Budget For Your Bank

If you haven’t had a chance to attend any of the Money Smart Week events yet, there are still a few days left to attend a few and learn something new! We still have two Budget For Your Bank Activities scheduled this week in Thurston and Clark Counties.  


Bring the kids in and they will get to decorate a piggy bank of their choosing, but they have to work for it. Each child will receive a $10.00 “income” when they come in, along with a budgeting worksheet that lists all the different options at the Piggy Bank Store. There are numerous piggy bank and décor sticker options all listed at different prices. Kids can then choose their piggy bank/sticker combinations but they must stay within their $10.00 budget. For those kids who save at least 10% of their income, there is a Super Saver Prize.
If you have any questions about the Budget for Your Bank Event, you can contact Katrina Roy at Katrina.roy@dfi.wa.gov. The event is free and recommended for kids elementary school aged.



Details for the next two Budget For Your Bank Activities:

Friday April 29th

Vancouver Community Library

901 C Street
Vancouver, WA 98660

10:30-11:30 A.M.

Friday April 29th

Lacey Timberland Library

500 College St SE

Lacey, WA 98503

4:00-5:00 P.M.

Money Smart Week and myRA

Money Smart Week is here! This week is dedicated to helping Americans become financially capable. Money Smart Week is a nationwide campaign with the goal of helping American consumers become financially capable. Money is a stressful topic for many people. MSW offers free classes and events to help people better understand money topics such as investing, saving, debt, using credit, etc. There are events for all ages, demographics, and income levels. You can find a list of all the events in your area here www.moneysmartweek.org/findevents.

One of the American consumer’s biggest challenges is saving. 54% of Americans do not have a savings account with at least three months worth of living expenses in case of emergency. Millions of Americans are not saving enough for retirement, or saving anything at all. The U.S. Department of Treasury has created myRA for those who do not have access to employer-sponsored retirement accounts. You can contribute as little as a few dollars a month and up to $5,500 a year. Contributions are invested in a new United States Treasury Security that safely earns interest at the same variable rate as investments in the government securities fund for federal employees and carries no risk.  For more information on the myRA program, visit https://myra.gov/about/. 

February 22 - 27 is Washington Saves Week

Governor Jay Inslee has proclaimed February 22-27, 2016 as Washington Saves Week.

Washington Saves Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

Review Your Savings Plan
Washington Saves Week is a good time to review your savings strategies and consider how you can make improvements. Just like your car needs a tune-up, your savings goals and strategies may need one as well.

• Where’s Your Money Going?
  A good place to start is to track your current expenses and determine if your money is going where you want it to. You may find that you are spending more than you’d like on some items and may consider finding ways to cut back.
• Saving for Emergencies
  Financial experts recommend that you set aside 3-6 months of living expenses in an emergency savings account. Emergencies do happen and it’s best to be prepared.
• Saving for the Future
  When you are reviewing your savings habits look toward the future as well.  Regularly investing in a retirement account helps you accumulate wealth over the long term. Let time work for you and get started today!

For more savings tips, visit our Washington Saves Week website at http://dfi.wa.gov/saves-week/   

America Saves Week Campaign
Washington Saves Week is a part of the America Saves Week campaign coordinated by America Saves and the America Savings Education Council.

The Washington State Department of Financial Institutions (DFI) is a proud supporter of Washington Saves Week and encourages all Washington residents to review their savings strategies and to learn more about resources and programs available to them in their community.

Military Saves Events Happening Across Washington

As part of the Washington Finance Alliance, Washington Department of Financial Institutions (DFI) is pleased to support our military personnel with four Military Saves Week events this week – at Fairchild Air Force Base, Joint Base Lewis-McChord, Naval Base Kitsap-Bangor and the Coast Guard in Seattle.

The Washington Finance Alliance is a group of organizations - including Army One Source, The Dept. of Financial Institutions, American Red Cross, Better Business Bureau, and more - devoted to promoting and enhancing financial education throughout Washington State, particularly for military servicemembers and their families.

Holly Petraeus, the Consumer Financial Protection Bureau’s Assistant Director of the Office of Servicemember Affairs, is headlining these events – talking directly with base leaders, servicemembers, family members and local organizations supporting our military personnel about the financial challenges our military members face and how the CFPB and local organizations can help.

Learn more about how the CFPB is helping servicemembers at http://www.consumerfinance.gov/servicemembers/

Learn more about Washington Saves Week at http://www.dfi.wa.gov/saves-week/

Holly Petraeus Talks with Servicemembers

Washington Saves Week

Governor Jay Inslee has proclaimed February 23 – 28, 2015 as Washington Saves Week.

Washington Saves Week is a part of the America Saves Week campaign coordinated by America Saves and the America Savings Education Council.

Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Across the country, hundreds of organizations participate in the Week reaching millions of people.

The Washington State Department of Financial Institutions (DFI) is a proud supporter of Washington Saves Week and encourages all Washington residents to review their savings strategies and to learn more about resources and programs available to them in their community.

Washington Saves Week Website

We have developed a Washington Saves Week website at http://dfi.wa.gov/saves-week.

On the website, you’ll find:

•  Savings tips
•  Information about local programs
•  Links to resources
•  And how your organization can get involved

Happy saving!

  

Resource of the Week - Savings Goal Calculator

As 2013 wraps up, you are undoubtedly making plans and goals for 2014.

If your goals involve saving, such as for an exotic trip, retirement, or a new car, check out BankRate’s Savings Goal Calculator.

This savings goal calculator helps calculate what is necessary to reach a financial goal.

Enter in your savings plan and find out what it’ll take to get there.

Visit Bank Rate Savings Goal Calculator.

Washington Saves Week – February 25 – March 2, 2013

Governor Jay Inslee has proclaimed February 25 – March 2, 2013 as Washington Saves Week.

Washington Saves Week is a part of the America Saves Week campaign coordinated by America Saves and the America Savings Education Council.

Started in 2007, the week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Across the country, hundreds of organizations participate in the week reaching millions of people.

National Save for Retirement Week

October 21-27, 2012 is National Save for Retirement Week. Organizations across the country and the state of Washington are raising public awareness about the importance of saving for retirement.

Americans’ confidence in their ability to afford a comfortable retirement is stagnant at historically low levels according to the Employee Benefit Research Institute’s 2012 Retirement Confidence Survey. According to the survey, just 14% of workers are very confident that they will have enough money to live comfortably in retirement.

Types of Contributions You Can Make To a Retirement Plan

From time to time we get questions regarding the types of contributions you can make to a retirement plan. Here’s some helpful information from the IRS:

If you participate in an employer-sponsored retirement plan, you may have choices on the types of contributions you can make from your wages to the plan. Here’s a brief explanation of the different types of contributions:


Pre-tax elective deferrals – You don’t include these amounts in your gross income in the year that you make the contributions. For example, if you direct your employer to contribute $2,000 from your $30,000 salary in 2012, you only include $28,000 in income. You have to include these contributions, plus any earnings, in your income when you withdraw them from the plan.

Designated Roth contributions – These are elective deferrals that are included in your gross income in the year you make the contributions, but not when you withdraw them from the plan. Also, if you meet certain conditions, you don’t have to include any earnings on these contributions in your income when you withdraw them from the plan.

Department of Treasury Launches Ready Save Grow Campaign

The U.S. Department of the Treasury today announced a new public education initiative, Ready.Save.Grow. The campaign will provide information and access to affordable, safe and convenient Treasury savings options that can help people take control of their future.

The Treasury Department’s Bureau of the Public Debt offers interest-bearing digital savings bonds for as little as $25 and Treasury marketable securities for as little as $100, and with no risk of principal loss. These savings options are offered through TreasuryDirect.gov, and can be purchased online or through payroll direct deposit after opening a free TreasuryDirect account.

Washington State Treasurer, James L. McIntire, Washington State Saves Week Statement

Washington State Treasurer James L. McIntire spoke during the national America Saves Week conference call on February 22, 2011. Below are his remarks.

Thank you to America Saves for giving me this opportunity to participate and talk about America Saves Week. I’m proud to say that Washington is a leader in financial education and asset building. For the fourth year in a row Governor Gregoire issued a proclamation declaring Feb. 20‐27th Washington Saves Week.


My job as State Treasurer is to be fiscally responsible with state dollars so that we can make sound investments for the future and not incur more debt than we can afford. We need to save today for investments we want to make in the future; whether it is for college education, buying a new home or retirement. You don’t have to make a lot of money to have the ability to save. When they sit down and do their budgets, families can, in effect, pay themselves first. Saving five dollars a week over time can help provide the financial security needed for the future.

7 Things You Can Do To Boost Your Savings

As part of Washington and America Saves Week, FINRA has released seven things you can do to get your savings on track .

1) Check your Financial Capability. Take the FINRA Foundation's Financial Literacy Quiz, and compare your results to those of your state, region or the nation as a whole.

2) Estimate how much you'll need for retirement. Download FINRA's podcast to hear how to estimate the amount of money you'll need every month to live in retirement. Then run the numbers in their retirement calculator.

Retrieving a Lost Savings Bond

Last week during a presentation an audience member asked me how they could replace a lost savings bond. The individual thought they wouldn't be able to replace it. The good news is the Bureau of Public Debt is authorized to replace lost, stolen, or destroyed bonds.

Steps for retrieving a lost savings bond

1) Go to the US Department of Treasury’s website at TreasuryDirect.gov and download Form 1048 Claim for Lost, Stolen or Destroyed U.S. Savings Bonds (pdf).

2) Fill out as much information as you can about the lost bond including the bond owner's name, address and Social Security number.

3) Mail the form to: : Bureau of the Public Debt, Bureau of the Public Debt, at PO Box 7012, Parkersburg, WV 26106-7012for series E, EE and I bonds; for H and HH bonds, send it to PO Box 2186, Parkersburg, WV 26106-2186

For bond related inquiries you can also email SavBonds@bpd.treas.gov or call (304) 480-7711.

You can also use the Treasury Hunt tool to see if the Bureau of the Public Debt has any savings bonds for you or your family members that have been returned as undeliverable. Treasury Hunt also tells you about savings bonds no longer earning interest. If you still have these savings bonds, cash or reinvest them so your money can start working for you again.

Need To Start Saving For Retirement? Free Resources to Help You Get Started

You know you need to start saving for retirement, but what do you do? Where do you turn for help?

Retirement planning, especially for recent college graduates and new hires, can be a daunting task.

I have compiled some of the best resources on the web to help you get started.

Ways to Keep Cool, Conserve Energy, and Save Money This Summer

Washington is experiencing its first heat wave of the summer. The temperature according to my phone right now is 90 degrees. Much warmer than the 65 degrees we experienced for the Fourth of July.

While Western Washington has fairly mild summers, we do occasionally get extended heat waves that can drain the pocketbooks of those trying to stay cool.

Here are some tips on how to stay cool, conserve energy, and save money: