Springboard Promotes Automatic Savings to Help People Reach Their Savings Goals

RIVERSIDE, Calif. - Feb. 17, 2016 - PRLog -- As part of America Saves Week 2016, scheduled for February 22 – 27, Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) is spreading the saving message and encouraging people to make savings automatic to ensure they are on track to reach their financial goals. America Saves Week, started in 2007 and coordinated by America Saves and the American Savings Education Council serves as an annual reminder to consumers promoting both good savings behavior and a time to review or create a savings plan.  Typically, thousands of organizations participate in America Saves Week, reaching millions of people.

Springboard encourages consumers to take action this America Saves Week by taking inventory of their financial picture, which includes establishing financial savings goals for items such as a an emergency fund, a down-payment on a home, retirement or to help pay for children’s college education.

“Saver status can be a reality for more consumers with the road to financial freedom beginning with small, consistent steps,” said Melinda Opperman, Springboard's chief relationship officer and Inland Empire Saves campaign coordinator. “The easiest and most effective way to save is to do it automatically.  Paying yourself first each pay day by automatically depositing money into a savings or investment account creates a strong habit and over time will pay dividends.  Millions of people also save for retirement through direct employer contributions 401(k) and other retirement programs."

Joining Springboard in promoting America Saves Week is Riverside Mayor William “Rusty” Bailey (http://www.youtube.com/watch?v=vlmtIDgX8GY), who issued a Proclamation encouraging Inland Empire residents to get involved with the annual America Saves campaign. Springboard is the campaign coordinator for Inland Empire Saves, the regional campaign designed to encourage residents in Riverside and San Bernardino Counties to establish better savings habits. Local residents can join Inland Empire Saves by visiting www.inlandempiresaves.org. The website allows consumers to set financial goals, make a pledge and take control of their financial future.

Additional action steps consumers should consider during America Saves Week include:

Elect Direct Deposit – Directly depositing a portion of each paycheck into a savings account means automatic savings.

Save at Tax Time – Use all or part of any tax refunds to jump start a savings fund or pay down credit card debt rather than purchasing big ticket items like appliances or new technology. Consumers can automate savings by directing a portion of their tax refund into savings while filing their tax return, or signing up for a regular deposit into a simple, safe and affordable Treasury Department myRA retirement account (https://myra.gov).

Assess Credit Card Interest – Calculate the amount of interest paid each month on outstanding credit card balances. Set a plan to pay down high balances, reduce the total interest paid, and redirect those amounts to a savings account.

Adhere to the 24 Hour Rule – Do not buy anything expensive on impulse. Instead, wait at least a day to think about it. Also, comparison shopping is important to ensure one gets the best value for hard earned dollars.

To take the America Saves pledge, please visit Inland Empire Saves at: www.inlandempiresaves.org. When someone takes the pledge, they identify a savings goal (such as emergency fund or retirement), an amount to save per month, and the number of months they will save that amount. In other words, they make a basic savings plan. And those with a plan are TWICE as likely to save money than those with no plan.

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About Springboard

SPRINGBOARD® Nonprofit Consumer Credit Management is a nationwide 501(c)(3) non-profit personal financial education and counseling organization founded in 1974 with the mission of improving the financial wellbeing of individuals and families. Springboard is a U.S. Department of Housing and Urban Development approved housing counseling agency and a member of the Financial Counseling Association of America and the National Foundation for Credit Counseling; the nation’s longest serving nonprofit financial counseling organization. Springboard is also a proud member of the HOPE NOW Alliance, a cooperative effort between the U.S. government and mortgage market participants to help struggling homeowners. Springboard offers personal financial education and assistance in credit counseling, housing counseling, reverse mortgage, debt and money management, pre-bankruptcy counseling, and debtor education through educational programs and confidential coaching. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification, and service delivery policies. Counseling is available by telephone nationwide or in-person at office locations in California, Arizona, Florida, Massachusetts, New Mexico, South Carolina, and Texas. For more information, please call 800-449-9818 or visit their website at www.credit.org.

About America Saves Week

America Saves Week is coordinated by America Saves and the America Savings Education Council. The Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Learn more at AmericaSavesWeek.org.

About Inland Empire Saves

Inland Empire Saves, is a regional initiative to encourage individuals and families across Southern California’s Inland Empire – Riverside and San Bernardino counties – to take control of their financial future. Inland Empire Saves is part of the broader initiative, America Saves Week, the national campaign that occurs annually to encourage better savings habits among all Americans. Springboard is campaign coordinator for Inland Empire Saves. Learn more at www.inlandempiresaves.org