Since 2007, the non-profit organization America Saves has put on an event each February called America Saves Week. It’s a time where people nationwide are encouraged to slow down, do a “financial gut check,” and get a clear view of their goals.
At Vested, we’re always on a mission to increase financial literacy, consumer intelligence, and financial access to everyone. So, we thought it’d be great to share all the ways America Saves Week is encouraging you to check-in with your finances this week.
The Story Behind This Year’s Theme
People all around the globe have experienced financial setbacks due to the coronavirus pandemic. And even today, low-to-moderate income earners are trying to recover from the economic effects.
This is exactly why America Saves made this year’s theme about “Building Financial Resilience.”
According to America Saves, “Being financially resilient is more than having access to money; it includes being conscious of your own financial landscape, being aware of available resources, and being willing to seek out and take advantage of opportunities that will support and increase your financial wellness.”
How You Can Build Financial Resilience This Week
America Saves Week lasts five days total, and each day is centered around one critical component of personal finance. (They call each of these components Daily Themes.)
Here’s an overview of the Daily Themes for 2022, along with America Save’s recommendations for how you can incorporate them into your life:
Day 1: Save Automatically
A core belief of America Saves is, “Saving is a habit, not a destination.” So, for Day 1, the organization encourages you to make savings a habit through automatic investing. This means setting up recurring contributions to your savings account, investment account, and retirement accounts so everything’s on autopilot. That way, you have one less thing to worry about every month.
Day 2: Save for the unexpected
When you hear a phrase like, “save for the unexpected,” you may automatically think of medical emergencies, blown out tires, and a busted AC unit. But for Day 2, America Saves encourages you to shift this mindset by also viewing “unexpected” events as surprises that could be fun.
They encourage you to use this day to set up an “opportunity fund” you can use to pay for special occasions and events you want to enjoy.
America Saves also encourages you to release the guilt around dipping into your savings when you need to. They say savings is cyclical, and there will inevitably be times when you need that money. That’s okay! That’s exactly what it’s there for.
Day 3: Save for retirement
When you have a lot of competing financial priorities, it’s easy to let saving for retirement slip to the wayside. After all, it could be decades away.
But on the third day of America Saves Week, you’re encouraged to invest in your future self. The organization encourages you to think of saving for retirement as a present priority and to make a plan to save for retirement no matter what stage of life you’re in right now.
Day 4: Save by reducing debt
Day 4 of America Saves Week is all about reducing the amount of debt you carry. There are so many benefits to paying off debt:
- It increases the amount of disposable and discretionary income you have each month.
- It increases your credit score.
- It saves you more money in interest and fees.
So, on this day, America Saves encourages you to review your credit score and make a plan for how you can save money by reducing your debt.
Day 5: Save as a family
The final day of America Saves Week ties everything together by focusing on younger generations. The idea is to use this day to think about ways you can give the youth in your life the building blocks they need to build financial resilience (whether it’s your own kids or the neighborhood kids down the street).
According to America Saves, financial resilience can’t be accomplished without information, discussion, and action. So, on this day, they encourage you to have age appropriate conversations with the kids in your life and help them understand what financial stability actually means.
Anasova: Another Way To Build Financial Reslience
We’re excited to announce that Vested Ventures recently invested in Anasova, a free financial planning platform that’s on a mission to reduce the stress and anxiety people experience around money.
The platform uses an AI-powered questionnaire to generate a clear action plan and personalized to-do list to help users get a handle on their money. And it’s all free and completely anonymous.
We’re happy to support Anasova as they continue to help everyday people build their financial resilience. Read more about their mission here.
