By Katie Bryan, from America Saves
April marks Financial Literacy Month, a time when everyone can learn more about their personal finances and take steps to improve their financial picture.
If you’re looking for a place to start, America Saves provides 3 easy ways to assess your current situation and take action to save.
- Saver Checklist Tool – Check off your savings accomplishments to see how you’re doing.
- Assess Your Savings Tool – Complete the assessment to see if you are saving adequately and create a savings plan.
- Pledge to Save – Once you start saving, it gets easier and easier, and before you know it, you’re on your way to making your dreams a reality. The first step is to take the America Saves Pledge.
Those Who Take the America Saves Pledge Really Save
Each year, America Saves surveys those who have taken the America Saves Pledge to learn more about who these savers are, how much and what they are saving for, and how they feel about their savings.
Highlights from the America Saves Saver Survey:
- Savers reported largely saving for one of three goals: an emergency fund, retirement, or debt repayment.
- The longer people have been with America Saves, the more they have been able to save. Savers who joined in 2011 reported saving $7,000 since joining America Saves.
- Married respondents were able to save much more than single respondents, even though they didn’t report trying to save that much more.
- What females and males reported saving for differed widely. Females heavily favored saving for an emergency fund, while males heavily favored saving for retirement.
- Savers reported that since joining America Saves they are saving more, have become more confident about their ability to manage their money, are actually managing their money better, are managing their debt better, and feel more hopeful about their financial situation.
Savings starts when you take action; those with a savings plan are twice as likely to spend less than they earn, and save the difference. Celebrate Financial Literacy Month by making your savings plan today.
About Katie Bryan
Katie Bryan works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at americasaves.org.