my529 supports America Saves Week

In 2022, Americans experienced the largest surge in inflation in 40 years. The Federal Reserve tried to chase down inflation by increasing interest rates, which boosted the cost of borrowing.

In the face of such economic turmoil, America Saves, a nonprofit group, is encouraging Americans: Save more and pay down debt.

America Saves raises this call to action every year during America Saves Week. This year, the organization will address one savings topic each day of the week during February 27 to March 3.

America Saves is a nonprofit 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 Week is a joint initiative supported by over 1,500 banks, credit unions, nonprofits and other institutions, including my529, the FDIC and the Social Security Administration.

Find out more at my529.org/utsaves and americasavesweek.org.

Monday, February 27 | Saving Automatically

The American personal savings rate is at its lowest level since the U.S. financial crisis in 2008, at 6.0% of disposable income, according to the U.S. Bureau of Labor Statistics. One way to create savings it to set up automatic deposits to your savings or credit union account. This way you are saving on a regular basis without having to actively manage the habit.

Tuesday, February 28 | Saving for the Unexpected

In addition to saving for emergencies, America Saves also encourages saving for opportunities that may arise. With a separate account for the unexpected, you will not have to dip into longer-term savings.

Wednesday, March 1 | Saving for Major Milestones

While navigating the present, you also have the need to save for long-term goals like higher education. On this day, America Saves focuses on how to establish goals and how much you will have to save for the future.

Thursday, March 2 | Paying Down Debt is Saving

As of September 2022, consumer debt was at $16.5 trillion, according to Bankrate.com. Explore strategies of paying down debt and learn how eliminating debt is synonymous with saving on interest payments, late fees and increasing your credit score.

Friday, March 3 | Saving at Any Age

You’re never too young to start saving. On this day, America Saves focuses on building a lifelong savings habit with messages on how to introduce children to savings.