Getting started on a savings plan is one of the hardest pieces of the puzzle. Virginia Saves website www.virginiasaves.org has some great tips to help you get started. Taxtime is a great time to carve out a little refund savings to meet your future needs. Take a look at the 30-40-30 plan. Using this plan you address past, present and future needs with your tax refund.
PAST: 30% of your refund used to catch up on past due bills and debt reduction.
PRESENT: 40% live a little and enjoy some of the purchases you have been putting off because of funds shortage.
FUTURE: 30% set aside for future purchases (back to school, vacation, new tires, emergency, etc).
Get your 30-40-30 Plan here.
This year you can cover all your needs using your refund to get you jumpstarted.
Savings Facts and Statistics
Consumers with Savings Plans Far More Likely to Save, Reduce Debt
There are striking differences between the savings progress of those with and without a savings plan, as the figures below suggest. (Source: America Saves and the American Savings Education Council (ASEC) 2011 National Survey Assessing Household Saving (link))
| With Plan | Without Plan | ||
| Spend less than income, save difference | 88% | 50% | |
| Reducing consumer debt or debt-free | 87 | 69 | |
| Sufficient emergency savings | 85 | 50 | |
| Saving enough for retirement | 61 | 27 | |
Piggy Bank Pageant
Deck out your pig and enter Virginia Saves' Piggy Bank Pageant! April is Financial Capability Awareness Month and is the best time for parents to introduce their children to the importance of savings.
Children ages 6 - 16 are eligible to participate. Here's how it works:Your child or children's group create a piggy bank using household items. (coffee can, soda bottle, margarine dish etc.) Snap a photo of your pig and attach an enrollment form to be considered for eligibility. Grand Prize winners win $100!
Two age groups:
Class A: Ages 6 - 10
Class B: Ages 11 - 16
Get creative, your piggy bank could actually be a house, a car, a ball, or another animal. The sky's the limit. Entries will be posted at Virginia Saves Facebook page.
To find out more about this annual savers activity, click here.
It's Hurricane Season....Can you weather a financial storm?
Virginia Savers:
Check out this article from NEFE (National Endowment for Financial Education).
It includes information on natural disasters and how to prepare for them financially, including reviewing your insurance policies.
Click here for more info on: Weathering Financial Storms
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