Tuesday, February 23, 2010

America Saves Week

The non-profit organization Choose to Save states that saving is vital to a secure future and I agree. A savings account is your parachute or life vest for the unexpected. Many Americans have experienced financial crises or unexpected situations that have affected their finances which has resulted in unemployment, fights with your spouse or family, unpaid bills and mounds of debt. This week is America Saves Week where Choose to Save encourages Americans to save more money. America Saves Week began February 21, 2010 and ends on February 28, 2010.

Being disciplined to save money on a regular basis may seem like a chore but it is to your advantage to help yourself instead of having to use your credit cards, get a payday loan or sell your gold jewelry to get extra cash.

According to BEA, the personal savings rate was 4.8 percent in December 2009. Some economists believe that the personal savings will increase to 7 or 8 percent.

President Obama was pushing for a plan that would open savings accounts for 50 million Americans who currently do not have a savings account. The Automatic Individual Retirement Account would require employers who do not currently offer retirement savings to automatically enroll their employees in a government-sponsored savings plan.

Here are 7 ways to create a savings account:

1. Deal with the unexpected
2. Plan for your future
3. Go on a vacation
4. Be accountable
5. Develop good spending habits
6. Serve as a role model for your family and future generations
7. Reduce usage of credit cards

Do at least one thing this week to save money.

Visit choosetosave.org/tips/ for more tips on how to save. To become an American Saver visit americasaves.org.

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