As consumers, we know how to spend, but we don’t always know how to save. In fact, 28% of Americans have no savings for an emergency, according to a 2012 report by Bankrate.com.*
In an effort to spread awareness about saving and show people how to start, Clarifi is kicking off its annual Philadelphia Saves Week. Part of the Consumer Federation of America’s national America Saves campaign, Philadelphia Saves Week runs February 25 – March 2.
This year, Clarifi is encouraging consumers to take the Philadelphia Saves Pledge online to start saving money. As part of the Pledge, participants choose to set aside a certain amount of money over time to meet a savings goal. Philadelphia Saves then provides participants with an online savings tracker and the option to receive text messages with savings tips.
The Pledge is available online at clarifi.org/save and all benefits are free.
“Committing to save money is one of the best things you can do for your finances,” says Patty Hasson, President and Executive Director of Clarifi. “It allows you to rely less on credit for the things you need and have an emergency fund when unexpected expenses arise.”
As part of Philadelphia Saves Week, Clarifi offers the following savings tips:
Set a goal
You’ll be more successful with saving if you have an end goal in mind, whether it’s a new TV, tuition for school or retirement. First, figure out how much you need to save; then, work out a plan to save a certain amount each month or year to meet your goal.
Look for places to trim
Making a few small changes to your spending habits can add up big. Start by looking over your expenses and to see if your money is going to the right places. Could you be saving on insurance? Do you need unlimited texting?
Automate your savings
Consider setting up automatic transfers between your checking and savings accounts to make sure you’re saving money before you can spend it. And if you’re paid via direct deposit, you could also choose to have a certain amount of money go directly into savings.
Spending money is fun, but saving can be too—especially when you see how much it can add up to. So take the Philadelphia Saves Pledge with Clarifi today and start saving for tomorrow.
* Many Americans Have No Emergency Fund – Bankrate.com