I write a lot about saving in my blog and anyone who follows my posts knows this is a real passion of mine. So America Saves Week is right up my alley. The annual event, coordinated by America Saves and the America Savings Education Council is designed for one reason: to help you take manageable steps toward your savings goals. This year, America Saves Week takes place February 19 – 26, 2012.
At Wells Fargo we’re proud to support this annual opportunity to promote good savings behaviors and we hope you’ll join us in a growing national conversation impacting individuals and families from coast to coast.
What are you saving for?
America Saves Week is a great time to reflect on what it is you really hope to achieve with your savings. Do you have adequate emergency savings? Is there an opportunity to spend less and save more? Beyond Today provides a series of calculators and resources to help you answer these and other questions, 24/7, all year long. For instance, My Money Map provides access to free spending, budgeting, and savings tools along with an instant snapshot of your financial picture to help you stay on track toward your goals. Try My Money Map for a smart, simple way to gain more control over your finances and reach your goals.
Will you be ready for retirement?
Results from our 2011 Wells Fargo Retirement Study indicate a quarter (25%) of middle class Americans say they will “need to work until at least age 80″ to live comfortably in retirement. Among those with higher incomes, 18% of women say they will need to work all or a portion of their time spent in retirement. Use our Retirement Quick View calculator to see where you stand regarding your savings.
What are you waiting for?
I know it’s a cliché but there really is no time like the present to begin saving. That’s because of the tremendous impact the power of compounding can have on your savings over time. Learn how to Put Your Money to Work and discover the real time value of money. You might be surprised at how quickly even small amounts can add up.
How can you participate?
There are many ways you can participate in America Saves Week. I’ve listed five below that are both easy and painless ways to get started on a lifetime of good savings habits.
- Visit Beyond Today to access calculators, budgeting tools, articles and other resources to help you identify, define and take steps designed to bring you closer to your savings goals. Begin with our Annual Financial Checkup tool.
- Take a close look at your budget to determine where you can cut expenses to increase savings. Even if it’s only $10 a month, that’s $120 a year. Find out how even a few dollars extra saved each month can grow over time with our Systematic Savings calculator.
- If your company retirement plan offers automatic annual contribution increases, consider signing up. This enables you to increase savings over time in a painless “set it and forget it” manner.
- Make sure you’re contributing at least up to the match level if your company plan offers a match. Otherwise you’re leaving money on the table. If you’ve maxed out contributions to your company plan, use our IRA Eligibility Calculator to determine if you can save even more through an IRA.
- If you’ve filed your taxes already and are expecting a tax refund, instead of spending it, plan to save the money for emergency savings or contribute it to an IRA. That way it can compound over time allowing you to enjoy the benefits for years to come.
And remember, it’s never too late to begin saving. I invite you to join us in motivating others to save by sharing your thoughts, experiences, tips and insights below.