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America Saves Week 2022: Building Financial Resilience

The past two years have been challenging both in Massachusetts and across the globe, and many of these challenges have impacted consumer finances.  In fact, a Bankrate.com survey recently reported that only 40% of Americans have enough savings for a $1,000 unanticipated expense.  To help you reach your financial goals and prepare for the unexpected, the Office of Consumer Affairs and Business Regulation (OCABR) is once again partnering with the Consumer Federation of America to celebrate America Saves Week.

Since 2007, with the support of thousands of partner organizations like OCABR, America Saves Week encourages individuals to reevaluate their finances, set goals, and save for a rainy day.  This year’s awareness week theme is ‘Building Financial Resilience’ which focuses on being conscious of your own finances, being aware of available resources, and being willing to take advantage of opportunities to support financial wellness.

Each day OCABR will post savings tips related to building financial resilience.  We hope you will join us this week as we walk through the America Saves framework outlined below:

  • Save Automatically is the same way we deduct for 401K plans, insurance, taxes, and other payroll deductions. Set a specific amount from your paycheck to go directly into a savings account, “set it and forget it.”
  • Save for the Unexpected isn’t just for emergencies. Instead of saving for a crisis practice setting money aside for an opportunity, such as an impromptu night out to celebrate with friends and family.
  • Save to Retire is about getting in the right mindset. While retirement may seem far away, it is never too early to start preparing.  If you start putting away $5 per day today, in 20 years you will have over $70,000.
  • Save by Reducing Debt is a great way to help relieve financial stress. Get a clear picture of debts you owe and plan to start chipping away at the balances.  This requires a budget and good decision making.
  • Save as a Family is a fun way to get everyone involved and begin healthy financial habits at a young age. Set a goal the whole family can achieve together, such as savings as little as $10 a week to pay for a trip to Disney.

During America Saves Week 2021, over 2,000 organizations helped support millions of Americans to save more successfully.  By taking the America Saves Week pledge, you will be provided with resources to help you achieve your saving goals.  Take the pledge today at www.americasaves.org/pledge.

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