Easy As PIE

This America Saves Week: Take Your Financial Future into Your Own Hands

 

By Katie Bryan, America Saves Communications Director

America Saves Week, February 23 – 28, 2015, is the perfect time to review your finances, set your savings goals for the year, and set up a system that will allow you to save automatically. That’s why the America Saves Week theme is - Set a Goal. Make a Plan. Save Automatically.

Did you know that only half of Americans report having good savings habits? Even if you are already saving, it’s good to take a look at your greater financial picture and decide whether there’s potential to save more or set a new savings goal. Join thousands of others who are pledging to pay down debt, save money, and take financial action during America Saves Week.

Not sure what to save for or what to save for next? Here are the most popular saving goals of those who have pledged to save through America Saves:

• Save for Emergencies – Research has shown that low-income families with at least $500 in an emergency fund are better off financially than moderate-income families with less than this amount. Nearly a quarter of savers who have taken the America Saves pledge have chosen “emergency savings” as their first wealth-building goal. Learn more.

• Save for Retirement – Retirement savings is a top priority for many savers. Saving for retirement now will ensure that you have enough money to maintain a comfortable standard of living when you stop or reduce the amount of hours you work. Learn more.

• Save for Education –Saving for education is the second most popular goal savers select when they pledge to save with America Saves. There are many different things to factor in when saving and paying for college. Learn More.

• Pay Down Debt –Getting out of debt is the #3 goal savers select when they pledge to save. The good news is that there is hope. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth. Learn more.

• Save for a Home –For decades, home ownership has been the main path to wealth for most Americans. Today, home equity – the market value of a home minus the balance on any home loans – represents more than four-fifths of the typical family's wealth. Learn More.

Not sure how to save for your goals? Here are some saving strategies to help:

Save Automatically –The easiest and most effective way to save is automatically. This is how millions of Americans save at their bank or credit union, and how millions of employees save through 401(k) and other retirement programs at work. Learn More.

Save at Tax Time – Do you spend weeks eagerly anticipating your tax refund? When the money finally comes in, is it gone tomorrow? Many people view tax refunds as unplanned bonuses. They see the money as a gift from the government, to use for splurges or treats. But a tax refund provides the opportunity to improve your financial situation.  Learn more.

 Take the America Saves Pledge, or re-pledge, today to set your savings goal and make a plan to save. When you take the Pledge, you can also choose to receive text message tips and reminders to help you save for your goal. And don’t forget to follow America Saves on Facebook or Twitter.

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

The Personal Investment Enterprise Program, a partnership between Foothills United Way and Boulder County Community Action Programs, provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit bouldercountypie.org.  The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County.  Nino may be reached at 303-441-3998 or at [email protected].

5 Simple Steps to Save Successfully this America Saves Week

By Tammy Greynolds, America Saves Communications Coordinator 

 

 

America Saves Week (February 23 – 28, 2015) is an annual opportunity for individuals to assess their savings and take financial action. America Saves’ mantra – and the focus for America Saves Week – is simple: Set a Goal. Make a Plan. Save Automatically. When you know what your current financial picture looks like, you can be more proactive in setting yourself up for future success.

Try these five simple steps during America Saves Week to help yourself save successfully:

1. Assess Your Savings

Like your health, you should assess your savings annually to make sure you’re savings priorities are on the right track. Complete this simple 12 question assessment to find out your current standing and help you plan for the future.

2. Evaluate Your Saving Preparedness

Check off your savings accomplishments on the Saver Checklist to further evaluate where your savings habits need strengthening for your future goals.

3. Take the America Saves Pledge

Those with a savings plan are two times as likely to save for emergencies and retirement than those without one. Join the nearly 400,000 American Savers who have already committed to save. When you make the pledge, you can choose to receive text message tips and reminders to help you save towards your goals.

4. Share Your Savings Goal

Take part in the 2015 #imsavingfor Photo Contest. Share a selfie that shows what you’re saving for on Facebook, Twitter, or Instagram, and enter the contest at http://www.americasavesweek.org/for-individuals/imsavingfor-contest for a chance to win $500. Savings never looked so good.

5. Make Your Savings Social

Are you on Twitter or Facebook? Join America Saves in encouraging your friends, family, and colleagues to save this week. Better yet, join one of the five – yes, five! – Twitter chats that America Saves will be a part of this week to get real-time savings tips and advice. 

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

The Personal Investment Enterprise Program, a partnership between Foothills United Way and Boulder County Community Action Programs, provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit bouldercountypie.org.  The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County.  Nino may be reached at 303-441-3998 or at [email protected].

 

 

Make Your Tax Refund Work For You

It’s easy for us to think of this year’s tax refund as free money coming to us courtesy of Uncle Sam. However, the truth of the matter is that the check you receive is a return of your own hard earned money. And since you’re going to get your own money back, why not use it to get ahead of your financial goals?

In 2014, sixty-nine percent of those polled by American Consumer Credit Counseling indicated that they had used their tax refund to pay down debt and get ahead on monthly expenses, including rent, utilities, and car payments. In 2013, twenty-six percent indicated they would put their refund into savings, while forty-five percent said they would use it to pay down credit card debt. The National Retail Federation saw that forty-six percent of its 2014 survey respondents intended to cushion their emergency savings with their returns, with nearly six in 10 young adults between 18 and 24 putting their refunds into savings.                                                                                                                             

 

The results of these surveys are indicative of a growing, budget-friendly and money-savvy trend: Americans are opting out of tax-time splurging and are focusing on getting ahead. Here are a few easy ways to get yourself set up for success as tax season approaches:

 

•  Take advantage of a Volunteer Income Tax Preparation Program. VITA programs offer free tax help to those who generally make $53,000 or less, persons with disabilities, the elderly, and limited English speakers. Qualified individuals can receive basic income tax return preparation assistance from IRS-certified volunteers. Also see below for free tax return sites in Boulder and Broomfield counties.
• Use Form 8888 to split your refund.  Why rack up more debt on your credit card in an emergency when you can set aside savings to cover it interest-free? The IRS provides taxpayers with multiple avenues to receive and save their refunds. Take advantage of direct deposit to your checking account to pay off debts and automatically deposit a portion of your refund to your savings account. Families participating in the Personal Investment Enterprise (PIE) Program can use this refund to make a lump deposit up to $500 in order to reach their savings goal.
• Need more inspiration to save? Enter to win with SaveYourRefund. SaveYourRefund has 101 cash prizes, including 100 weekly prizes of $100 and one grand prize of $25,000.
• Take the America Saves Pledge to make a commitment to yourself to save. Get emails to keep yourself motivated and/or sign up for text message reminders to get tips and advice about your savings goals.

  We know that making smart financial decisions isn’t always easy. So whether you’re just starting to look at ways to get ahead in 2015 or are already planning to put your refund towards your goals, remember that your tax refund doesn’t have to go to one place. When you get your hard earned money back, put a piece of it towards paying down debts AND save some for a rainy day. It really is that easy.

  Tammy Greynolds works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at americasaves.org                                                                                                                                                                            The Personal Investment Enterprise Program, a partnership between Foothills United Way and Boulder County Community Action Programs, provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit bouldercountypie.org.  The first step in applying to the           program is to attend an orientation meeting with Nino Gallo at Community Action Programs at     Boulder County.  Nino may be reached at 303-441-3998 or at [email protected].

Free Tax Return Sites in Boulder and Broomfield Counties

 

1.  SVVCU Longmont- 2050 Terry Street #101, Longmont, CO  80501    Tax preparation done free for low income families and individuals. Open from 1/31/15 – 4/18/15, Wed. 6 p.m. – 8:30 p.m.; Thurs. 6 p.m. – 8:30 p.m.; Sat. 8:30 a.m. – 1 p.m.  Appointment not required.  Languages: English

2. AARP Boulder West Senior Center – 909 Arapahoe Avenue, Boulder, CO 80302  Priority is given to senior citizens (50 yrs and older) and disabled persons. Open from 2/3/15 – 4/14/15, Tues., Thurs. 8:30-12 p.m.  By appointment.  Languages: English/Spanish  Phone number: 303-441-3148

3. AARP Lafayette Library – 775 W. Baseline Road, Lafayette, CO  80026 Priority is given to senior citizens (50 yrs and older) and disabled persons. This site is open 2/3/15 – 4/14/15, Tues. 1 – 4 p.m.  By appointment.  Phone number: 303-665-5200 X3859

 4. AARP Longmont Senior Center – 910 Longs Peak Avenue, Longmont, CO. 80501  Priority is given to senior citizens (50 yrs and older) and disabled persons. This site is open 2/3/15 – 4/9/15, Tues., Thurs. 9 – 1 p.m. By appointment. Languages: English/Spanish  Phone Number: 303-774-4429

 5. AARP Louisville Recreation Center – 900 Via Appia Way, Louisville, CO  80027  Priority is given to senior citizens (50 yrs and older) and disabled persons. This site is open 2/3/15 – 4/14/15, Tues., Fri. 1-3 p.m.  By appointment at 1p.m., 2 p.m. and 3 p.m.

Also, in Erie at Erie Library on Wednesdays Feb. 26th, Mar. 5th and Mar. 12^th. Phone number:  303-666-7400

 6. University of Colorado at Boulder – 995 Regent Drive, Boulder, CO 80309  This site is open from 1/31/15 – 4/04/15 on the following days: Wed. 5 p.m. – 7 p.m., Sat. 9-12:30 p.m.  Appointment not required.  Languages: English/Spanish

 7. AARP Broomfield Senior Center - 280 Lamar Street, Broomfield, CO  80020  This site is open from 2/6/15 – 4/10/15, Fri. 9:30-2:30.  By appointment.  Languages: English  Phone number:  303-464-5526

Helpful Documents:

Download EIC and CTC 2014

Download EITC Fast Facts 2014

Download 201412_cfpb_tax-time-advance-checklist

Download Make the most of your tax refund

Download Saving with direct deposit or savings bonds

 

Other Resources:

Saving at Tax Time Blog

Tax Time Savings Bonds

Tips on Saving with Your Refund

Be Money Wise At Tax Time

Tax Season Scams

Healthy Uses for Your Refund

Saving at Tax Time