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When did you last deposit money into your savings account? Do you have a budget in place to help pay off your credit card? This week is National America Saves Week, so now is the perfect time to consider these questions and more! National America Saves Week marks a time to explore savings account options, evaluate your budget, and work towards reducing your debt.

Beginning in 2007, National America Saves Week was introduced by the Consumer Federation of America (CFA) to encourage Americans to save money and work towards financial stability and wellness. While it may sometimes be difficult to take a hard and in-depth look at your finances, this week presents an excellent opportunity to set yourself up for financial success in 2025 and beyond!

Tips for Creating a Budget

Developing a budget is a great place to start when evaluating your finances.  A budget will ensure you stay on track with your spending, put money away for savings, and avoid impulse purchases. Here are some steps you can follow to develop and manage your budget:

• Track your income and expenses. Record the money you bring in within a month’s timeframe, including earnings from your job(s), any side gigs you may have, portfolio earnings, and earned interest. Contrast this combined income against your month’s expenses.
• Evaluate necessary expenses against unnecessary expenses. Your necessary expenses include your bills, insurance payments, loan payments, and other necessities, such as groceries. Unnecessary expenses include any extra purchases you make in a month, such as entertainment, dining out, or other impulse purchases.
• Make cuts to your unnecessary expenses. Whether it’s a streaming service you rarely watch or a weekly trip to the clothing store, evaluate where you can make cuts to your unnecessary expenses and put this money into your savings.
• Use the 50/30/20 Rule. The 50/30/20 Rule is a process of managing where your money is going. It states that 50% of your monthly income should go towards necessities – your mortgage/rent, groceries, bills, etc. From there, 30% should go towards your entertainment or other discretionary spending, and the remaining 20% into savings.
• Revisit your budget monthly. Your budget will evolve over time. Some months you may bring more money in, while others you may not. Make it a habit to check in with your budget each month to assess where you are doing well and identify any areas where you may need to increase or decrease spending.

Ways to Save Your Money

Of course, saving money is a crucial piece to National America Saves Week. After you’ve paid your monthly bills and expenses, it may seem impossible at times to save money. Here are some tips you can follow to ensure you’re saving—and not just spending—money.

• Automate your savings. Once your budget is established, use your mobile banking service or application to place a portion of your earnings into your savings account this month. This way, money will steadily flow into your savings and you won’t be tempted to spend this money.
• Cut out unnecessary expenses. How many times did you eat out at restaurants in the last month? Is there a streaming service you barely (if ever) watch? Take a look at your monthly bank statement and eliminate any expenses that aren’t necessary or a consistent part of your daily life.
• Wait before making a purchase. Before you make any kind of purchase that could be deemed unnecessary, such as an extra piece of clothing or new piece of technology, consider how much you truly want the item. If it’s something that’s still at the forefront of your mind a few days later, then purchase the item or plan to save for it.
• Explore free and low-cost activities. Entertainment costs can add up in the span of a month. To help combat this, search for free activities on websites like Eventbrite. Odds are you’ll find something that interests you that won’t put added stress on your wallet.
• Define your savings goals. While you’re creating your budget, start to think of some of your savings goals. These can be long-term or short-term, and they even may change over time. By having a set goal, you’re more likely to keep yourself honest and on the right track with your savings.

Savings Account Options with American Heritage

When you become a member of American Heritage, you will open a Share Savings Account. This is a traditional savings account, which will allow you to earn higher dividends the higher the balance in your account. However, this Share Savings Account is just the tip of the iceberg when it comes to our savings account options. 

Some additional savings account options with us include:

• Money Market Accounts: Money Market Accounts combine the flexibility of a traditional savings account with the opportunity to earn higher dividends. With a Money Market Account, you’ll earn higher dividends than the standard Share Savings when you maintain a minimum balance of $25,000 or more. A Money Market account is a good option when considering your short-term savings goals.
• High-Yield Savings Account: One of the most popular savings account options, our High-Yield Savings Account offers one of the highest savings rates in the region. You’ll enjoy this high earning rate when you maintain a minimum balance of at least $10,000. This account is a great option for short-term savings goals.
• Certificates: A certificate is a type of savings account where you will deposit a set amount of money for a specific amount of time. With our certificates, you’ll earn a competitive yield and can select terms ranging from 3 to 60 months. Certificates are a perfect option for your savings goals. Long-term goals will especially be served well by certificates with longer terms.

The savings account you choose should be determined by your savings goals and levels of comfort. An emergency fund would work best in a Money Market or High-Yield Savings Account, where you can access the money easily when needed. Certificates carry penalties if you need to withdraw the money prior to the term’s closure, so consider a certificate when looking at your long-term savings goals.

National America Saves Week is just one small period of time to set you on the right path with your personal finance for 2025 and beyond! At American Heritage, we are here to help you all year long in your financial journey. Click here for a full list of our Savings Account options and consider visiting our Learning Center Center to explore budgeting worksheets and watch insightful webinars to provide guidance with your budget and savings.