Clarifi kicks off Philadelphia Saves Week next week
and asks, “What are you saving for?”
With so much financial uncertainty out there, it’s more important than ever for people to be saving their money. Next week, Clarifi is kicking off its annual Philadelphia Saves Week that will run from February 19th – 26th. Part of the Consumer Federation of America’s national America Saves campaign, Philadelphia Saves is an initiative that encourages people to pay down their debt and save money.
Setting a savings goal is one of the main themes of this year’s Philadelphia Saves Week. “Anyone can say they’re going to save more money, but you’re more likely to actually do so if you have a specific goal in mind—whether it’s paying for college, retirement, an emergency fund or that new car,” says Patty Hasson, President and Executive Director of Clarifi.
So next week, Clarifi will be traveling to local area colleges and asking the question “What are you saving for?” Participants will complete the sentence “My savings goal is…” and have their picture taken; the pictures will then be shared on Clarifi’s Facebook and Twitter pages. “This exercise will show that we all have savings goals and hopefully inspire others to start saving,” continues Hasson.
Clarifi is also encouraging everyone to join Philadelphia Saves and become a Philadelphia Saver. Savers are able to set and track a savings goal online and have access to valuable resources from America Saves. Best of all—becoming a Saver is free. To join, visit PhiladelphiaSaves.org.
Key Savings Tips
Of course, saving goes beyond one week out of the year. Here are some key savings tips:
- Pay off high interest debt – Having bills pile up is overwhelming, but there is way to sort through it all. Start by paying off your bills that carry the highest interest. By doing so, you will save money you can apply to other bills or, well, just save.
- Save for emergencies – A poll by the National Foundation for Credit Counseling (NFCC) revealed that only 36% of respondents had an emergency fund. The reality? Everyone should have one. Clarifi recommends saving at least three months of your income to prepare for an unexpected event.
- Pay yourself first – At Clarifi, we’ve always told consumers to pay themselves first. Have a portion of your paycheck automatically transferred into a savings account or set up an automatic transfer between your checking and savings account. You won’t be able to spend that money and will thank yourself later.
The key thing to remember is that saving is a lifestyle. Once you start, it will become easier and you will be able to work toward whatever goal you have set. “Saving is still the best way to achieve a secure financial future,” adds Hasson.