LOGAN – Utah Saves Week started Monday, a time during the last week of February to help people focus on saving. It is held in conjunction with America Saves Week.
Melanie Jewkes, USU Extension Professor, said for some people getting started in a savings plan is a real challenge.
“Currently, 35 percent of households are unable to even cover a $400 emergency expense without borrowing money,” Jewkes said. “And over a third of Americans don’t have any money in savings.”
She said one way to increase your chances of saving is to automatically have your money direct deposited from your paycheck into a savings account.
“It does kind of keep it out of your hands,” she explained, “you don’t have to think much about it after you set that up automatically from your direct deposit.”
She said those receiving a tax return might use that as another way to jump start a savings habit.
“I would encourage at least a portion of that return,” Jewkes added, “going into savings for emergencies if you don’t already have an emergency account. So that when you do have an unexpected expense come — because they always do, life happens — you have some funds reserved to cover that without going into debt.”
Dr. Jewkes said the America Saves Week website can help you set goals and sign up for email and text reminders to keep you on track.
She said it is never too late to start saving.