Tomorrow marks the beginning of America Saves Week!
What is America Saves Week?
February 19-26 has been set aside ever since 2007 as a time to encourage each other to live on less. Â It is also a time to learn how to save your money instead of spending it.
According to AmericaSavesWeek.org:
“The personal savings rate is near zero, most Americans are not saving adequately for retirement, and most lower-income households do not have adequate emergency savings for unexpected expenditures like a car repair. But with more societal encouragement and support, more Americans will be persuaded to build wealth, not debt.”
There are many ways that everyone can get involved!
For example:
Employers encourage and make it easier for employees to participate in savings and retirement programs. Banks and credit unions promote automatic transfers from checking to savings and investments. Mortgage lenders help consumers attain homeownership by saving the down payment on a first mortgage loan. Nonprofits promote savings programs such as individual development accounts. Financial educators discuss savings opportunities such as automatic deposits and the “miracle” of interest compounding. The media report and editorialize about personal savings activities and the activities of the Week. Individuals take action to save more effectively and encourage family and friends to do the same.

Since buying this house I have shared that we’ve been a bit relaxed in following a budget. Â We had started slipping back into old habits of spending. Â But since it was only a dollar here and a dollar there it didn’t seem like a big deal, but let me tell you those dollars all add up to a lot of waste!
A couple weeks ago we came to the conclusion that we needed to get back on track if we were going to reach our financial goals for the year. Â We have started from the beginning of looking for the areas where we can cut back the fat and save a little more.
NOTE: Some of the best areas are cable, insurances, and phone service.
My husband and I have decided to use this week as the jump start we need and turn it into a challenge to see how little we can live on.
We already have some groceries, toiletries, and water. Â I am pretty sure it will be easy to go for a week without buying ANY extras. Â But there are a couple things that we will need to spend on such as gas and the emergency coffee from McDonalds to help him drive the hour ride home after working the midnight shift.
We’ll start with a week and if we can go longer we will. Â If this is successful we may have to start implementing more spending freeze weeks!
I would love to see us go a whole month only spending on gas!
Thanks to Monroe on a Budget for letting me know this was happening.