ABA Education Foundation's Tips for Saving Your Own Pot O' Gold

WASHINGTON, Feb. 27—The American Bankers Association Education Foundation believes that a personal pot o' gold isn't the luck of the Irish, but something that all Americans can work toward.  On this St. Patrick's Day, the Foundation recommends that consumers begin saving their own pot o' gold.

"No matter where you are in life, it's never too late or too soon to begin saving," Laura Fisher, director of the ABA Education Foundation explained.  "It's the only way to ensure you're able to handle future financial surprises."

Studies show that many American's are spending more than they save.  With our uncertain economy, it's important that consumers understand the value of saving and their options.

To help consumers establish solid saving habits, the ABA Education Foundation and ABA member banks suggest consumers do the following:

·        Pay yourself first! Have a set dollar amount transferred from your checking to your saving account every payday.

·        Increase the amount you save when pay increases.

·        Pay bills on time and more than the minimum amount to lower debt faster.

·        Shop around for the best prices and services, for the most convenient locations and best rates for credit cards, bank accounts, mortgages and CDs.

·        Consider investments for long-term goals such as saving for a home or retirement.

"You don't have to make a lot of money to save, and you can start by putting away $10 each check," added Fisher. "In times of financial hardship wishing upon a lucky charm won't help, but a savings account or your personal pot o' gold will."

Bankers understand the importance of a financially educated customer.  On April 29, volunteer bankers from across the country will take the lead and provide financial education to thousands of students, in connection with the ABA Education Foundation's Teach Children to Save Day. For a dozen years, bankers have participated in the Foundation's Teach Children to Save program by going into classrooms and giving America's youth lessons on the value and importance of saving.

Questions on how to start saving or the Foundation's Teach Children to Save program? Stop by your local bank or visit www.abaef.com and click "Consumers."

The ABA Education Foundation, a non-profit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy.  For more than eighty years, we have supported the banking industry's efforts to teach personal finance skills in schools and communities across the country.  The programs we provide are specifically and uniquely created for young children, teenagers and adults to provide them with the skills they need to budget, save, and manage credit.  For more information, visit http://www.abaef.com  or call 1-800-BANKERS.

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