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Get ready to save money, reduce debt and build wealth over time, with a week of motivating information and resources during America Saves Week 2020. During this year’s event, SmartPath Webinar Series for UAB employees is offering a free bonus webinar, "5 Financial Resolutions," Feb. 27 at 1 p.m. Check this page each day during the week of Feb. 24-29 for daily blog posts, videos and more.

For more financial wellness resources for UAB employees, visit the UAB Financial Wellness Program online.

SATURDAY

Saturday, Feb. 29 | Save as a Family

The best way to teach great money habits to our children is to model great money habits. While most Americans know the importance of making sound financial decisions, many feel that money management wasn’t taught to them at a young age.

Watch the video to meet The Caldwell Family — a family determined to instill positive saving behaviors in their young children.


Additional Resources

  • America Saves Text Tips: America Saves Week is over but you can stay on track throughout your savings journey with text reminders, tips and support from America Saves. Just text AMERICASAVESTEXT to 877877 to sign up.

MONDAY

Monday, Feb. 24 | Save Automatically

The easiest and most effective way to save is to #SaveAutomatically. Having a “set it and forget it” approach to saving increases your success rate.

The two best ways to save automatically are:

  1. Split Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit, ask your HR representative for more details, and set this up today.
  2. Automatic Bank Transfer: Every payday, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.

Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest! Whether saving for an emergency fund, education expenses, retirement, or all things in between, by making saving automatic, our community is in the best possible position to reach any savings goal.


Additional Resources

TUESDAY

Tuesday, Feb. 25 | Save with a Plan

Having a savings goal is a significant first step, but savers who have a plan are 2xs more likely to save successfully. Developing an action plan for your savings goal allows you to identify how you’ll achieve your goal.

For example, instead of merely stating, “I’m going to save $500 for an emergency fund,” create a plan for your saving journey — “I’m going to save $500 for an emergency fund by saving $20 a week for 25 consecutive weeks.”


Additional Resources

  • Meet Sari Mazon, a Special Education teacher, wife, and mother, as she shares why it’s essential to save with a plan for her family: WATCH VIDEO

WEDNESDAY

Wednesday, Feb. 26 | Save for the Unexpected

Imagine that tomorrow you walk out to your car, and all four tires need to be replaced.

Or better yet, you wake up to the news that your favorite music artist is going on tour, and tickets go on sale right now!

During America Saves Week, focus on saving for the unexpected. If you have a savings account with at least $400 accessible, not only will the unexpected only be a minor inconvenience (or a mad dash to grab those concert tickets), but you will have more savings than approximately 60 percent of Americans.

Don’t have an emergency fund or looking to grow your emergency fund? Take the America Saves Pledge and commit to successfully building an emergency fund of just $500. Embrace the “Start Small and Save Big” mentality.


Additional Resources

THURSDAY

Thursday, Feb. 27 | Save to Retire

Preparing for retirement can easily be pushed into the “someday” category, as we focus on present needs and expenses. In fact, very few Americans have a plan for retirement savings that is adequate for their desired standard of living after they retire. During America Saves Week, Americans are encouraged to save today for tomorrow and discover just how much they need to save for their golden years.

No matter your age, saving for retirement requires having a plan outside of only contributing to your employer’s 401K plan.

Also consider creating an account on socialsecurity.gov/myaccount to see what your current estimated monthly benefits will be at the age you retire.


SmartPath Webinar

5 Financial Resolutions
Feb. 27, 1-2 p.m.

Generally, New Year’s resolutions focus on areas we want to improve like losing weight, paying off debt, spending more time with family. What about a more important resolution – to live intentionally. Come learn how to live intentionally, even when funds are tight on a budget. Click here to register.


Additional Resources

FRIDAY

Friday, Feb. 28 | Save by Reducing Debt

Are you currently working to pay down your debt? Well, guess what? You are saving!

When you actively reduce your debt, you save on interest. When you pay on time, you save on late fees and maintain your credit score – which will save money long-term.

Reducing debt should be acknowledged and celebrated as a form of saving and a component of your financial plan.


Additional Resources

  • "Think Like a Saver" Facebook Group: Celebrate your savings journey by joining a community of people on a similar savings journey. The Facebook group is hosted by America Saves. Once approved, be sure to answer today’s poll.


Take the America Saves Pledge