America Saves Partner Resource Packet
Volume 4 Issue 5
Saving for Big Ticket Items
August 24th – October 4th
America Saves’ goal is to promote the importance of savings and encourage individuals and families to take financial action. To help the people you serve save more successfully and to promote the importance of savings throughout your footprint, we have put together this resource packet with you in mind. Itcontains a sample article, suggestions for social media content, and tools and resources designed to help you communicate with the public, your audience, and with other organizations.
We encourage you to use this material to:
· Supplement the savings information you already provide to others;
· Encourage individuals to take the America Saves pledge, thereby creating and committing to a basic savings or debt reduction plan and;
· Position your organization as "in front" of the savings message and the need to save.
Look for new packets from America Saves every six to eight weeks. Up next? Saving for the Holidays. The anticipated launch date is October 5, 2015.
We want to hear from you. Please take a moment to complete this four-question survey on the usefulness of this material.
Sample Article
Use this content for your blog, newsletter, email communications, or any other publication.
You can either rewrite the information or use as a guest post.
5 Easy Steps to Save for Big Ticket Items
Very few of us have money at the ready to cover an emergency, never mind the money for the larger purchases we’d like to make. This is why it’s that much more important to prioritize savings to cover both the items you need as well as those you want.
Whether you’re saving for a new computer or a new-to-you car, the security deposit for an apartment or a down payment on house, a little planning and an easy-to-maintain budget will be instrumental in making your big ticket purchase a savings reality. With these direct and easy steps, big ticket items don’t have to be limited to big dreams:
1. Set Your Goal. It’s easy to keep dreaming of the things you want or even things you might need, but making it a point to establish your big ticket item as an actual savings goal is a necessary first step in making the goal a reality.
2. Do Your Research. Start with the most important question: how much is your large purchase going to cost? Some items, like a computer or a security deposit, will have a set dollar amount that you’ll need to save for, while other items, like a car or a home, will need to include associated costs for maintenance, insurance, and taxes/fees.
3. Make a Plan. Once you know your goal and all of the costs associated with that goal, it’s time to dig into your budget to determine how much you’ll be able to save each month. You might need to make some changes to your spending to make savings (or additional savings) happen. Dividing your goal’s costs by the amount you’ll be able to save will also let you know how long you’ll need to save. When you know these two items, head over to AmericaSaves.org to take the pledge and put your savings plan into action.
4. Automate Your Savings. Start a good saving habit by automatically moving the predetermined amount into your savings account each month. Employer-based direct deposit can move the amount straight from your paycheck into your savings account or you can set up an automatic transfer through your banking institution. Regardless of which method you choose, be sure to keep your savings in a separate savings account to watch your money accumulate with interest – the harder to access those funds, the better.
5. Earmark windfall income. Depending on how long you’ve determined it will take to reach your savings goals, you may want to plan to move any additional unbudgeted income directly into savings. Receiving an end of year bonus? How about a tax refund? Since those funds aren’t a part of your established budget, you won’t miss the additional income by moving a portion of it into savings – plus, you’ll cut the time it takes to reach your goal!
To learn more about saving for a large purchase and take the America Saves pledge, visit AmericaSaves.org.
Tammy Greynolds works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at AmericaSaves.org.
America Saves Twitter Chat:
Join America Saves in an hour-long Twitter chat on our partner packet theme.
Please join us on Tuesday, September 15, 2015 at 3:00 pm ET for an hour-long discussion on the topic and resources discussed throughout this partner packet.
Very few of us have money at the ready for the larger purchases we’d like to make. Take part in a discussion about planning and saving for big ticket items; from computers and electronics to cars, security to wedding deposits, and everything in between.
Hashtag: #BigTicketSavings
Topic: Planning & Saving for Big Ticket Items
When: Tuesday, September 15 at 3:00 pm ET
Easy ways to follow the chat: Twubs or tchat.io
Sample Social Media Posts
Share the following messages with your Facebook & Twitter followers.
#SavingsTipTuesday
#Saving for new technology doesn't have to be impossible on a tight budget: http://ow.ly/RipUf via @AmericaSaves #SavingsTipTuesday
A little research can help seriously reduce the cost of a new or new-to-you car. http://ow.ly/RirgY via @AmericaSaves #SavingsTipTuesday
Prepare for your large purchase with these top 10 #savingstips: http://ow.ly/RiyeA via @AmericaSaves #SavingsTipTuesday
Start your family #savings early to keep your baby budget on track: http://ow.ly/RitVs via @AmericaSaves #SavingsTipTuesday
When buying a car, consider used. New cars quickly lose 20-40% of their value. http://ow.ly/Rix2j via @AmericaSaves #SavingsTipTuesday
Set budgets & prioritize in advance to #save smart for life's special events. http://ow.ly/Ris2g via @AmericaSaves #SavingsTipTuesday
#SavingsFactFriday
#DidYouKnow that home ownership can build & increase homeowner wealth? http://ow.ly/RiopG via @AmericaSaves #SavingsFactFriday
It's vital to have a plan when #saving for a big-ticket item. http://ow.ly/RisMP via @AmericaSaves #BetterMoneyHabits #SavingsFactFriday
A couple that #saves together, stays together. #wedding #family #future http://ow.ly/Rivh9 via @AmericaSaves #SavingsFactFriday
Setting a goal is the first step for providing incentive & motivation to #save. http://ow.ly/Riwnw via @AmericaSaves #SavingsFactFriday
American households spend >$8k on car purchases & maintenance each year. http://ow.ly/RixAS via @AmericaSaves #SavingsFactFriday
The larger your down payment, the lower your home loan payment will be. http://ow.ly/RiqJj via @AmericaSaves #SavingsFactFriday
Additional Posts
The easiest & most effective way to #save for a large purchase is automatically. http://ow.ly/PBwlB via @AmericaSaves
How much wealth can you expect to build through your home in the future? http://ow.ly/RiuKV via @AmericaSaves
Set a goal, make a plan, #save automatically – Pledge to #save today! http://ow.ly/PBwsI via @AmericaSaves
Tools & Resources
Share the following tools and resources with your audience and with other organizations.
America Saves Resources
· Save for a Home
o How to Save for a Larger Down Payment
o Strategies for Building and Preserving Home Equity
o Estimate Your Current and Future Home Wealths
· Save for a Car
o Whether to Buy A Car
o What Car to Buy
o Should You Buy a New or Used Car
o How to Shop Around for the Least Expensive Car Loan
o How to Save for a Larger Down Payment for a Car
o Car Buying Resources
· Saving on a Tight Budget
· America Saves Blog:
o Budgeting and Saving for a Wedding
o Buy That House: Radio Show
o The CFPB Reports Mortgage Debt Key Factor in Increasing Levels of Debt Among Older Americans
o How to Plan & Set Financial Goals
o The Long Road to Buying a Car
o Saving for Life’s Special Events
o Top Tips for Saving for a Large Purchase
o The True Costs of Having a Baby
§ Part 1: Knowing the Price
§ Part 2: To Work or Not to Work?
§ Part 3: Childcare
§ Part 4: Plan Ahead
§ Part 5: Taxes
Videos
· Saving for a Big Ticket Item, BetterMoneyHabits.com
· Buying My First Home, BetterMoneyHabits.com
· Buying a Car, BetterMoneyHabits.com
· Refinancing My Home, BetterMoneyHabits.com
Other Resources & Research
· 5 Clever Ways to Save on Your Wedding, Bankrate.com
· Divorce & Widowhood, WISER Women
· Grandparent Resources, AARP
· Homeowners & Homebuyers, Federal Housing Finance Agency
· Owning a Home, Consumer Financial Protection Bureau (CFPB)
o Mortgage Help, CFPB
o Three Things to do Before Closing, CFPB
· Saving for life’s special moments, Wells Fargo