Top Five Savings Ideas from the Consumer News
America Saves Week (February 25 – March 2, 2019) is an annual opportunity for individuals to assess their savings habits and consider new ways to save. In recognition of America Saves Week, we’ve compiled a list of our top five money saving ideas from the FDIC Consumer News.
Talk About Money
It's never too early or too late to talk with a young person about saving and managing money. Whether they are in preschool or high school, parents, guardians, and caregivers play an important role in showing a child why and how to become responsible with money.
For more information, see the FDIC Consumer News article "Teaching Children About Money Now, Pays Dividends Later".
New Savings Options for People with Disabilities
The Achieving a Better Life Experience Act (the ABLE Act) provides many individuals with disabilities the opportunity to put money in savings accounts that can grow tax-free. Money from such accounts may be used for certain expenses, such as education, housing, transportation, and other types of supports and services.
For more information, see the FDIC Consumer News article "Financial Empowerment and Inclusion".
Take Small Steps to Start Saving
If it has been difficult to start saving, start small. Set aside a minimal amount on a regular basis to get into the habit of saving. Once you’re comfortable with saving a small amount consistently, you can increase it.
For more information, see the Consumer News article "Save, Organize, and Streamline Your Finances".
Save Money By Protecting Your Money
Check your credit card and bank statements regularly to make sure there are no billing errors, such as duplicate charges, unauthorized charges, or charges in an incorrect amount. There are federal laws to assist consumers and limit their liability for billing errors, which ensure you don’t lose money needlessly.
For more information, see the Consumer News article “Credit Card Checks and Cash Advances”.
Use Your Tax Refund for Savings
The IRS allows you to divide your federal tax refund into two or three additional financial accounts. By splitting your refund, you have a convenient option for saving money. For example, you can request part of your refund go to your checking account and the remainder into your savings account.
For more information, see the Consumer News article "Tax Refund Time!".
These articles are a good place to start as you think about your savings. Take time during America Saves Week to reflect on your short-term and long-term savings goals and the best way to achieve them. For more tips and advice on saving money, visit the America Saves Website (americasaves.org).
For more consumer resources, visit FDIC.gov, or go to the FDIC Knowledge Center. You can also call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342). Please send your story ideas or comments to ConsumerNews@fdic.gov. You can subscribe to this and other free FDIC publications to keep informed!