Are You Saving Enough?
By: Source: AARP.org Date Posted: 2007-03-02 16:11:33.050265-05:00
New State Initiative Provides Help to Increase Personal Savings
Saving for retirement, college tuition or even a rainy day can be daunting, but a new program aims to help Delawareans save smarter and to train volunteers as "wealth-building coaches." First State Saves—an offshoot of the national program America Saves—officially kicked off on March 15 by Jack Markell, Treasurer, Delaware Money School, and others who offered pointers on saving for the future.
Enrollment in First State Saves is free for anyone who is interested in trying to save for his or her future. Delawareans who enroll will receive help from volunteer wealth-building coaches, access to free or low-cost savings accounts, and access to resources to support ways to increase personal savings. Nearly 70,000 have joined America Saves nationwide.
Here are five quick savings tips from First State Saves that you can start today.
- Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40 percent of a $500 emergency fund.
- Substitute coffee for expensive coffee drinks. The $2 a day you could well save by buying a coffee rather than a cappucino or latte would allow you, over the course of a year, to completely fund a $500 emergency fund.
- Ask your physician to consider prescribing generic drugs. Generic drugs can cost several hundred dollars less to purchase annually than brand-name drugs.
- Shop around for gas. Comparing prices at different stations and using the lowest octane (recommended by the car owner's manual) can save you hundreds of dollars a year.
- Borrow books rather than purchasing them. Borrowing books and reading magazines at your local library, rather than purchasing reading material, can save you hundreds of dollars a year.
According to the U.S. Commerce Department, last year Americans not only spent everything they made, but actually dipped into their savings or increased borrowing to finance purchases. The negative 1 percent was the poorest showing since a negative 1.5 percent savings rate during the Great Depression in 1933.
The organizations working together in First State Saves include: AARP Delaware, Center for Economic Education & Entrepreneurship, Consumer Credit Counseling of Delaware Valley, Consumer Credit Counseling of Maryland and Delaware, Delaware Bankers Association, Delaware Community Reinvestment Action Council, Delaware Money School, First State Community Loan Fund, Metropolitan Wilmington Urban League, Nehemiah Gateway, Neighborworks, ShopRite, Office of the State Bank Commissioner, Office of the State Treasurer, Office of U.S. Senator Thomas R. Carper and Wachovia Bank.
For more information about Delaware's First State Saves program or how you can become a wealth building coach, please contact the Delaware Money School by calling (302)792-1200.
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