types of windfalls is a great way to kick start your savings. Before you consider frivolously spending your tax refund, consider using the extra funds to contribute to an IRA, make an extra credit card payment, buy a savings bond, or one of the other options that will benefit your financial future. Visit Choose to Save's tips on What to Do With Your Refund.

Pay off credit card debt.

Borrowing more money than you can afford is costly in many ways. According to the Federal Reserve, in April 2013 the average credit card debt equaled $3,364 per U.S. adult. If you paid just the minimum amount due ($67.28), it would take you over 19 years to pay off this debt. And you would pay a total of $7,618.64 over this time, that’s $4,254.63 more than you borrowed! Having an adequate emergency fund will help you from needing to turn to high-cost credit cards in the future.

Avoid turning to payday loans to cover expenses.

Payday loans are extremely expensive cash advances that must be repaid in full on the borrower's next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, unaffordable repayment terms, and coercive collection tactics made possible by check-holding. Learn how these loans work and get tips on alternatives to high-cost payday loans and advice on coping with payday loan problems. Visit Consumer Federation of America’s PayDay Loan Consumer Information.

Save for retirement.

Want to live a comfortable retirement? The Ballpark E$timate helps you quickly and easily determine how much money you need to save by taking complicated issues like Social Security benefits and earnings assumptions, and converting them into language and numbers that are easier to understand. Available in an Interactive online version, a printable worksheet, and an iPhone “app.” Visit the Ballpark E$timate.

Save for retirement at work.

Find out if your employer offers a 401(k) plan or other such defined contribution retirement plan. If you aren’t already enrolled, do so immediately. Learn more about how to open a 401(k), different plan options, strategies on proper investing, and rules on how to manage, move, and withdraw funds from your account. Take charge of your 401(k) and become an expert! Visit FINRA's 401(k) Investing Advice.

Build equity in your home or other property.

Did you know that home equity - the market value of a home minus the balance on any home loans - represents more than four-fifths of the typical family's wealth? Learn why home ownership is the main path to personal wealth and how home ownership increases homeowner wealth at America Saves.

Pay off all mortgage loans before retirement.

Discover how much money in interest payments you can save if you increase your monthly mortgage payment. Simply input the number of years remaining on your mortgage, the total length, amount, interest rate, and possible additional monthly payment you can make to determine how much money you will save overall! Visit the Mortgage Payoff Calculator.

Know your net worth, the dollar amount representing all your assets minus your debts.

Did you know only 49% of Americans know their net worth? Discover what your current and future net worth are with America Saves’ Personal Wealth Estimator! By listing your financial and nonfinancial assets and debts, the Personal Wealth Estimator is able to calculate your current and future wealth for 5, 10, 20, 30, 40 or 50 years in the future. Visit the America Saves’ Personal Wealth Estimator.

Pledge to Save with America Saves

Are you ready to take charge of your financial future? America Saves is here to help. Pledge today to receive advice, encouragement, and tips to help you save successfully.

Step 1: Set A Goal and Make A Plan

Studies have shown that setting a specific goal can help individuals become better at savings overall. Set a goal below to take the first step to becoming a better saver!

To reach this goal,

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Step 2: Take The Pledge

I will help myself by saving money, reducing debt, and building wealth over time. I will help my family and other Americans to Build Wealth Not Debt.

My savings goal is to .. To reach this goal, I plan to save for months.

If I follow this goal, I will have saved a total of $

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Thank You!

Thank you for taking the time to take our savings quiz and pledge.
For more information on how to become a more savvy saver please visit the America Saves website.