Save by Reducing Debt
It’s America Saves Week! Each year we encourage our community to dedicate this week to pause and do a financial check-in, and this year is no different.
Chances are that you or someone you love has experienced a loss of income since the onset of Covid-19 in America— so what better time to take this week to get a clear view of your finances, set your financial goals, and make a plan to achieve them?
WHEN YOU PAY DOWN YOUR DEBT, YOU’RE SAVING! See the video.
By actively reducing your debt, you are saving on interest. When you pay on time, you save on late fees and maintain your credit score— saving money long-term.
With so many Americans being affected financially by the pandemic, actively paying down your debt may not be a priority, and that’s okay. Be sure that you talk to your creditors and take advantage of any repayment options or arrangements that allow you to keep your credit score intact and avoid additional interest and late payment fees.
Check out today’s blog, “Paying Down Debt Is Saving,” for tips, resources, and tools that help you get a clear view of your finances and decide how to best approach reducing your debt and expenses.
We encourage you to join a community of people on a similar savings journey. The #ThinkLikeASaver Facebook Group is hosted by America Saves and is a great place to get ongoing support and interact with like-minded people committed to saving effectively.
Three more actions you can take as part of America Saves Week:
- Take the America Saves Pledge to get support and accountability as you reach your savings goal.
- Enter the #ImSavingFor Sweepstakes for a chance to win up a $500 cash prize.
- Join us for the #ThinkLikeASaver: Listen to the Tackling Debt Town Hall on the America Saves Facebook page.
Other America Saves Week Resources:
- Best ways to save automatically Blog See what you can save in a year
- Learn about setting up an emergency fund
- Save for Retirement
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 Maciel Leon at Community Action Programs at Boulder County. Maciel may be reached at 303-441-3972 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.