United Way/HOPE Coalition partners are spreading the savings message and encouraging the community to develop a savings habit.
America/Virginia Saves Week is a great opportunity to set a savings goal and make a plan to reach that goal. One of the best savings habits is an automatic monthly draft from a checking account into a savings account.
The first savings target should be an emergency fund equal to six months of living expenses. Savers should list all of their monthly income and expenses to determine what that amount would be. This list is an opportunity to take a close look at expenses to figure out how much can be added to this fund monthly.
With an automatic deposit into savings, people aren't as tempted to spend that money and the savings mount up quickily.
A good opportunity to jump start a savings plan is to set aside a postion of a tax refund in a savings account. Volunteers will be visiting the United Way VITA (Volunteer Income Tax Assistance sites in the community to encourage clients to set a savings goal and use part of their refund to start or add to their savings.
For more information on classes and other resources to help develop a savings habit, contact Lynn Ward, Financial Capability Coordinator, at email@example.com or at 276-403-5965.