Miss a Webinar?

If you missed one of our great webinars during America Saves Week, it is not too late to get the great information shared.  Webinars have been recorded just for you!  Just click on the link to view these wonderful webinars!

Building Blocks of Retirement Security

The average American may be facing 30 or more years in retirement.  Early planning can make all the difference in the quality of life you enjoy in retirement.  Take action to take care of the future YOU!  Topics include: 1. Social Security planning, 2. Different retirement savings vehicles and tax advantages, 3. Retirement distribution planning.  Speaker: Lamont Henry, CFP®

Jumpstart Your Financial Plans With Your Tax Refund

Refund season is here.  For many Americans the tax refund is the largest influx of cash received during the year.  Using these funds to advance your financial goals can help you grow opportunity for yourself and your family.  This webinar presents 5 key strategies you can use to employ your tax refund to its maximum benefit.  Speaker: L. Lori Irwin, CFP®

  

Taking Control: A Financial Planning Starter Kit

Getting started on your financial plan is not as hard as it seems.  Financial Planning steps allow you to get control of your monthly cash flow, reduce debt and build savings for your future.  Your plan begins Provides eight steps to taking control of your finances. Audience will learn about budging, spending plans, setting goals, managing debt and more. Speaker: Dan Neice, CFP® 

#IMSAVINGFOR

America Saves continues its commitment to inspiring savers by offering an #IMSAVINGFOR contest with a grand prize of $500!  Just snap a picture of what you are saving for and post it to your social media page.  Then visit http://www.americasavesweek.org/imsavingfor and tell them how to find your post!  Nice way to inspire others to save and to potentially jumpstart your own savings at the same time!

March Money Madness

Bank On Norfolk, part of our Bank On Hampton Roads team is excited to announce a kick off event for their April Bank On sessions called March Money Madness. This event is organized to be educational and fun.  The Vice-Mayor of Norfolk is expected to make a special announcement at this event.  Make plans to attend.

You can challenge your financial knowledge with their Financial Jackpot Game, win one of their drawings and meet one on one with a Financial Planner from FPA of Hampton Roads with no strings attached!

Get Free Tax Help

We love our refunds, but hate the process of completing taxes. Did you know there is free help for you? Check out these resources:

AARP Tax Aide in Virginia Beach
Offers free tax preparation at two library locations. http://www.vbgov.com/government/departments/libraries/news-and-events/Pages/Tax-Preparation.aspx

South Hampton Roads EITC Coalition:
Free tax preparation for households earning $55,000 or less. www.shreitc.com for a list of locations available to serve you!

My Free Taxes:
Complete your own tax return for free. 800 number telephone support if you have any questions. Visit www.myfreetaxes.com

Save Your Refund:
Get rewarded for saving a portion of your refund to your savings account. $25,000 grand prize for those who share a picture of their savings goal. www.saveyourrefund.com

Businesses Benefit When We Don't Have Savings

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Financial Planning Day

Reserve your spot today at Financial Planning Day.  Your free resource to growing savings, reducing debt and much much more!  www.financialplanningdays.org/virginiabeach  

RSVP

Holiday Shopping on a Shoestring!

RSVP:  Bankonvb@vbgov.com

Free Workshop to help you create a plan to enjoy the holidays without the debt hangover!

52 Week Savings

The 52 Week Savings Challenge has taken savers by storm.  The challenge is to save $1,378 by increasing your savings by $1 each week.  This plan is challenging but simple. 

During week one you save $1.  Easy-peasy. 
Week two: $2.  You get the drift.

The Challenge starts out easy and gets harder throughout the year so that at week 51, you save $51 and week 52, you save $52.  With these harder weeks coming during the holiday season many people find themselves falling off the plan.

Virginia Saves offers a couple of ways to still achieve your mission but without the year-end pain.

1. Use your refund to catch up on some of the harder weeks.  Set that money into your savings.  Hard weeks done!

2.  Do the challenge in reverse so that the easier weeks are at the end rather than the beginning.

3.  Mark off the weeks as you are able to complete them.  Only have $17 to save, mark that week off.

To get you copy of the 52 Week Savings Challenge click HERE

Tax Refund Uses to Advance Your Goals

Do you spend weeks eagerly anticipating your tax refund? When the money finally comes in, is it gone tomorrow? Many people view tax refunds as unplanned bonuses, using for splurges or treats. A tax refund provides the opportunity to improve your financial situation. Use these tips to get the most value from your refund check.

·         Pursue financial goals. Saving for a house or car down payment? Establishing to your child's college tuition fund? Apply your tax refund toward these goals. 

·         Leverage tax refund for matched savings:  Virginia Individual Development Accounts can be a great way for you to fund your goals of homeownership, small business or higher education.  VIDA can offer $2 for every $1 you save.  Visit http://www.dhcd.virginia.gov/index.php/business-va-assistance/startingexpanding-a-business/virginia-individual-development-accounts-vida-business.html to see if you could be eligible for up to $4,000 matched savings.

·         Pay down your debt. Use your refund for some much needed debt relief. Pay down credit card balances. Your refund paired with a debt snowball can knock years off your indebtedness.  To get started on a debt snowball, you can visit www.powerpay.org.  

·         Save for a rainy day. Put your refund into a savings account or emergency fund to prepare for big expenses.  Savings helps you with a major car repair bill, medical emergency or other unexpected expenses. Virginia Saves offers a variety of savings and debt reduction strategies.  Join today at www.virginiasaves.org

·         Build retirement. Tax time is a great time to establish or increase your retirement funds.  Starting early and letting your investment grow can provide you a secure future in your older years.  Find out how much you need to save each month, check out the Ballpark Estimate at www.choosetosave.org/ballpark

·         Enjoy. Apply your refund to pay for your vacation, back to school or holiday expenses to take the stress out of those irregular expenses that can throw your budget off course.  We all have things we enjoy.  Use Virginia Saves’ 30-40-30 plan to earmark a portion for pleasure while still saving and reducing debt.  Learn more at www.virginiasaves.org.

·         Upgrade your life. Your refund check provides the opportunity to improve your life. Spruce up your home (replace the siding, stain the deck, etc.).  Repair or replace your car to increase your transportation reliability.   Improve your career opportunities by taking a class or training course.

·         Train your children. Use your refund to teach your older children to handle money. Allow them to manage a portion of the refund, teaching them to budget for school, clothing and entertainment expenses as well as the importance of savings. Our children depend on our instruction to prepare them for life’s choices.  Begin now.

·         Leave a legacy.  Use your refund to offer hope and encouragement to others by making a charitable contribution to a non-profit.  Investing in the lives of others can offer them a helping hand at a crucial moment in their lives and can also provide you a charitable deduction to reduce your taxes next year.

PRINTABLE VERSION

 

30-40-30 Plan Makes Taxtime Savings Easy

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 Winner

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

Virginia Saves Piggy Bank Pageant & Photo Contest Winners Announced

Congratulations to all of the sponsoring organizations, volunteers, parents, and most of all, youth savers that participated in Virginia Saves 3^rd Piggy Bank Pageant and Photo contest.

As we celebrate and promote financial literacy initiatives in April each year, Virginia Saves appreciates the work by our educators, community volunteers and family to help teach youth on the benefits of saving.  These life lessons are important for all of us as we seek to help families and communities become financially fit.

This year, 70 entries were received from 10 communities in Virginia, including: Charlottesville, Dublin, Newport, Pearisburg, Pembroke, Portsmouth, Radford, Roanoke and Virginia Beach.

In addition to individual entries submitted directly to Virginia Saves, we would like to acknowledge the participation from these groups:

·        Beans and Rice, Radford

·        Beta Chi Omega Chapter Alpha Kapa Alpha Sorority, Inc., Roanoke

·        Community Housing Partners, Yorktown and Portsmouth

·        Eastern Elementary/Middle School

·        Girl Scout Daisy Troop #17

·        Greenstone on 5th Neighborhood Network Community Center, Charlottesville

Winners by Class:  See Winners on Facebook

Virginia Saves and Virginia Saves appreciate the support and sponsorship of BB&T, Virginia Housing Development Authority and America Saves.  We will be coordinating with sponsoring organization for the presentation of awards.

Teresa Walker

Virginia Saves, Chair

Virginia Governor Recognizes America Saves Week

Virginia Saves Week

February 25 – March 2, 2013

 

Set A Goal.  Make A Plan.  Save Automatically. 

These are the key components of America Saves Week, a national effort to encourage personal savings. The Virginia Saves campaign aligns with the messages and the timing launching on Monday, February 25 and running until March 2. 

Virginia Saves offers numerous opportunities for individuals to assess their savings status and build their own plans for greater financial security. Virginia Governor Bob McDonnell also supports the campaign and has issued a proclamation to recognize Virginia Saves Week for citizens in the Commonwealth.

Key savings strategies include:

·       Save a portion of your refund: Tax time is a great opportunity to boost your savings using a portion of your tax refund.

·       Pay off high-interest debt: Too much debt can create a barrier to savings.  Eliminate high cost credit card payments and redirect money to your savings account.

·       Save for emergencies:  Everyone faces unexpected expenses or repairs. Emergency funds help you to weather the financial storms of life.

·       Make Savings Automatic: Save regularly through payroll deduction or automatic transfer to a separate savings account. 

Individuals are encouraged to join the campaign and pledge to save.  If you have previously joined the campaign, we encourage you to re-commit to save and take the pledge, see http://www.virginiasaves.org/index.php/enroll.

Virginia Savers receive e-newsletters periodically and access to online tools to help you reduce debt and watch your money grow. New savers in Virginia will also be entered in a quarterly drawing for a $50 Visa gift card. 

The highly popular Piggy Bank Pageant for youth is also underway across the Commonwealth. A panel of judges will select winners from two categories. Cash prizes are supplied courtesy of Virginia Housing Development Authority.  The deadline for entries is March 31, 2013.

You will also find Virginia Saves tips on: Facebook, Twitter and Blogspot.

For more information, visit www.virginiasaves.org.



Click Here for Full Size PDF of Governor's Proclamation

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!