America Saves Week 2023 – Day 2
WHAT IS AMERICA SAVES WEEK?
Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage individuals to do a financial check-in that allows them to get a clear view of their finances, set savings goals, and create a plan to achieve them.
DURING THE WEEK, WE’LL BE FOCUSING ON THE FOLLOWING THEMES:
Monday, February 27, 2023 | Saving Automatically
Tuesday, February 28, 2023 | Saving for the Unexpected
Wednesday, March 1, 2023 | Saving for Major Milestones
Thursday, March 2, 2023 | Paying Down Debt is Saving
Friday, March 3, 2023 | Saving at Any Age
Saving for the Unexpected – Day 2
Everyone can agree that having emergency savings is ideal, right? Personal finance experts have preached the importance of having three to six months of living expenses put aside for emergencies or a “rainy day.” When you’re living paycheck to paycheck, struggling financially, and possibly not making a fair living wage, the concept of saving such a large amount seems impossible. Add to that the reasons often given to save are negative — your car breaks down, you lose your income, an appliance needs to be replaced, or there’s a medical emergency — and it’s hard to stay motivated.
But here’s something not discussed as often: saving for the unexpected positions you take advantage of OPPORTUNITY. Let’s say that you have been saving $20 every paycheck for the past year. A friend calls you to share that they just got a promotion and would love to celebrate with a dinner at a nearby restaurant. You’re excited for your friend and want to go, and because you have money in your savings, you can pull $50 out to attend. Because you chose to save, you could participate in that unexpected opportunity! If saving for an emergency has been a struggle for you, would it be easier to reframe saving for emergencies to saving for opportunities? We think so and invite you to create your own “Opportunity Fund.”
Whether you’re saving for emergencies, opportunities, or (hopefully) both, the easiest and most effective way to save is automatic. Saving automatically allows you to “set it and forget it.” No matter how you choose to save automatically, the most important thing is building the habit of saving — there is no amount too small to save.
