Take Action for America Saves Week: Saving for a Large Purchase

March 1, 2013
By Katie Bryan, America Saves Communications Manager

There are still two days left of America Saves Week. If you haven’t already, take some time to figure out what you want to save for and take action to make it happen. This week you have heard from the experts on why saving automatically is the best savings strategy and the importance of savings for emergencies and retirement.

Today we want to talk about saving for larger items. There are three large items that immediately come to my mind. Saving for a home, a car, and education.

Saving for a Home

How does home ownership increase homeowner wealth? First, simply by paying off your home loan, you are building wealth. And, you are doing this each month in a regular and disciplined way. Almost anyone can afford to own a home with proper preparation. Develop a savings plan to build up money for a down payment at purchase, for moving expenses, and for post-purchase emergency expenditures such as needed home repairs. But there’s lots to consider these days. Click here for more information on how to prepare yourself financially for home ownership, buy and keep a home.

Saving for a Car

Being able to travel by car can help people earn more, spend less, and get better value in their housing. Cars, however, are relatively expensive to purchase and maintain. American households spend, on average, more than $8,000 dollars on car purchases and maintenance each year. Individuals can reduce this transportation expense by making wise purchase decisions. Learn more about whether to buy, what to buy, and how to buy your next vehicle.

Saving for Education

With the costs of college continuing to rise, saving for college has become an item that you should begin to save for well before you need to go. 529 accounts may be an option to help you save. Learn what a 529 plan is, how it works, and the benefits here. If you find yourself in a situation where you already have too much student debt learn how to manage that here.

America Saves Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Take the pledge today to commit to your savings goal.  Set a goal and make a plan to save. Join over 310,000 people who have pledged to save and take the America Saves Pledge today. Already taken the pledge? America Saves encourages you to recommit to your savings goal and re-pledge today.

Tip of the Day

  • Written by Guest Blogger | June 17, 2014

    Teach your #kids about finance - start with the #Money as you Grow program >> http://moneyasyougrow.org

Saver Stories View all »

From Shopaholic to Saver

Written by Jackie Toops | January 13, 2021

Many of us spend too much money on things we don’t need, but we don’t always know why. It’s easy to get a quick fix from retail therapy, but before we know it, our hard-earned money is gone. Oftentimes, when we engage in a “shopaholic” lifestyle or sporadic shopping sprees, we still experience feelings of emptiness, but to make it worse, we now have debt, too.

Khanmany was a shopaholic who turned everything around. She is active duty Navy and shares, “I was spending too much on things I didn't need. I was going shopping for no reason and was trying to fill a void. I was running up every credit card I owned to include Victoria's Secret, Military Star, Navy Federal, TJ Maxx, JCPenney, Macy's, USAA, and was only paying the minimum payments.”

Read more...

Building a Six-Figure Savings While Enjoying Life

Written by Jackie Toops | November 13, 2020

Does the idea of saving up hundreds of thousands of dollars seem impossible? How about doing it while still living an enjoyable lifestyle?

For military spouse Martina and her husband, an E-5 in the Navy, accumulating a six-figure savings has become a reality. One might think that in order to save this much, it would take a great deal of sacrificing and forgoing a certain quality of life, but Martina and her husband would disagree. “Over the past few years (about five), we've managed to save almost $120,000 while mostly living on one income. We've learned so much about easy ways to save money and live a good life,” shares Martina.

Read more...

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...