Earlier today, we were in Los Angeles for a discussion on challenges and opportunities faced by new Americans in the consumer marketplace. There were remarks from Director Richard Cordray, followed by discussion by the Consumer Advisory Board, and testimony from consumer groups, industry representatives, and members of the public.
If you missed the livestream, you can watch the recording below.
Mike’s not that different from most consumers. Like so many of us he makes sacrifices to get the things he wants. And he knows that the only way to get closer to his dreams is to plan ahead. And that’s what saving is all about. We understand that it’s not always easy to put money away and that many people need every bit of their paychecks. And while saving money isn’t the most exciting thing to think about, watching your money grow can be. Just imagine the possibilities if you planned ahead for that new car like Mike, or you saved for your child’s college education, a first home, or the financial emergency you never expected. By saving now, you can greatly decrease what you’ll owe later, putting more money in your pocket to get the other things you want.
Our goal is to help you live a better financial life. And one of the best ways to do that is to have savings that give you the best options when shopping for financial products and services. That’s why we’re participating in America Saves Week, a national campaign that encourages consumers to save money, reduce debt, and build wealth.
As part of this partnership, we’re encouraging you to save like Mike— by creating a savings plan and sticking to it. Having a clear plan will help you remember why you’re saving your money. And little things like directly depositing savings each month will help you to stick to the plan you’ve set for yourself.
By following these simple steps, you can start to see your money grow:
Assess your goals. The first step in the savings process is to identify a specific reason you want to save and write it down.
Create a savings plan. Get real about what you have coming in and going out each month. Then determine the amount you want to save, how much time it will take to reach your goal, and how much you’ll need to put away each month to get there.
Direct deposit. By automatically putting money away each month, you’re more likely to stick to your plan and not overspend. Simply talk to your employer, bank, or credit union about how to set up an automatic transfer.
We support and encourage saving because it provides protection to consumers at every stage of life. It gives you choices and options to avoid abusive practices and high fees, and most importantly it helps you to plan for your future goals. As a participant in America Saves Week, we are encouraging our own employees to join CFPB Saves and establish a savings plan. Join us by creating your own personal savings plan today. And be sure to check out www.AmericaSavesWeek.org for useful resources to help you along your way.