Build Financial Resilience
Feb 17, 2022
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Since many of us have experienced some financial challenges during the past two years of the pandemic, this year’s America Saves Week is focusing on steps we can take to build financial resiliency. As a participating partner, Maspeth Federal Savings will share the awareness campaign’s pointers on its Facebook page from February 21-25, 2022. Each day’s theme will center on an important aspect of achieving financial wellness. These are the topics:
Monday, February 21: Save Automatically
Make saving money a habit. While having a savings goal is important, the America Saves Campaign emphasizes that setting up automatic savings is the easiest, most consistent way of developing a savings habit. You may choose to have a portion of your income automatically transferred from your checking to your savings account monthly or at a regular interval. Some people ask their employer to split their pay into two deposits, with one going directly into a savings account.
Tuesday, February 22: Save for the Unexpected
Consider saving money to take advantage of opportunities, in addition to making sure you’re prepared for emergencies. With an “opportunity fund,” America Saves believes you’ll have the option of dipping into the fund to cover the costs of participating in special events or moments that may be important to you or your family.
Wednesday, February 23: Save for Retirement
Why saving for retirement is a crucial aspect of achieving financial resilience later in life, and the key characteristics of the various types of retirement-savings options.
Thursday, February 24: Save by Reducing Debt
How reducing debt will help build financial resilience by increasing your credit score, saving you money on interest and fees, and helping you gain more disposable or discretionary income.
Friday, February 25: Save as a Family
How to instill habits in our youth so that they may develop into financially confident adults – by teaching them to save, having age-appropriate conversations about money, and making them familiar with the practical building blocks of financial stability.