The Washington State Department of Financial Institutions (DFI) is a proud America Saves Week and Washington Saves Week partner. The national savings awareness program was started by America Saves and the American Savings Education Council in 2007 as a way to positively promote strong savings habits and to remind individuals to assess their own savings status – and encourage them to save more.
American personal savings rates dipped nearly to the negative during the most recent recession, and have not yet returned to the desired 10% savings rate many experts recommend. The U.S. personal savings rate ended up at 5.4% for December 2016 (source: US Bureau of Economic Analysis). With this in mind, the Saves Week goal to increase personal savings is more important than ever.
“While it may not be possible for all Washington residents to set aside the recommended three months of income for big emergencies like the loss of a job, it is still so important to have an emergency fund for unexpected medical bills, vehicle repairs and the like,” DFI Acting Director Gloria Papiez stressed. “Putting aside even $20 every pay day can add up over time.”
Need help thinking of quick savings tips?
- Save that tax return instead of spending it!
- Make saving automatic with a direct deposit from your paycheck – you won’t spend what you don’t see!
- Start teaching your children about the importance of saving – you can start with a family change jar for movie nights or dinners out.
- Pay off those high interest credit cards and put the money you used to make on payments into the savings account instead!
- Talk as a family about ways to save.
- DFI has more savings tips at http://www.dfi.wa.gov/saves-week/savings-tips.html
Take the Pledge today to save more this year at https://americasaves.org/for-savers/pledge