Saves Week 2022: Building Financial Resilience
February 21st - 25th, 2022
Join Cornell Cooperative Extension of Steuben County as we celebrate another America Saves Week, this year on February 21-25 with a theme of Building Financial Resilience. Over the past two years, we’ve all experienced some significant setbacks. Currently, most everyday Americans, particularly low-to-moderate income earners, are focused on recovering from the economic effects of the pandemic.
Being financially resilient is more than having access to money; it includes being conscious of your own financial landscape, being aware of available resources, and being willing to seek out and take advantage of opportunities that will support and increase your financial wellness.
Each day during America Saves Week we will concentrate on one of five critical areas of financial wellness. These five areas are:
Save Automatically | Monday, February 21, 2002
Save For The Unexpected | Tuesday, February 22, 2002
Save For Retirement | Wednesday, February 23, 2002
Save By Reducing Debt | Thursday, February 24, 2022
Save as a Family | Friday, February 25, 2022
“Saving is a habit, not a destination.” This is a core belief of America Saves, a simple message that we want everyone to embrace. On this day we’ll collectively encourage and share the following message:
●While having a savings goal is important, the most important, celebratory act is to make saving a habit.
●The easiest way to make saving a habit is through setting up automatic savings.
●How to set up automatic saving
Additional content, messaging, special events, and resources to support the “Save Automatically” theme will be available inside the #ASW2022 Digital Toolkit by mid-December.
Save Automatically: Pay yourself First and Watch Your Money Grow
For years we’ve been warned to save for the emergency that’s just around the corner. While the phrases “emergency savings” and “rainy day funds” are commonly used, both presume that emergencies are bad — and that’s not entirely true. On this day we’ll encourage individuals to instead shift from saving for emergencies to saving for opportunities! To do this we’ll elevate the following messages:
●“The unexpected” can be an emergency, but it can also be something fun and positive!
●Create an opportunity fund so that you don’t have to miss out on special moments, events, and things that mean a lot to you.
●Saving is cyclical. While you’re building savings, you will spend it! You can release any shame around dipping into your savings account when you’ve set up automatic savings.
Additional content, messaging, special events, and resources to support the “Save for the Unexpected” theme will be available inside the #ASW2022 Digital Toolkit by mid-December.
Save for the GOOD kind of unexpected
When listening to our Savers express why they
haven’t saved for retirement, a resounding consensus is that with all the
competing financial priorities they face in the present, it’s difficult to save
for the future.
To that we say, “Your future self will thank you.”
On this day we’ll candidly address:
●why saving for retirement is a present priority
●different options available for retirement savings
●how to accurately plan for retirement no matter your current stage of saving
Additional content, messaging, special events, and resources to support the “Save for Retirement” theme will be available inside the #ASW2022 Digital Toolkit by mid-December.
6 Steps to Jumpstart Your Retirement Journey
An important part of building financial
resilience is reducing the amount of debt you are carrying. As you pay down
debt there are natural benefits, including increasing your credit score, saving
money on interest and fees, and gaining more disposable or discretionary income
to allocate as you see fit.
On this day we’ll share strategies and tips that:
●give transparent insight on what contributes to your credit score
●show exactly how you save money when you reduce your debt
●allow you to leverage credit to set yourself up for major milestones, like purchasing a home
Additional content, messaging, special events, and resources to support the “Save by Reducing Debt” theme will be available inside the #ASW2022 Digital Toolkit by mid-December.
Your community has spent the last several days laying their own foundation to
become financially resilient. While this is just the beginning, one critical
component of creating a more financially stable economy is to ensure the young
people in our lives are equipped with the tools and building blocks of personal
Financial resilience cannot be achieved without information, resources, and discussion paired with action. On this day we’ll focus on the lessons to instill in our youth that lead to financially confident adults, including:
●thinking like a saver from a young age
●having age appropriate money conversations
●understanding the building blocks of financial stability (owning an account, utilizing direct deposit
Senior Energy Resource Educator
(845) 292-6180 Ext. 127
Last updated March 7, 2022