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.

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