how to celebrate America Saves Week 2024
BlueOx is proud to be a participating organization in America Saves Week 2024! Since 2007, America Saves Week has been an annual celebration and call to action for everyday Americans to get a clear view of their finances and commit to saving successfully!
Ready to get your savings plan started? Check out our blog for a breakdown of the 2024 financial themes - including various tips and resources to help you set your savings goals!
saving automatically
Looking for an easy and effective way to save? Setting up automatic savings is the perfect method! There are two simple ways you can begin saving automatically, including:
- Direct Deposit – Ask your employer to allocate a portion of your paycheck into your savings account each pay period.
- Recurring Account Transfers – Contact your financial institution and set up recurring automatic transfers from your checking to your savings account.
Remember, it doesn’t have to be a hefty sum for each deposit or transfer to be effective. According to financial experts, saving automatically is critical to successful saving – despite the amount.
Once you commit to saving regularly, you’ll feel more financially confident and in control of your saving habits. And the best part is, you don’t have to do anything besides sit back and watch your savings account grow!
BlueOx resources to help get you started
- Debit Card Round-Up is an excellent tool for saving automatically! With this service, purchases made with your debit card are rounded up to the next dollar in your checking account, and the change is deposited into your savings account. Stop by any of our branches or call a Member Service Advisor at (800) 648-8035 to get signed up.
- At BlueOx, we offer Direct Deposit, where distributions can be set up to multiple accounts - including your savings account. All you need is the routing number, BlueOx account numbers, and a Direct Deposit form from your employer to get started!
saving for the unexpected
Car repairs, house damage, hospital bills – there are endless unexpected expenses where having an emergency fund would be beneficial! However, building an emergency fund can seem challenging and intimidating for those who struggle to save.
Fortunately, there are many strategies and tips available to help you get an emergency fund started, such as:
- Set a realistic savings goal. Use budgeting worksheets to help you understand your finances and how much you can save each month.
- As we mentioned before, setting up automatic savings is an easy way to save consistently. Talk to your employer or financial institution to help you get started.
- Read the following blog: 6 Steps to Establishing a Spending and Savings Plan, for all the information you’ll need to develop your financial plan.
BlueOx resources to help get you started
- Check out our blog, Budgeting 101, for helpful tips on determining your financial goals and creating an emergency fund.
- With a $5 minimum balance and no monthly service charges, our Regular Savings Account and eXclusive Savings Account are the perfect way to start building your emergency fund!
saving for major milestones
Major milestones are just as necessary to save for as short-term financial goals and unexpected emergencies. However, it’s easy to lose focus on these goals because they’re not part of your daily expenses and tend to require a large amount of savings.
To start, write out your S.M.A.R.T. financial goals and research how they can be achieved. For example, if you want to purchase a home within the next 5 years, start considering your financing options now. How much will you need for a down payment? What type of loan will you benefit most from? Digging into your finances is essential for developing a long-term savings plan.
For more information, check out this podcast from America Saves: Saving for Major Life Milestones.
BlueOx resources to help get you started
- Investment opportunities, such as Certificates of Deposit and Money Markets. Members can take advantage of competitive dividend rates, flexible terms, and a wide variety of available specials.
- Members may open Special Savings Accounts for budgeting purposes or to save for special purchases such as a vacation, wedding, or college education.
paying down debt is saving
Whether for student loans, credit cards, or auto loans – paying off your debt benefits your financial health! Although it can be nerve-wracking to pause or scale back on your savings to focus on paying down debt, try not to let this discourage you. Because the truth is - reducing debt is a form of saving! As you pay off your debt, you’ll have more funds available to use elsewhere – including allocating to your savings accounts.
Are you looking to pay off multiple debts? There are two strategies you might find useful to help you get organized – the snowball method and the avalanche method:
BlueOx resources to help get you started
- We’ve partnered with GreenPath Financial Wellness – a debt management service that offers free one-on-one financial counseling and financial education tools.
- Read our blog - how to stop living paycheck-to-paycheck – for debt management tips and budgeting techniques.
saving at any age
Today’s youth are never too young to start learning good financial habits! In fact, research shows that many children’s money habits are formed by the age of seven. Because of this, financial education should be introduced at an early age – including the concept of saving!
Staying motivated to save money can take time and effort, regardless of age. It’s much easier to focus on what we want in the moment rather than what we need to save for. This week, take some time to think about your future self and financial goals. According to the America Saves blog, this helpful exercise can be done at any age – even with children. Some questions to get you started could be:
- Where does your future self live?
- What does a typical day look like for your future self?
- What hobbies does your future self enjoy?
Statistically, someone is 1.4 times more likely to accomplish a goal if they can visualize it. It's also much easier to stay focused on your goals if you're reminded of them often. So, continue to look back on your answers and use them as your saving motivation. If you want a more artistic approach to this method, try crafting a savings vision board instead!
BlueOx resources to help get you started
- Our Bright Beginnings Youth Banking program is packed with everything our youngest members need to become successful money managers, including free online banking, youth certificates of deposit, and a monthly eNewsletter.
- Free access to Zogo, an award-winning mobile app that makes financial education fun and rewarding for all!
take the America Saves Pledge now!
So, what's your savings goal?? Whether it's for an emergency fund, retirement, or to pay off debt - make a commitment to yourself today and start creating a simple savings plan that works!
Once you've completed your pledge, America Saves will send you short email and text reminders, resources, and tips to keep you on track toward your savings goal.
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