America Saves Week
SERS is a proud participant in America Saves Week, an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. The daily themes focus on setting specific goals in order to achieve financial stability.
Monday: Save Automatically
Do you have a savings account? If you do, how often do you add to it?
America Saves recommends saving automatically. You can set up a recurring transfer from your checking account to your savings account each week, month, or any timeframe that works best for you.
The Balance discusses how and why creating an automatic savings plan can work for you: https://www.thebalance.com/how-to-create-an-automatic-savings-plan-1289900.
Tuesday: Save for the Unexpected
It would be fair to describe 2020 as “unexpected.”
While we are always advised to save for emergencies, nothing could have fully prepared us for the economic impact of a pandemic.
Budgets may be tighter, which might make you believe it is harder to save for unexpected short-term expenses.
There are many small ways to save, which will add up over time. Every little bit helps: https://americasaves.org/for-savers/make-a-plan-how-to-save-money/saving-on-a-tight-budget.
Wednesday: Save to Retire
This theme is one we are more than a little familiar with: Saving to Retire.
Your pension is a good base, but we highly recommend adding supplemental retirement income. You can invest on your own OR let a financial professional help you. Consider enrolling in Ohio Deferred Compensation, a 457(b) retirement plan for all Ohio public employees: https://www.ohio457.org/home.
Thursday: Save by Reducing Debt
This week is all about saving. So you might be surprised to learn that a way to save is to pay down your debt.
When you reduce debt, you can save money on interest and fees, and build your credit score.
Learn more from America Saves about debt repayment strategies and taking control of your finances: https://americasaves.org/what-to-save-for/?goal=debt-repayment.
Friday: Save as a Family
Looking for ideas on how to teach young members of your household financial literacy?
Dave Ramsey share ways you can show your kids how to manage money, whether they’re very young or getting ready to start their first job: https://www.daveramsey.com/blog/how-to-teach-kids-about-money.