Call 11 for Action: Consumer groups dub 'America Saves' week - News, Weather, Sports, Toledo, OH

Call 11 for Action: Consumer groups dub 'America Saves' week

By Dan Bumpus - bio | email
Posted by Jessica Mahoney - email

TOLEDO, OH (WTOL) - Despite the economy showing slight improvement, a number of financial and consumer groups believe now, more than ever, is the time to start saving.

This week the groups declared this week to be "America Saves Week."

They say Americans are saving more now than before the recession, but there is always room for improvement.

It's said if a person starts small with savings, it can eventually add up over time. The idea is to set up a goal, put a plan in place, and look at all of the expenses and create a budget that allows for savings. 

Ken McDonnell, director of the "America Saves" program says "This is not a ‘set it and forget it'. You need to revisit that plan periodically to make sure that the money is growing in the way that you want. "

People may be tempted to spend money if it's in their pockets and checking accounts.

McDonnell says that the best way to get around that temptation is to set up an automatic savings account with your bank. A person can tell the bank how much they want to be taken from their checking account and placed directly into a savings account.

A rule of thumb is to start saving despite age. How much can be adjusted based on how close retirement is.

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