OLYMPIA – The Washington State Department of Financial Institutions (DFI) is a proud America Saves Week and Washington Saves Week participant. 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 saving more with the savings pledge.
While the U.S. personal savings rate has been rising since most Americans have returned to work after the COVID lockdowns, the American personal savings rate is only 3.4% in December 2022 (source: US Bureau of Economic Analysis) — still significantly short of the desired 10%-20% savings rate many experts recommend. With this in mind, the Saves Week goal to increase personal savings is more important than ever.
“We know it’s tough to set money aside in savings, especially when we have seen prices increase across the country for many household necessities,” DFI Director Charlie Clark said. “But it’s so important to plan for the future – whether putting a family member through school, having money for emergencies or planning for retirement. Getting started by setting aside even $20 every payday can add up over time and help prepare for the surprises tomorrow may hold.”
Need help thinking of quick savings tips?
- Put that tax return refund in your savings account for an emergency fund instead of spending it!
- Shop around and find a savings account with the best interest rate – they’re higher today than in the past few years, it may be time to reassess where you’re putting your savings.
- 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 down (or better yet, off) those high interest credit cards and put the money you used to pay that bill toward payments into the savings account instead!
- Talk as a family about ways to save.
- America Saves Week has more savings tips at Resource Center | America Saves
Saves Week 2020 is focusing on specific savings goals each day:
- Monday, Feb. 27, 2023 | Saving Automatically
- Tuesday, Feb. 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
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About DFI ▪ www.dfi.wa.gov ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: www.twitter.com/DFIConsumers ■ https://www.instagram.com/wastatedfi/ ■ www.dfi.wa.gov/financial-education/blog ■ https://www.facebook.com/wadfi ■ www.youtube.com/user/WADFI ■ www.LinkedIn.com/company/state-of-washington-department-of-financial-institutions/