By Tammy Bruzon, America Saves Digital Engagement Strategist
What does “saving the extra” mean to you? Whether it is putting change in a piggy bank or moving everything not in the budget into savings, those three little words can mean big money down the road. This America Saves Week, try one (or all) of these three ways to save the extra:
- Add a savings line to your budget.Rent, utilities, internet. Every important piece of your financial picture gets a designated spot in your budget each month, so why not your savings? We don’t always consider our savings goals a priority in our short term savings and spending plan, but it ought to be. Prioritize your goals by adding a “savings” line with an affordable amount to your budget; pay yourself with each paycheck.
- Stow away the windfall.Did you receive notice of a raise for 2018? Maybe you have a bonus coming your way for a job well done. Whatever the bounty may be, allocate any unexpected funds to your savings goals. You won’t miss the percentage raise you receive when you divert it into your savings account. You weren’t expecting that bonus; tuck it away for a rainy day.
- Split and save your refund.It’s a universal truth: saving at tax time can be a big step toward meeting your savings goals. This tax season, opt to split a portion of your tax refund into your savings account. For many of us, the tax refund is the largest check we will receive all year, which provides the perfect opportunity to start or grow your savings goal.
Bonus! The SaveYourRefund promotion is sweetening the deal by giving you a chance to win one of 102 prizes up to $10,000 just for saving a portion of your tax refund using IRS Form 8888 and sharing your savings goal*. But you can’t enter to win unless you save. Make a commitment to yourself today!
Saving the extra is an easy and quick way to jumpstart your savings. As America Saves Week comes to an end, identify the ways that you and your household can save the extra and add a little boost to your bank account. You can also participate in the #ImSavingForSweepstakes by sharing your savings goal, tip or story.
To win $500:
- Take the America Saves Pledge, tell America Saves what you’re saving for, and make a simple savings plan to reach your goal.
To win $750:
- Take the America Saves Pledge, tell America Saves what you’re saving for, and make a simple savings plan to reach your goal; AND,
- Share your tip, story, video or photo featuring your savings goal and that answers at least one of these questions: What are you saving for? What is your savings story and how can it help other people? What is your favorite savings tip or trick?
- Post it on Facebook, Instagram, or Twitter with the hashtag #ImSavingForSweepstakes.
Get creative!
- Keep it simple by taking a video or picture in front of the item you’re saving for – like a new car or house.
- Use a video or photo editing tool to put yourself in the frame with your goal – like a trip to the Grand Canyon or Mount Rushmore.
- Use an app to add a caption or some character to your submission.
No Purchase Necessary. Sweepstakes starts 2/20/19 and ends 4/30/19. See Official Rules: http://bit.ly/2F4C8b1
*NO PURCHASE NECESSARY. Open to legal residents of the 50 United States and DC with a valid taxpayer ID number who are 18 years or older at time of entry and due a 2018 individual tax refund. Begins 12:01 am ET 1/21/19 and ends 11:59 pm ET 4/15/19. For how to enter and Official Rules, including odds, alternate method of entry, and prize descriptions, visit www.saveyourrefund.com/rules. Void where prohibited. Sponsor: Build Commonwealth, Inc.
ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM
The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. 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]. For more information on the PIE program visit http://www.bouldercounty.org/family/financial/pages/pie.aspx. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.
