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Saving for a rainy day can be challenging, but when you put money away you are making a commitment to yourself and to your future financial security. This coupled with an effort to reduce debt will help you begin to build personal wealth. These are the first steps toward financial well-being. To help you reach your fiscal goals, the Office of Consumer Affairs and Business Regulation is again partnering with the non-profit Consumer Federation of America (CFA) to celebrate America Saves Week 2021.

Since 2007, America Saves has been an annual call to action for consumers to take the pledge to focus on their financial wellness and commit to healthy saving practices. During America Saves Week 2020, over 1,300 organizations helped support 1.2 million Americans in taking the pledge to save more successfully. Participating banks and credit unions reported that savers deposited over $363.8 million as a direct result of their America Saves Week efforts.

We hope you’ll join us this week on a path to achieving greater financial stability by using this year’s America Saves Week framework to achieve your goals:

  • Save automatically: this is the easiest and most effective way to save. Saving automatically helps save for an emergency fund, education expense, and retirement. This process puts you in the best position to reach any financial or savings goals.
  • Save for the unexpected: the past year’s uncertainty has taught us a valuable lesson in preparing for the unexpected. Having an emergency fund can cover sudden costs such as a car breakdown, medical bill, or any last minute purchase.
  • Save to retire: it’s never too early to begin saving for the future. Visit the Social Securitywebsite to better understand how you can meet your desired standard of living in your senior years.
  • Save by reducing debt: actively reducing your debt means that you’re saving on interest, avoiding late fees, and keeping a healthy credit score: all highly beneficial for a consumer economy.
  • Save as a family: teaching healthy spending and saving habits to young children and teens can positively influence their actions as they grow into independent consumers.

By taking the America Saves pledge, you will be provided with information and other resources to help you achieve your saving goals. For more information about America Saves week, visit the campaign website and consumer and organization information page.

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