America Saves Week

June 2008: Build Wealth, not Debt

This month’s featured e-Wealth coach is June Puett, a University of Tennessee Extension educator and coordinator of the Tennessee Saves campaign in the Chattanooga area. She has helped more than 6,000 people create a savings plan and enroll in Tennessee Saves.

Dear Saver,

As a teenager, the “Buckle Up for Safety” public service ads convinced me that using a seat belt could save my life, not to mention keep my parents happy. What a secure feeling it was to know that someone was concerned about my safety.

Thirty-five years later, as retirement draws near, I wish those someone had aired “Build Wealth, Not Debt” ads when I was in my twenties and thirties. Like buckling your seat belt, learning to budget and save money is something everyone can do and through it you build security, although in this case it’s the financial kind.

That is what the America Saves campaign is all about. America Saves and its network of campaigns – including Military Saves, Hispanic America Saves, and over 40 local campaigns like mine, Tennessee Saves – helps you change behavior and improve your savings habits. It’s for people of all ages, incomes, and financial situations. The only requirement is that you’re ready to start saving.

Over the last couple of months our e-Wealth coaches have walked you through some of the most basic and important savings concepts, like savings for emergencies, money management and debt reduction. With that advice under your belt, now is great time to take step up your commitment and enroll in America Saves.

When you enroll as a ‘saver’, you set a savings goal, create a basic savings plan, and commit to save. Maybe your goal is to save for a home, or reduce your debt. Whatever it is, once you enroll, America Saves and its network of partner organizations work to support and motivate you.

What motivates people to save money? Like exercising or wearing your seatbelt, some folks don’t need motivation to save money. For others, they get a ‘wake-up call’ when they need to pay for a child’s education or an unexpected car repair. And for still others – especially those who want to save but struggle day-to-day – they need regular reminders and community support.

So, here’s how America Saves can help you. First, we’ll ask you set a savings goal. Studies of human behavior suggest that setting a goal really does motivate us to accomplish a specific task. Those who set goals often do a better job than those who don’t.

Here's what to expect from America Saves. All enrolled Savers can choose to receive free, regular savings information through a quarterly newsletter, and if you choose, monthly emails from e-Wealth coaches. If you’re in a community with a local Saves campaigns, you may be eligible for free classes, workshops, events, and in some cases, depending on the resources of the local organization, free financial counseling and special savings products offered by our partnering financial institutions. Check out the list of local campaigns and the resources provided at www.AmericaSaves.org/local/.

In Chattanooga, we give new savers enrollment kits with useful tools to help get started on their savings goals. We also offer fun and educational events like “Tennessee Saves Night” at a baseball and basketball games. We focus on young people with events such as Tennessee Saves Day at our children’s museum with free admission to any child participating in the Piggy Bank Pageant. Campaign volunteers staff interactive exhibits at free family events. It’s amazing to see entire families discussing money issues in a fun environment!

To enroll as a Saver and jump start your savings, visit www.AmericaSaves.org/enroll. Good luck saving!

Sincerely,

June Puett
Tennessee Saves Coordinator
University of Tennessee Extension Service