VIEWS: 11 PAGES: 4 POSTED ON: 7/26/2011
WINTER/SPRING 2011 WWW.AMERICASAVES.ORG FROM UNEMPLOYED TO AMERICAN SAVER ussell Jackson no savings to fall back on. “I vowed Even while on unemployment, Russell R never consid- ered himself a saver. But losing his then to make a change and to no longer be financially vulnerable. When I was unemployed, I had a lot of free was able to set aside enough for a $500 emergency fund. Now that he’s working again, he is working towards job in 2009, he time. While browsing online, I found new financial goals – a larger emer- vowed to no longer the America Saves website,” he says. gency fund and funding his retirement. be financially vulner- By taking advantage of the America Russell’s biggest tip is to start small, able. “I’d never really Saves savings tips and resources, and don’t dismiss yourself as ‘too old’ considered setting Jackson was able to make a savings to save: “It’s never too late to start sav- aside money, plan and start an emergency fund. ing. Even setting aside a few dollars a RUSSELL JACKSON – MARYLAND SAVER because I always had America Saves also offers a free online week can help protect you against the enough to pay my tool (My Savings Tracker) that allows unexpected.” •••• bills and purchase everything I need- savers like Russell to track their •••••••••••• ed. The future never occurred to me,” progress towards their goal. he admits. Even on a limited income, like unem- By taking advantage of the America Saves savings tips and resources, Jackson was able ployment, he found ways to save. Russell never realized how everyday expenses add up. “Eating my meals at home, using coupons when I do shop, facts Family Wealth to make a savings plan and start an emergency and using the public library for books TOP SAVINGS GOALS OF 2011 fund. and DVDs have been my biggest (1st qtr.) money savers. I’m doing the same Emergency Fund 28% activities and eating the same food. Education 15% After his company laid off Jackson and The only difference is that I’m saving Retirement 11% 30 other workers, he realized he had money instead of wasting it,” he said. Debt Repayment 9% Investment Savings 7% Source: Savers who enrolled in America Saves or its affiliated campaigns between January 1 and March 15, 2011. CAMPAIGNNEWS Capital One Helping Update Our Look America Saves is constantly growing and tool called “My Savings Tracker” that allows evolving. Last year saw the unveiling of savers to track their progress toward a goal a Than new marketing materials, including one- by making a plan and tracking their More R pagers and ways to save on car financing. A deposits. branding team from Capital One worked with us pro bono to create a new logo, tag We will be making additional improvements in 2011. With the help of ARTEN QU O line, and style guide. They also provided a national marketing strategy, media training, and gave financial support through 2010 for the Capital One branding team once again, we are re-designing the America Saves website to improve its functionality and IeLs Strong Mv r LI Cooperative Extension educators and campaigns to participate in America Saves look. AmericaSaves.org and affiliated websites will also migrate to a new, more Sa Week. We introduced an online savings powerful content management system. w w w. A m e r i c a S a v e s . o r g ••••••••••••••••••••• SAVINGSSTRATEGIES PROTECTING FINANCIAL CONSUMERS New Bureau Aims to Get You the Info You Need ou will soon have a new ally in the quest for fair What does it mean for you? Y and transparent money products: the Consumer Financial Protection Bureau, known as the CFPB, or simply “the Bureau.” Created by the financial reform For one, the Bureau will work to ensure that financial products – such as mortgages, savings accounts, credit cards, and loans – are more easily understood, with no laws passed in 2010 in response to the economic crisis, the Bureau, which opens July 21, is tasked with hidden surprises. When it finds abuses, it will have the enforcing consumer financial laws and preventing power to enforce the law. Its oversight will extend to deceptive and abusive practices by those who offer both traditional financial institutions and tens of financial products. thousands of “non-bank” companies that offer financial services. Secondly, the CFPB will have a Consumer Response Center where individuals can file complaints and get Under the leadership of Elizabeth Warren, the Consumer Financial Protection answers to a broad range of questions about financial Bureau’s mission is to ensure consumers products and services. get clear, no-nonsense information about financial products. Elizabeth Warren serves as the Bureau’s Assistant to the President and Special Advisor to the Secretary of the Treasury. In addition to her reputation as a tough defender of consumer rights, Warren has written several bestsellers, including All Your Worth: The Ultimate Lifetime Money Plan (co-authored with her daughter). The CFPB contains an Office of Financial Education that will seek to empower consumers to make more informed financial decisions, including helping them develop long-term savings plans. Its Office of Financial •••••••••••••••••••••••••••••••••••••••• Protection for Older Americans is designed to guard those 62 and older from scams and deceptive practices, while offering them counseling on personal financial Financial Market management, such as savings strategies and long-term facts MARCH 2011 care. An Office for Service Members will have staff near military bases to assist troops and their families with financial questions and complaints. (The director of that office, Holly Petraeus, has publicly stated her support for Money market account . . . . . . . . . . . . . . . . . . 0.67% our campaign MilitarySaves.org.) 1-year CD . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.03% 5-year CD . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.71% The Bureau’s website (consumerfinance.gov) doesn’t look like your typical government website. It’s written in U.S. Savings Bonds plain English and includes tabs with titles such as “Protecting You” and “Get Help Now.” It contains videos EE Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.60% that offer practical advice on topics such as “Making I Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.74% Credit Agreements Simpler and Safer” and “Educating Consumers on Credit Scores.” It also features active Mortgage Rates Facebook, Twitter, YouTube, and Flkr sites that provide a 30-year fixed rate mortgage. . . . . . . . . . . . . . . 4.75% variety of ways to learn more. 15-year fixed rate mortgage. . . . . . . . . . . . . . . 3.99% Once the CFPB opens in July, financial consumers like 5-year adjustable mortgage . . . . . . . . . . . . . . . 3.37% you will have a powerful new friend and resource when Source: www.savingsbond.gov and www.bankrate.com, March 21, 2011. it comes to getting a fair deal. •••• 2 • AMERICA SAVES w w w. A m e r i c a S a v e s . o r g ••••••••••••••••••••• A Quarter Saved… Is a Quarter Earned N o one knows better than Savers Send your savings tips to: how to find the extra dollar here Always talk American Saver, c/o Consumer and quarter there that, over about Federation of America time, add up to substantial savings. Here 1620 Eye St., NW, Suite 200, are a few of their favorite savings tips. tomorrow Washington, D.C. 20006. night’s meal at the table If we select your tip for Sometimes saving money is as easy as mak- publication, we will send you a ing a phone call. I thought that I was paying tonight. check for $25 (the initial too much for internet service so I called my Creating a game plan allows you to purchase price of a $50 EE Savings Bond) and an application provider. They reduced my monthly bill by remember to defrost something by for a $50 EE Savings Bond. We $10, no questions asked! I’ve also done this placing it in the fridge. It also eradi- recommend purchasing a with my insurance company. savings bond at a local bank or cates the “let’s just get takeout” Anya Gugliemotto, Columbus, Ohio credit union. Please include excuse, saving you money long-term. your name, address, and phone number so we can contact you. Never pay for a credit report. If you need a Lynn Flock, Queen Creek, Arizona credit report go to www.annualcreditreport.com which is the legitimate free credit report website. Other frequently advertised web- I made myself more aware of my spending sites are an attempt to sell you services. ••••••••••••••••••••••••• habits in order to make myself realize where George Tucker, Ft. Lauderdale, Florida I'm spending too much money. I used my monthly checking account overview to analyze Save money by making your home more my purchases into specific categories, such as American Saver is the quarterly energy-efficient. Use timers on high-energy The Necessary: bills, vehicle maintenance, newsletter of the America Saves campaign, a national pro- items (as well as lighting so it goes on when medical expenses, groceries, etc., and even gram to encourage and assist you need it and off when you don’t). Full The Unnecessary: eating out, gifts, clothes, Americans to save and build freezers work more efficiently. If it is half full entertainment, etc. It made me aware of my wealth more effectively. of food items, fill some empty milk or seal- weaknesses and created a challenge for myself The campaign is coordinated by able containers two-thirds full of water and to make a conscientious effort to lay off the non-profit Consumer stock them in your freezer. spending in those problem areas. Federation of America (CFA), supported by national founda- Donna Deuster, Racine, Wisconsin Bonnie Dillon, Panama City, Florida tions, and advised by dozens of •••••••••••••••••••••••••••••••••••••••••••••••• non-profit, government, and business groups. A generous grant from Wachovia Bank sup- The fifth annual America Saves Week took place Feb. 20-27, garnering ports the publication and distri- endorsements from public officials and extensive media coverage, including: bution of the American Saver. Questions about how to start a “America Saves Week is a great way to raise awareness about the need local savings campaign in your to save and promote greater wealth accumulation.” area should be directed to: Nancy Register, America Saves, Sheila Bair, Chairman, Federal Deposit Insurance Corporation c/o CFA, 1620 Eye St., NW, Suite 200 Washington, D.C. “Saving more and paying off debt builds a strong foundation for one’s 20006; 202-387-6121 (phone); future. As Chairman of the Securities and Exchange Commission, I support 202-265-7989 (fax); the goals of America Saves Week.” firstname.lastname@example.org. Mary Shapiro, Chairman, U.S. Securities and Exchange Commission American Saver Editor: Barbara Roper TIME.com: “America Saves Week Factoid: There’s $15 Billion in Your Couches” Assistant Editor: Christine Lamitina MarketWatch: “What’s in Your Wallet? Likely Not Enough” Baltimore Sun: “America Saves. Do You?” AMERICA SAVES • 3 w w w. A m e r i c a S a v e s . o r g AMERICA SAVES IS ON www.twitter.com/americasaves NEWS FROM LOCAL CAMPAIGNS Across the country, campaigns partici- New Jersey Saves Week, a seminar entitled Saves had a presence across the state, part- pated in America Saves Week 2011 “Financial Planning for the New Normal” nering with BB&T Bank to create “Virginia (February 20-27) in a variety of ways: was presented by Rutgers University Saves” accounts and operating piggy bank The First State Saves Celebration in Extension Specialist Barbara O’Neill. pageants to engage children with the idea of Delaware honored Congressman Mike saving. The campaign developed an innova- In Florida, Okaloosa Saves’ Castle, Wells Fargo Vice President Ron tive “30-40-30” tax flyer that promotes desig- EcoNomic Living Expo attracted 575 atten- Dutton, and the Delaware Libraries with nating 30% of your refund to paying off dees, featuring a piggy bank pageant and “Saving Star Awards” for their support of debt, 40% for current use, and 30% to jump- savings seminars, which received TV, radio, financial education efforts. At the event, start an emergency fund. Virginia Beach print, and online media coverage. The financial empowerment got a boost when Mayor William Sessoms issued a proclama- campaign featured Money Tips for each Secretary of State Jeff Bullock announced tion for Virginia Saves Week 2011. day of the Week and, together with Tampa the recipients of more than $500,000 Bay Saves, conducted two webinars on Thirty students in the class through the new Financial Literacy financial education. “Professionalism in Consumer Affairs” led Education Fund, funded through fees Virginia Tech Saves Week activities, sign- charged to high-interest lenders. Pittsburgh Saves hosted a table at the ing up 73 new Savers. They held daily University of Pittsburgh throughout America Kentucky Cooperative Extension drawings for prizes and capped off the Saves Week, where it signed up students Service partnered with the Kentucky Dept. Week with a Celebration of Savers, featur- and held raffles for new Savers. The of Financial Institutions to declare the first ing free bowling, pool, pizza, grand prizes, Financial Education Consortium held work- statewide Kentucky Saves Week, marked by and the premiere of the student-produced shops throughout the Week at which parti- a proclamation from Governor Steve video, “What’s Your Fantasy?” (available on cipants learned about America Saves and Beshear and an event at the state capitol. YouTube). pledged to save. 65% of counties participated in a youth West Virginia Saves applauded Piggy Bank design contest, and more than Texas Saves coordinated proclamations Governor Earl Ray Tomblin’s proclamation 120 people enrolled as Kentucky Savers. of Texas Saves Week in the state House of of West Virginia Saves Week. The cam- Representatives and Senate. The campaign New Jersey Saves celebrated with an paign held “Roll Your Change Week,” with distributed flyers on Savings Tips and America Saves Week Financial Health & $24,942.39 saved, and will sponsor a draw- Resources, and promoted family savings by Career Opportunity Fair in Trenton, where ing for a $500 savings bond for those who funding more than $20,000 in incentives at residents were shown how to save with the made deposits. Participating financial insti- community tax centers encouraging filers to Earned Income Tax Credit (EITC) and U.S. tutions competed to see which could enroll save a portion of their tax refund. savings bonds, and free tax preparation was the most savers, with a total of 323 signed provided. As part of statewide activities for This was the first year that Virginia up during the Week. •••• Note: This is not an exhaustive list of the activities of all America Saves sites, but rather a sampling of activities from several of the local campaigns. For a more complete list of America Saves campaigns, be certain to visit our website at www.americasaves.org. w w w. A m e r i c a S a v e s . o r g Washington D.C. 20006 Suite 200 1620 Eye St., NW ANNAPOLIS, MD PERMIT NO. 273 PAID U.S. POSTAGE NON PROFIT ORG.
Pages to are hidden for
"MILLION"Please download to view full document