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D.C. Residents Encouraged to Set a Goal, Make a Plan and Save Automatically

Monday, February 24, 2014

Department Participating in Week-Long Savings Campaign Encouraging D.C. Residents and Military Personnel to Save

Thirty percent of D.C households don’t have savings accounts and 11% have no banking relationships at all, according to the Corporation for Enterprise Development. This week, the D.C. Department of Insurance, Securities and Banking and its Bank on DC program will encourage D.C. residents and military personnel to start saving or improve their saving habits as part of America Saves and Military Saves Week.

America Saves Week, Feb. 24 to March 1, is a national annual campaign organized by the Consumer Federation of America and the American Savings Education Council to help people create savings plans, save more, reduce debt and build wealth. Military Saves, a component of America Saves and partner in the Department of Defense’s Financial Readiness Campaign, encourages service members, their families and civilian employees to save money and build wealth.

“These days, saving can seem like a challenge when your income is already over committed,” said Chester A. McPherson, interim commissioner for the D.C. Department of Insurance, Securities and Banking. “But if you start with a small goal and save each week or month, it can add up. For instance, if you saved $25 every two weeks for a year, that’s $650. It might be enough for holiday expenses, to start an emergency fund or pay down debt.”

This year for America Saves and Military Saves Week, the department will focus on three different groups including D.C. Government employees, D.C. residents and military personnel. Throughout the week, the department will share savings tips on its website and through social media. In addition, the department and its partners will also promote savings with free financial education workshops at the nine DC Earned Income Tax Credit locations in the District.

To learn more about America Saves Week and for additional savings tips, visit disb.dc.gov/americasaves. Also, like us on Facebook or follow us on Twitter for daily savings tips and more throughout this week.