04.01.2021

The Time Is Now: Save For The Unexpected

The Coronavirus pandemic has made savings a priority for most Americans, especially those most vulnerable with low to moderate earnings.

The Coronavirus pandemic has made savings a priority for most Americans, especially those most vulnerable with low to moderate earnings. In fact, a recent study by Edelman Financial Engines, in conjunction with America Saves and the Bipartisan Policy Center, found that:

  • 40% of working Americans report they had difficulty paying for a personal expense in 2020.
  • 1 in 3 working Americans say they would run out of savings on hand in 1 month or less if their income suddenly stopped.
  • Nearly 1 in 2 working Americans (45%) would have difficulty paying for a $400 emergency expense, meaning they say they would not cover it with savings or put it on their credit card and pay it off at the next statement; 11% say they would be unable to come up with the money.

While saving provides us with a much-needed financial cushion, it also helps ease the emotional burden of worrying about what’s around the corner.

In this Save for the Unexpected Partner Resource Packet, you’ll be able to support your community with tools, tips, and content that will allow them to begin to build or maximize their emergency savings and become more financially stable.

We encourage you to share the following social media content, blog posts, resources, and videos with your customers, members, constituents, and audience.

Social Media Posts

Sharing savings-focused messaging on social media is a great way to get your network thinking about planning for what’s ahead! Be sure to share the following sample social media posts, and feel free to change the tone or wording to meet your organization’s needs.

POST A

The first step to building an emergency fund is setting the goal and making a plan. People who have a plan for their goals are 2Xs more likely to reach them! You can do both by taking the @AmericaSaves pledge http://bit.ly/3c3t7gR.

POST B

Want to start growing an emergency fund? Take some time this month to get clear on how you spend and save first! Read this article and get the Spending & Savings Plan Tool by @AmericaSaves: “Creating A Budget For Your Family” http://bit.ly/3rneFqn

POST C

The easiest and most effective way to save is to save automatically. Set it up as a split deposit with your employer or auto-transfer with your financial institution! Read more http://bit.ly/3uVLEEt via @AmericaSaves

POST D

With a new stimulus payment and tax refunds still on the way for many Americans, you may be wondering how to best apply your additional income. This resource from @AmericaSaves includes a quick decision tree to help you decide. Get it here: https://bit.ly/31b8qL4

Resources:

Partner Resource Spotlight:

Special thanks to our friends and partners at Forbes Advisor for creating this great blog post during America Saves Week, encouraging people to Save for the Unexpected.

How You Can Financially Prepare For Life’s Unexpected Turns

https://bit.ly/2P6NSAK

An important first step when deciding to save for the unexpected is to have a clear understanding of your finances. Tracking your spending, understanding your debt, and creating a budget are all great steps to help you reach your goal. This budget worksheet will empower participants to create a spending plan and gain control of their finances by understanding where their money is going. This is also a great opportunity to ensure that your savings goals are a top priority each month!

Download our budgeting worksheet >>

Blog Posts:

For many Americans, the best time to jumpstart their savings goals is when they receive a type of windfall, like a tax refund or even the recent stimulus checks. At America Saves, we believe that an informed saver is an empowered saver, and empowered savers make the best possible financial decisions for their families. In our commitment to both informing and empowering our Savers, we created a decision tree to help guide them through applying their stimulus towards current expenses, paying down debt, or saving.

https://bit.ly/31b8qL4

 

It may be difficult for some to plan for the unexpected when the unexpected can seem so abstract. How do we plan for what’s ahead when we don’t know what it is? A great way to overcome this barrier is to consider the various financial emergencies that could arise. This way, as you create your savings plan, you will have a clearer idea of what you’re preparing for. The following blog post is an excellent resource to get us thinking about the various reasons that having at least $500 saved for emergencies is so important.

https://bit.ly/3silief 

Videos:

Watch and share these videos from America Saves that highlight the theme of saving for the unexpected! The first two videos below are shorter and are perfect for sharing on social media, newsletters, and more. The last two videos are longer and provide the opportunity to dig a bit deeper.

Saver Story

The Pugh family, a military family of five, share their saver story from North Carolina that highlights the importance of saving for the unexpected. When they found out their damaged roof would need replacing, a massive and unplanned expense, they realized just how important it is to save for the unexpected. They also share how understanding their own personal money values comes into play when managing family finances. One describes themselves as a saver, the other as a spender – a dynamic that is likely familiar for families all over the country. They explain that this actually helps create balance in their home and encourages those watching their story to embrace a positive attitude when it comes to tackling their own financial journey. Watch their story to learn more and encourage your community to share their  

Save for the unexpected video from ASW - https://www.youtube.com/watch?v=Ssy-2jcO4cs&t=1s

Why Take The America Saves Pledge
Meet Kelly Lewis, as she explains why she took the America Saves Pledge as well as the experience and support she's received since setting a goal and making a plan to save.

https://youtu.be/ShPim3zFV9k

#ThinkLikeASaver: Jumpstart Your Savings With Your Tax Refund Virtual Town Hall
America Saves staff and experts in the field talk about saving for the unexpected with your tax refund. Get hands-on resources and hear down-to-earth tips on how you can maximize your tax refund so you can save for the unexpected.

https://www.youtube.com/watch?v=YaPVt2Jd7hc

Split to Save and Military Saves teamed up during National Preparedness Month to provide valuable insights and practical tips that you can use to prepare yourself and your family in the event of a natural disaster. Here's a recap! 

Special Guest: Aaron Levy from FEMA

https://www.youtube.com/watch?v=LdFib8UfBI8