Washington Saves Week Reminds Folks to Add to Their Savings Account
This week is not only the last week of February, but also Washington Saves Week, which highlights the importance of savings. Governor Jay Inslee proclaimed February 24-29 is part of a national focus on savings.
"What we tell people is make sure you have something in savings," said Lyn Peters.
Peters notes whether it's $5 or $5,000, a savings account provides a safety cushion. Not only is a substantial savings account a good 'In Case of Emergency Break' piggy bank, but it's also an avenue to feed retirement funds.
"So few Americans are fully prepared for retirement," said Peters. "I think a lot of folks are relying on Social Security and that's just not going to do it for most folks."
It's advised to start, start small and grow from there. Some tips include: diverting that tax return to a savings account, pay off high interest credit cards and put money used toward payments into a savings account instead and make saving automatic with a paycheck's direct deposit.