It’s America Saves Week! Let’s Save You Some Money
Published on April 9, 2024
America Saves Week and Metro
Every April for the last 17 years, America Saves Week has celebrated, encouraged, and inspired Americans to take their savings goals to the next level. America Saves Week, and Metro, remain committed to that mission.
Each day of this week has a different focus:
- Saving Automatically – Monday April 8
- Saving for the Unexpected – Tuesday April 9
- Saving for Major Milestones – Wednesday April 10
- Paying Down Debt is Saving – Thursday April 11
- Saving at Any Age – Friday April 12
We encourage all our members to explore our blogs each day of this week and how they relate to your personal savings goals! Keep an eye out at the end of the week for another blog about more savings tips related to major milestones, paying down debts, and how it’s never to late to start saving.
Let’s start this week looking at automatic savings and saving for the unexpected.
Your savings is important for so many different reasons. That money, which you work so hard for, has a purpose; whether it be vacations or celebrations, retirement, or emergency funds for when life happens.
When it comes to what you’re saving for, you need to know not every savings account is the same.
Emergency Fund
Also referred to as a ‘Rainy Day Fund’ or maybe just a personal savings, an emergency fund is one of the most important savings you should have.
Youremergency fund is there when the unexpected happens: your car is in the shop, you lost your job and need to cover rent, and other expenses you couldn’t plan for.
Financial experts suggest an emergency fund with funds that can handle at least 3-6 months’ worth of your expenses in an emergency.
Remember—something is better than nothing. If you can contribute a significant amount toward an emergency fund right now, that’s ok. If it’s $10, that’s a great start and you can adjust as you move forward.
A Membership Savings account is a great place to put an emergency savings fund.
Retirement
In addition to a company matched 401k plan at your workplace, you might want to add a little extra cushion for life after work—and there’s a way to do that.
IRA accounts are designed for anyone with earned income to invest. If you’re under the age of 50, you can contribute a maximum of $7,000 a year. Anyone older can contribute up to $8,000, with withdrawals beginning at age 59.
There are a few different IRA account types to choose from! Including the IRA Accumulator, which builds your IRA account incrementally with weekly, biweekly or monthly contributions. Find which one is best for you.
Vacations and Celebrations
It’s so exciting when you plan a big trip, or a holiday celebration alongside all your family and friends—but it’s no secret how expensive they are. Your bank account is most likely feeling stretched thin after these purchases are made.
Club accounts at Metro are a perfect way to start preparing for all these plans early, so that you don’t need to spend all your money all at once.
With the Vacation Club account, a set amount is automatically taken out of your account of choice and deposited into your Vacation Club account. That money that you set aside grows for when it’s time to start planning and paying for your next adventure—with funds available starting May 1.
Getting a routine of contributing to this account, even when you don’t have vacation plans, makes a trip even easier when you decide it’s time to go on one!
It’s like the Christmas Club. Anyone can open a Christmas Club account to save for holidays or celebrations, with funds available starting October 1.
Let’s start the savings! Connect with Metro’s Digital Branch today to learn more about what accounts will help you kick off your savings strategy!
