America Saves Week 2014: 3 Steps to Take Charge of Your Financial Future

Sponsored By
AMERICA SAVES WEEK 2014

About Us
America Saves Week is coordinated by America
Saves and the America Savings Education Council.
Started in 2007, the is an opportunity for
organizations to promote good savings behavior and
a chance week for individuals to assess their own
status.
BudgetWise Financial Solutions LLC is a financial
education and consulting firm where they teach
people to manage money wisely through individual
consultations, workshops, and seminars. BudgetWise
specializes in personal money management and
promoting financial literacy education.
Copyright (c) 2014 BudgetWise
Financial Solutions LLC

Agenda
 Why Save?
 Your Saving Checkup
 Set a Goal
 Make a Plan
 Automate Your Savings
 Products and Services
 Your Action Plan
 Wrap Up - Q & A

3 ACTION STEPS TO TAKE CHARGE
OF YOUR FINANCIAL FUTURE

WHY SAVE?
 40% of Americans say they live beyond
their means.
 50% of Americans live paycheck to
paycheck.
 20% of employees are effected at work
because of financial concerns.

Your Savings Checkup
Let’s see where you stand on the whole savings issue.
How many of these items can you check off?
 I pay off my credit card balances each month.
 I have an emergency fund.
 I set goals and make plans to save for large
purchases.
 I have an automatic payroll deduction from my
paycheck to a savings or retirement account.
 I increase my savings when I receive a raise.

I. Set a Goal

Reasons to save
 Emergency fund
 Getting out of debt
 Retirement
 College
 Purchase a house
 Purchase a car
 Other large purchases
 Vacation
 Build wealth

II. Make a Plan

The Budget
1. Keep track of what you are spending:
write it down, save the receipts, or use
an online tool.
2. Once you know where your money is
going, create a budget.
3. Once you have a budget, stick with it.

6 Strategies for Saving
 Pay yourself first
◦ Establish a saving habit and mindset
◦ No matter how small amount
 Establish an emergency fund
◦ Keeps you afloat
◦ First: $500 - $1000
◦ Second: 3 – 6 months of living expenses
◦ Then: A comfortable dollar amount

 Pay off debt
◦ The best investment most borrowers can make
is to pay off double digit interest credit cards
 Participate in work related retirement
program (401k, 403b, 457)
◦ Take advantage of employer matching
◦ 100% on the your matching contribution
◦ Opportunity to grow your money – compound
effect.

 Save for other goals through automatic
transfer from payroll or checking account
into savings.
 Buy a home and pay off the mortgage
before you retire.

III. Automate Your Savings

7 Ways to Automate Your Savings
 Split direct deposit
 Set up regular deposits to savings
 Sign up for company’s retirement plan
 Pledge to save certain cash/changes
 Use a cash-back credit card (cautious)
 Automate your bills
 Financial institution’s round up program
 Save a portion of your tax refund

Wayne Metro Community Action
Center
 Save Your Refund – Form 8888
 Individual Deposits Accounts
 Services
◦ Tax Assistance
◦ Wealth Building Classes

Fifth Third Bank
 Savings Accounts
◦ Promotions
◦ Rates
 IRAs
◦ Traditional IRA
◦ Roth IRA
 Savings Bond
◦ .10%
◦ www.treasurydirect.gov
◦ Electronic

The Ideal Budget
50%
30%
20%
50 – 30 – 20 Budget
Essentials Lifestyle Savings

Your Action Plan
 What is your saving goal?
 What do you need to do to get started?
 What can you automate?
 Visit http://www.americasavesweek.org
◦ Take the pledge to save
◦ Additional Resources
 Q&A

Thank You!!!
Samirian Hill
248-905-1625
shill@budgetwisefs.com
BudgetWise Financial Solutions, LLC
www.budgetwisefinancial.com

America Saves Week 2014: 3 Steps to Take Charge of Your Financial Future

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