Mar 01, 2019
SUNNYVALE, Calif.—In celebration of America Saves Week 2019, Edelman Financial Engines, America’s top independent financial planning and investment advisor, recognized by both InvestmentNews and Barron’s , is offering savings tips to help more Americans take control of their financial lives. America Saves Week, scheduled for February 25 to March 2, is an annual event coordinated by America Saves and its partners to encourage more Americans to save.
“While saving should be top of mind every day, America Saves Week is a great reminder about the importance of saving for the future,” said Ric Edelman, co-founder of Edelman Financial Engines. “Unfortunately, many Americans don’t have the appropriate funds saved to reach their financial goals. While there is no one-size fits all approach to how Americans should be saving, the most important thing is to just start. Setting savings goals and making a plan today can help Americans reach their financial goals tomorrow.”
Actionable Tips for Creating Savings
Making a few subtle changes in your financial routine is a good first step for many Americans to build their savings.
“Most near-retirees will tell you they wished they started saving earlier. Maybe you are finding it hard to save – that’s not uncommon. However, there are some simple spending habits you can change today that will have meaningful long-term benefits on your savings,” Edelman added.
Here are three actionable tips Edelman recommends to create savings:
• Savings Creator #1: Pay Yourself First. Next time you pay your bills, write a check to yourself first – before you pay any other bills. By writing a check to yourself for $25, $50 or whatever amount you can, you are certain that your will have paid yourself. You may run out of money every month anyway, but at least this way, you’ll run out after you’ve saved. The most effective way to pay yourself first is by participating in the retirement plan offered by your employer. It is automatically set aside in the retirement savings plan from your paycheck – so you won’t ever see the money and what you don’t see, you won’t miss.
• Savings Creator #2: Never spend your coins. To save money without really trying, use only paper currency. Collect your change every day, and you’ll amass twenty dollars a month with no effort. You can double the savings if your spouse does likewise. Then deposit the money into your investment account.
• Savings Creator #3: The Right Way to Use Supermarket Coupons. If the coupon says SAVE ONE DOLLAR, make sure you do. Don’t use that dollar to buy more instead.
In support of America Saves Week, Ric Edelman highlighted saving best practices during his weekly radio show on February 23rd, The Ric Edelman Show, as well as interviewed George Barany, director of America Saves.
Additionally, in honor of America Saves Week, the workplace focused arm of the business, Financial Engines, is offering employees of participating employers free savings plan reviews to help educate and empower investors to improve their retirement readiness.
About Edelman Financial Engines
Since 1986, Edelman Financial Engines has been committed to always acting in the best interest of our clients. We were founded on the belief that all American investors – not just the wealthy – deserve access to personalized, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisor, recognized by both InvestmentNews and Barron’s, with 180+ planner offices across the country and entrusted by more than 1.1 million clients to manage more than $200 billion in assets. Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.
©2019 Edelman Financial Engines™, LLC All rights reserved. All advisory services provided by Financial Engines Advisors L.L.C. Financial Engines Advisors does not guarantee future results.
About America Saves Week
America Saves Week, coordinated by America Saves and its partners, is a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans. It is the framework in which participating organizations annually take on the savings challenges that their constituents face with support from local and national partners.
1 Ranking and status for 2017. For independence methodology and ranking, see InvestmentNews Center (http://data.investmentnews.com/ria/).
2 The Top 40 Independent Advisory Firm Ranking issued by Barron’s is qualitative and quantitative, including assets managed, the size and experience of teams, and the regulatory records of the advisers and firms. Firms elect to participate, but do not pay to be included in the ranking. Investor returns/experience are not considered. 2018 ranking refers to Edelman Financial Services, LLC. (EFS), which combined its advisory business in its entirety with Financial Engines Advisors L.L.C. (FEA) in November 2018. For the same survey, FEA received a precombination ranking of twelfth.
3 Board of Governors of the Federal Reserve System, Report on the Economic Well-Being of U.S. Households in 2017, May 2018.