Governor Inslee proclaims Feb. 26-March 3 as Washington Saves Week as part of national focus on savings
Olympia – 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 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 yet to return to the desired 10%-20% savings rate many experts recommend. While the U.S. personal savings rate ended up at 5.4% for December 2016, it was down again in 2017 to 2.4 percent (source: US Bureau of Economic Analysis). With this in mind, the Saves Week goal to increase personal savings is more important than ever.
“Savings can be tough, especially for financially strapped individuals and families, but the value of setting aside even a small amount every pay day cannot be overstated,” DFI Director Gloria Papiez noted. "Setting aside a little amount over a long time eventually adds up and provides the needed security for those unexpected emergencies that we all face from time to time."
Need help thinking of quick savings tips?
- Put that tax return in your savings account for an emergency fund 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 put toward 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 Savers Pledge today to save more this year at https://americasaves.org/for-savers/pledge