SafeAmerica Credit Union

Review your financial goals

• By Kevin Alvarez

America Saves Week – Save for the Unexpected

The Coronavirus pandemic has made saving a priority for most Americans, especially those most vulnerable with low to moderate earnings. In fact, a recent study by Edelman Financial Engines, in conjunction with America Saves and the Bipartisan Policy Center, found that:

  • 40% of working Americans report they had difficulty paying for a personal expense in 2020.
  • 1 in 3 working Americans say they would run out of savings on hand in 1 month or less if their income suddenly stopped.
  • Nearly 1 in 2 working Americans (45%) would have difficulty paying for a $400 emergency expense, meaning they say they would not cover it with savings or put it on their credit card and pay it off at the next statement; 11% say they would be unable to come up with the money.

While saving provides us with a much-needed financial cushion, it also helps ease the emotional burden of worrying about what’s around the corner.

Save for Opportunities

Day Two of America Saves Week encourages us to save for the unexpected. While saving for emergencies is always a much discussed topic in personal finances, here’s something that’s not as widely discussed: saving for opportunities.

If you are in the position to save, you’re not only saving for an unexpected car repair, medical bill, or appliance breaking down — you’re also saving for the last minute dinner invite with friends and family, the concert for your favorite artist, or the ability to grab a birthday gift for your child’s classmate.

Today we want you to consider reframing saving for the “dreaded emergency,” and recognize that you’re also saving for fun and positive opportunities! Doesn’t it feel better to contribute to an OPPORTUNITY FUND vs. an EMERGENCY FUND?

If you haven’t, we encourage you to take the America Saves Pledge. After making your new savings plan, you’ll receive support, reminders, and tips from America Saves that will help keep you on track towards achieving your goal.

Make the Pledge

By accessing this link, you will be leaving SafeAmerica's website and entering a website hosted by another party.

Although SafeAmerica has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the bank's website. The other party is solely responsible for the content of its website.

We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the bank.

Continue

• By Kevin Alvarez

America Saves Week – Building Financial Resilience – February 21 – 25, 2022

Join us for America Saves Week from February 21st to the 25th as we share tools and resources that inspire members and their families to save successfully and achieve better financial stability. Each day during America Saves Week focuses on a new theme regarding Building Financial Resilience and provides you with tips and tools to help you accomplish your financial goals. Be sure to follow us on social media to view new tips each day.

America Saves Week Daily Themes:

  • Monday, February 21, 2022 | Save Automatically
  • Tuesday, February 22, 2022 | Save For The Unexpected
  • Wednesday, February 23, 2022 | Save To Retire
  • Thursday, February 24, 2022 | Save By Reducing Debt
  •  Friday, February 24, 2022 | Save As A Family

Why You Should Participate in America Saves Week

By participating in America Saves Week, we can help you navigate through different areas of your finances that better position you for success. By the end of the week, you’ll learn about short term and long term savings goals (such as emergency funds and retirement), the best strategies for saving successfully (making a plan and saving automatically), and how to have healthy conversations and instill positive financial behaviors with your family.

About America Saves

America Saves is a non-profit organization that uses principles of behavioral economics and social marketing to motivate, encourage and support everyday Americans to save money, reduce debt, build wealth and create better financial habits. America Saves is an initiative of the Consumer Federation of America (CFA), a non-profit, pro-consumer organization of over 270 consumer education, advocacy, and cooperative members dedicated to advancing consumer interest.

America Saves encourages individuals and families to take the America Saves pledge, a tool that empowers you to commit to save successfully with a plan. Thousands of non-profit, government, and corporate organizations partner with America Saves through local, regional, statewide, and national campaigns both year-round and during America Saves Week. Learn more about America Saves Week.

Take The Pledge

Those with a savings plan are twice as likely to save successfully. Taking the America Saves Pledge is a pledge to yourself to start a savings journey and America Saves is here to encourage you along the way.  Take the first step toward creating a better financial future. Make a plan, set a goal, and pledge to yourself to start saving, today. Complete the Pledge and America Saves will send you short email and text reminders, resources and tips to keep you on track towards your savings goal. Become part of an entire community of savers. Get started now!

Take the Pledge

By accessing this link, you will be leaving SafeAmerica's website and entering a website hosted by another party.

Although SafeAmerica has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the bank's website. The other party is solely responsible for the content of its website.

We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the bank.

Continue

Learn about our savings accounts

• By Kevin Alvarez

Get Your End-of-Year Financial Health Checkup

As the eagerly awaited holiday season gets underway, the end of the year is a great time to get a financial health checkup to make sure finances are on track.

With regular checkups, you can fix small problems before they become big issues.

This year-end keeping financially healthy is especially important due to many economic uncertainties related to inflation, inventory shortages, as well as the expiration of COVID relief programs put in place more than a year ago to help people manage through the pandemic.

Your Financial Health Checkup

Like a physical health checkup, a financial checkup examines your vital signs to be sure all is well when it comes to you financial health and wellness.

Do you have an emergency savings? How do your credit card balances look? Are you tracking monthly income and expenses? What does your credit score and history look like? These are a few of the vitals reviewed during an end-of-year financial checkup.

From an overall budget review to managing credit card debt, the caring, NFCC-certified counselors at GreenPath Financial Wellness will conduct a full review of your current financial fitness and provide recommended next steps for improving your financial health.

A financial checkup guides you to:

  1. Review Your Financial Goals: Has there been a significant life change this past year? A change in jobs, a marriage, divorce, home purchase or other big change can affect your overall financial picture. A check up is a good time to assess whether your current financial goals sync up with your overall situation.
  2. Understand Options to Move Forward after Relief Programs Expire: Loans that were deferred as part of COVID-related relief program need your attention. Deferments provided borrowers with a little breathing room, but now that the temporary pause in payments has expired, a checkup is a good opportunity to understand options, and take a closer look at not only any loans that were on pause, but also your entire financial picture.
  3. Manage Income and Expenses: One of the best ways to cope with inflation is to take the time to prioritize monthly spending. A spending plan helps to ensure that what you spend doesn't exceed what you make each month as prices rise. A financial checkup gives you a better understanding of your income and expenses. It can also be a time to set a spending plan to keep your finances on track and start saving for future goals.
  4. Pay Down Debt: A checkup is a good time to explore options to help you pay down credit card debt as well as options for managing other debts that may be on the horizon - such as expiring forbearances on mortgages or student loan payments.
  5. Assess Your Credit: Are you looking to take out a mortgage or make another large purchase in the New Year? A checkup is a great time to review your credi treport to see where you stand, and get tips to improve your score moving forward.

Your Checkup Starts Here

Your financial fitness is key to a healthy New Year. GreenPath's caring, certified counselors are committed to easing financial stress and worry through access to clear information.

For more information about financial wellness, visit our partner at GreenPath Financial Wellness.

Greenpath Financial Wellness