FDIC Urges America to Set Up Automatic Savings Plan

The Federal Deposit Insurance Corporation (FDIC) has reminded the country that February 20-27th is "America Saves Week". 

Savings enable consumers to withstand unexpected expenses or income disruptions, in addition to also funding large expenditures, such as the purchase of a home or college education. Research indicates that people who save have better relationships with family and neighbors and increased community involvement.

The theme for the annual event is "Make Savings Automatic" and the Americans are urged to set up ways to pay themselves first through automatic plans such as payroll deduction into the savings bond program or a retirement account or by way of a regular automatic transfer from a checking to savings account.  With tax season coming up it is possible to have a refund deposited directly into savings rather than checking or receiving a paper check.  Saving automatically can help reduce the chances that money will be spent automatically, especially if it is saved into an account such as a 401(k) where it is not easily retrieved. 

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Source: http://www.mortgagenewsdaily.com/02232011_fdic_shiela_bair.asp

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