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Stay Here Leave SiteAmerica Saves Week is a widely recognized national campaign where thousands of organizations join together to collectively encourage their communities to focus on their individual financial wellness.
Dover Federal is participating this year and over the course of a week, starting April 8th, we will cover money-related topics from a relatable, down-to-earth, positive perspective. If you plan on participating you can expect to end the week with tools, resources, and clarity on your current financial situation, new savings goals, and a realistic plan to achieve them.
Monday, April 8, 2024
Save Automatically
Check out this blog post to learn how to get started!
Chances are that you or someone you love has experienced a loss of income since the onset of Covid-19 in America— so what better time to take this week to get a clear view of your finances, set your financial goals, and make a plan to achieve them?
We kick off Day One of America Saves Week by focusing on the easiest and most effective way to save— to SAVE AUTOMATICALLY.
How do you save automatically?
The two best ways to save automatically are:
- Splitting Your Direct Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit program. Contact your HR representative for more details, and set this up today. No amount is too small!
- Setting Up An Automatic Bank Transfer: At a chosen time, Dover Federal can transfer a fixed amount from your checking account to a savings or investment account. Give us a call to set this up or do it yourself now in Online or Mobile Banking by setting up Scheduled Transfers.
Having a “set it and forget it” approach to saving increases your success rate.
Remember, savings is a HABIT, not a destination. When starting your savings journey, getting into the habit of saving is so important. Start small and THINK BIG. Even if your savings goal is $10 a week until you accumulate your first $500 in your emergency fund, you’ll be better prepared for those pesky unexpected emergencies and can simply pay it with your cash savings!
Tuesday, April 9, 2024
Saving for the Unexpected
Check out today's blog @ America Saves
Day Two of America Saves Week has us preparing for something that we should all actually expect: To have an “unexpected” financial emergency.
Today, for Save for the Unexpected Day of America Saves Week, we’ll check in with ourselves to ensure that we are building an emergency fund.
Yesterday we mentioned that saving is a habit, not a destination. The best place to put that into practice is when you are building an emergency fund.
Read: 38 Reasons To Have At Least A $500 Emergency Fund
For decades financial gurus have told us that we need to have 3 to 6 months of expenses saved to be financially secure.
While the more you can have socked away for a rainy day, the better, for most Americans, saving that amount is overwhelming and scary. But, when you focus on building your HABIT of saving and start with a small goal of just $500, that seems much more attainable. Then, once you achieve that milestone, you can confidently keep going!
Before you know it, saving has become a lifestyle. You’re saving automatically and building your rainy day fund!
Wednesday, April 10, 2024
Saving for Major Milestones
Read today's blog @ America Saves
Major milestones are not just markers of time; they are achievements that often require financial planning. Saving for these events ensures you can enjoy them fully, without financial stress overshadowing the celebration.
How to Approach Milestone Savings:
Identify Your Goals: What are the big moments you anticipate in your life? Whether it’s a graduation, a new vehicle, or a retirement party, recognizing these events gives you a target to aim for.
Create a Plan: Assign a timeline and budget to each milestone. This could mean setting aside money each month for a down payment on a house or investing in a college fund for your children.
Automate Your Savings: Make your savings effort seamless by setting up automatic transfers to a designated savings account. This way, you’re consistently building towards your goals without having to think about it.
Remember, the journey of saving is just as important as the destination. By starting small and thinking big, you’re laying down the groundwork for a future where every major milestone is not just a dream, but a reality.
Thursday, April 11, 2024
Paying Down Debt is Saving
See today's blog @ America Saves
It’s Day Four of America Saves Week, and here’s the ONE take away you need to know as you consider today’s focus, “Save by Reducing Debt”:
WHEN YOU PAY DOWN YOUR DEBT, YOU’RE SAVING!
By actively reducing your debt, you are saving on interest. When you pay on time, you save on late fees and maintain your credit score— saving money long-term.
With so many Americans being affected financially by the pandemic, actively paying down your debt may not be a priority, and that’s okay. Be sure that you talk to your creditors and take advantage of any repayment options or arrangements that allow you to keep your credit score intact and avoid additional interest and late payment fees.
Check out today’s blog, “Paying Down Debt Is Saving,” for tips, resources, and tools that help you get a clear view of your finances and decide how to best approach reducing your debt and expenses.
Friday, April 12, 2024
Saving at Any Age
Read today's blog @ America Saves
No matter your age, it’s never too early or too late to start saving. Each stage of life presents unique opportunities and challenges for managing and growing your finances. At America Saves, we believe that saving is a habit that can be nurtured from childhood into retirement.
As we round out America Saves Week, we want you to know that its important to keeping saving as a priority no matter what your age is.
Saving is a lifelong journey that adapts to your changing needs and goals. By embracing the habit of saving at any age, you’re taking a powerful step towards financial independence and security.
Join the America Saves community and start paving your path to a secure financial future today.
7 Steps To Start Your Savings Journey
Commit to Establishing Emergency Savings
Unexpected emergencies often sabotage our financial goals, so getting in a savings mindset and
building aan emergency fund is crucial. Start small and think big by setting a goal of a $500 rainy day fund. Once you’ve reached that goal, it will be easy to continue!
Take The America Saves Pledge
Now that you’re committed to saving, it’s time to consider how you’ll achieve it. The America Saves
Pledge is a tool that helps you make a simple plan to meet your savings goal while offering you
long-term accountability and support along the way.
Open Your Savings Account
If you don’t have a savings account, now’s the time! Ensure your savings account is federally insured
with a reputable financial institution with no fees (or low fees).
Set up Automatic Savings
The easiest way to save is to save automatically! Contact your employer to set up a direct deposit into your savings account each pay period or set up an automatic transfer from your checking account to your savings account at your financial institution.
Get Serious About Reducing Your Debt
When you reduce your debt, you save on interest and fees while maintaining or improving your credit score! Create a debt reduction plan that works best for you. Utilize America Saves resources to see the different options to pay down debt.
Get Clear On Your Finances
Create a Spending and Savings Plan that allows you to easily see your income, expenses, and anything leftover. Once you have a clear view of your finances, you can determine where to make changes and what else you should be saving for based on your financial goals.
Repledge for Accountability & Support
Once you’ve determined what other short-term and long-term savings goals you have, take the
America Saves pledge for a new category to continue the receive tips, support, reminders, and tools to help you achieve your new savings goals.
Take the America Saves Pledge at AmericaSaves.org/Pledge and Visit AmericaSaves.org for tips, resources, and support.
Member Testimonial
This is a great credit union. The employees are friendly and do their job well. The rates are great and the fees are low. I will never use a regular bank again!
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