Bank Encourages Consumers to Participate in America Saves Week

Consumers with a savings plan to build their emergency fund showed 35 percent more progress than those without a plan.

Washington Financial in Canonsburg is encouraging consumers to save more during America Saves Week— Feb. 25 - March 2, 2013.

America Saves Week is a nationwide movement coordinated by America
Saves and the America Savings Education Council to encourage consumers to set a savings goal and make a plan.

Setting aside time to identify ways to save more is the first step toward your goal and can dramatically improve your saving progress. For instance, consumers with a savings plan to build their emergency fund showed 35 percent more progress than those without a plan. So developing a savings plan can have a significant impact on your saving progress.

When developing a savings plan, consider tracking your spending to find places you can cut back and setting up an automatic transfer into your savings account. By tracking your spending, you’ll have a better understanding of where your money goes each month, and you will be able to develop a plan to reduce unnecessary expenses like dinning out or entertainment, which can add up overtime.

“Washington Financial offers a free, money management tool in online banking to help customers track their spending,” said Michelle Thompson, assistant vice president and senior marketing associate. “This tool even lets customers see
accounts at other banks so they have a complete view of their financial picture—all with a single login.”

One of the most convenient and effective ways to boost your savings is to save automatically, bank officials said.

Once you know how much to set aside each month, you can direct deposit part of your paycheck or setup an automatic transfer.

“Customers can login to online banking and set up automatic transfers into their savings weekly, biweekly or monthly,” Thompson said. “So they can save money without thinking about it or making an extra trip to the bank.”


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