2013 Virginia Saves Piggy Bank Pageant & Photo Contest

         

Virginia Saves      2013     Piggy Bank Pageant

                      

Help us Celebrate Virginia Saves Week 2013!

Create a bank and send us your photo!

               

Youth (ages 4-12) may enter the contest and compete for prizes.   

One grand prize awarded to an organization promoting the Virginia Saves 2013 Piggy Bank Pageant.

 

It’s easy to participate!

 • Take a container (your choice) and make a bank to hold money.  

Use recycled materials to decorate your bank. • Sizes up to: 14” x 14” and banks must be able to hold coins.

·   Submit a photo to: virginiasaves@gmail.com along with your registration form and

What you are saving for (Limit 50 words). Registration forms available at www.virginiasaves.org

·   Compete for Prizes (valued at): 1^st place - $100; 2^nd place - $50; 3^rd place - $25

·   A panel of judges will select the three winners from each category.

·   Judging based on visual presentation, creativity of materials used and savings goals.

·   Eligibility:  Class A – Youth ages 4-8 • Class B – Youth ages 9-12

·   Virginia Schools, youth organizations, church groups and individual savers welcome to participate!

·  Winners notified by April 15, 2013

 

For Registration Form, Click Here!

 

For Official Flyer, Click Here

For additional information:                                                                      Contact Teresa Walker or Maron El-Khouri, Virginia Saves c/o VCC Email: Virginiasaves@gmail.com, twalker@vccva or mel-Khouri@vccva.org, or Phone:  804-344-5485 x 120 or 540-260-3126 x 102 See also: virginiasaves.org or Virginia-Saves on Facebook

SaveUp No Spending Challenge

Savings Challenge:

Commit to 30 Days of No Spending With SaveUp

 America Saves and Virginia Saves are committed to finding innovative ways to help you save successfully. That's why we have teamed up with SaveUp, a free program that rewards Americans for saving money and paying down their debts, to provide you a fun and engaging experience while you save for the future.

BONUS: Join Virginia Saves and we will send you an email with the special link to earn 100 bonus credits with SaveUp.

One of the top New Year’s resolutions is to save more and stick to a budget. Research shows if you can change your behavior for 30 days you are likely to stick to your goals. Join the SaveUp 30 Day No Spend Challenge – and kick start the New Year right. Be a champion for your personal economic recovery.

 HOW IT WORKS

·         Choose any credit card in your wallet and commit to 30 days of no spending on that card by registering it for the SaveUp No Spend challenge.

·         The more days you check-in and stick to your challenge the more chances you have to win the grand prize of $5,000 to pay down your debt.

·         BONUS: Be a champion for change – share to bring others to the SaveUp No Spending Challenge and win an additional $5,000 in rewards.

BENEFITS: SaveUp’s Financial Detox helps you in the following ways:

·         Saving real dollars. Based on compound interest, an average household would save close to $15,000 in interest over 10 years if it paid down $1,000 now in credit card debt.

·         It challenges you to NOT spend on anything but what is needed.

·         It’s a game – how many days can I go without using money?

·         It forces you to look at other more creative options than spending.

·         It makes you become more conscious of your spending habits.

·         It discourages thoughtless, throwaway purchases and allows you to discover how little you truly need to be happy.

·         It encourages planning-ahead-spending and the use of cash or debit cards. 

SaveUp is a great online tool to motivate and reward people while saving and paying down their debt. As our members save more/pay down their debt, they earn opportunities to win great prizes like a $5,000 No Spend Fund, or a $5,000 Save and Share prize. SaveUp users can also organize all their savings and debt in one place, track their progress, and learn more about making the right financial choices. 

For more savings tips, see www.VirginiaSaves.org.

 

New Year's Savings Strategies

Happy New Year Virginia Savers!

 
As 2013 begins, make sure to give your finances a checkup and discover if you need to make saving your New Year's resolution. You may discover that you have debt you need to pay down or that you are ready to take the next step in savings. Helping yourself and your family save successfully for the future should be near the top of your resolution list - and it's one resolution you can't afford to break! Remember, you don't have to make a lot of money to save successfully. Start Small. Think Big.

5 Resolutions to Get You Saving in the New Year

1. Get Out of Debt

The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. How to do it: Find places to cut your spending so that you can pay down your debts faster.

2. Save for Emergencies

Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. In a recent survey, only 49% of families said they had extra funds (not including lines of credit) available to pay for an unexpected expense of $1,000. Don't find yourself unprepared in 2013. How to do it: Save a Portion of Your Tax Refund. Use the 30 - 40 - 30 plan. Designate 30% of your refund to pay off debt and catch up on outstanding bills. Earmark 40% for current use. Use 30% to jump start an emergency fund or long term savings. You can use form 8888 to split your refund into separate accounts and buy a U.S. Savings Bond. Bonds are a safe and easy way to save for the future.

3. Save for Retirement

Many employees turn down free money from their employer by not signing up for a work-related retirement program such as a 401(k) plan. If they did participate, with a dollar-for-dollar match they would likely receive an annual yield of greater than 100% on their investment. How to do it: Participate in a work-related retirement program or open up a Roth IRA. Already saving? Increase the amount you save toward retirement by 1% in 2013.

4. Make Savings Automatic

It can be hard to put aside money for savings. But there is an easy way to save money without ever missing it - Make your savings automatic in 2013.

5. Buy a Home and Pay Off the Mortgage Before You Retire

The largest asset of most middle-income families is their home equity. Once these families have made their last mortgage payment, they have far lower housing expenses. How to do it: Almost anyone can afford to own a home with proper preparation . Develop a savings plan to build up money for a down payment at purchase, for moving expenses, and for post-purchase emergency expenditures such as needed home repairs.

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Creating a Savings Plan: Pay Yourself First

Creating a Savings Plan: Pay Yourself First

You’ve probably heard the phrase “pay yourself first.” But what does it really mean? It means you should consider your savings account in the same manner you consider your monthly bills—as a necessary expense. In fact, you should pay yourself before you pay your monthly bills. Professional blogger J.D. Roth lists these three reasons why:

·         When you pay yourself first, you’re mentally establishing saving as a priority. You’re telling yourself that you are more important than the electric company or the landlord. Building savings is a powerful motivator—it’s empowering.

·         Paying yourself first encourages sound financial habits. Most people spend their money in the following order: bills, fun, saving. Unsurprisingly, there’s usually little left over to put in the bank. But if you bump saving to the front—saving, bills, fun—you’re able to set the money aside before you rationalize reasons to spend it.

·         By paying yourself first, you’re building a cash buffer with real-world applications. Regular steady contributions are an excellent way to build a nest egg. You can use the money to deal with emergencies. You can use it to purchase a house. You can use it to save for retirement. Paying yourself first gives you freedom—it opens a world of opportunity.

Virginia Saves offers a variety of resources to help you get started—join today!

Paying Off High Interest Debt

 

Paying Off High-Interest Debt

Borrowing more money than you can afford is costly in many ways. Americans spend well over $75 billion a year just on credit card interest and fees. That means that families who revolve credit card balances pay an average of $1,500 a year in interest and fees. If they saved that $1,500 in an account with a five percent yield, in 40 years they would have nearly $200,000! Taking on too much debt also lowers your credit score. That means you will end up paying higher interest rates on all your consumer and mortgage loans. A low credit score can also make it harder to rent an apartment, get utility services, and even get a job.

Too much debt isn't just expensive. People with lots of debt often say they lack peace of mind. They worry constantly about paying off debts and making ends meet. The stress of these worries affects their family life, work performance, and other areas of their lives.

Are you in Trouble?

If you answer "yes" to any of the following questions, then you probably need to get your debts under better control:

1. Can you only afford to make minimum payments on your credit cards?
2. Do you worry about finding the money to make monthly car payments?
3. Do you borrow money to pay off old debts?
4. Have you used a home equity loan to refinance credit card debts, and then run up new revolving balances on your cards?

The good news is that there is hope. With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth.

How to reduce your Debts

The first step in getting out of debt is to stop borrowing. To do that, you have to stop spending more than you earn. So, make a budget and cut out any expenses you can. It may help to cut up your credit cards or lock them away in a safe place.

      Set a Goal.

•  Example: I want to pay down $5,000 in debt in one year.

      Make a Plan.

•  Figure out the most you can afford to pay each month to reduce your debts, then make those payments without fail. See if you can automatically pay your bills each month to ensure you make your payments on time.

TIP: If you have debts on more than one credit card, either pay off the card with the highest interest rate first and work your way down to the card with the lowest rate, or pay off the smallest loan first and work your way up to the largest. Once you've paid off your debts, don't give in to the temptation to start over spending again. Instead, take the money you were paying each month on  your debts and begin to save it. That will give you a financial cushion the next time an emergency strikes.

Where to get help

In communities, there are agencies that can help you manage your debts.

           Consumer Credit Counseling Services 

            The most helpful and most widely available are non-profit Consumer Credit Counseling
            Services (CCCS). CCCS counselors can work with you privately to help you develop a   
            budget, figure out your options, and negotiate with creditors to repay your debts.
            Call 1-800-388-2227 to locate the office nearest you.

            Cooperative Extension Offices

            Some national credit counseling non-profits, who provide advice online or over the phone,
            can also be helpful. However, others charge high fees for little service, so be sure to shop
            carefully. In many communities, Cooperative Extension offices offer workshops, home-study
            courses, and other services to help people manage their money, including their debts.
            Cooperative Extension offices are listed in the blue pages of the phone book under county
            government.

Are you ready to set your goal?

Virginia Saves is a non-profit that encourages individuals and families to save money and build personal wealth, can help you develop your goals and take action. When you join as a saver you'll receive the following benefits:

• Free subscription to the quarterly American Saver newsletter
• Free monthly e-mail newsletters with savings advice from national experts.
• Free access to the members-only Savers Tracking Tool to help you reach your goals
• Access to online financial prizes and games. Get 100 bonus credits with SaveUp at saveup.com
• Like us on Facebook at: Virginia Saves
• Join today at www.virginiasaves.org