The larger your down payment, the lower your home loan payment. The most effective way to save a larger down payment is to set aside a portion of each paycheck. With direct deposit, your employer can split your paycheck between checking and savings accounts. Or, ask your bank or credit union to regularly transfer a certain amount from your checking account to your savings account. Also, ask your financial institution about other savings products that can help you save more. If you need assistance finding money to save, check out our savings tips and strategies!
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Typically thousands of organizations participate in the Week, reaching millions of people.
The 2013 Annual National Survey Assessing Household Savings (released during America Saves Week) revealed that only about half of Americans reported good savings habits.
- 54% said they “have a savings plan with specific goals.”
- 43% said they “have a spending plan that allows you to save enough money to achieve the goals of your saving plan.”
- 50% of those not retired said they “save for retirement at work through a 401(k) or other contributory plan.”
- 41% said that, “outside of work,” they “save automatically through regular preauthorized transfers from checking to savings or investments.”
- 49% know their net worth.
With more societal encouragement and support, more Americans will be persuaded to Set a Goal. Make a Plan. Save Automatically.
About America Saves
America Saves is a national campaign involving more than 1,000 non-profit, government, and corporate groups that encourages individuals and families to save money and build personal wealth. Overall management for the campaign is provided by the non-profit Consumer Federation of America (CFA). CFA is comprised of over 270 consumer education, advocacy, and cooperative organizations dedicated to advancing the consumer interest.
About American Savings Education Council
ASEC is a national coalition of public- and private-sector institutions committed to making saving and retirement planning a priority for all Americans. ASEC is a program of the Employee Benefit Research Institute Education and Research Fund (EBRI-ERF), a 501©(3) non-profit organization. ASEC does not lobby or take positions on public policy proposals. ASEC educational materials are available at: www.choosetosave.org
Since its creation in 1995, ASEC has driven the financial security mission forward with the collective leadership and efforts of a coalition of major organizations. ASEC brings together public- and private-sector partners to share information on best practices and to collaborate on financial security initiatives Partners of the ASEC coalition provide critical input and help to shape the organization’s agenda, and benefit from research and education that is worth millions.