National program focuses on building wealth, not debt

We invite New Hampshire residents to save more and reduce their debt by joining with other Americans nationwide in the third annual America Saves--New Hampshire Saves campaign. Every New Hampshire Saver providing an email address will receive a free America Saves quarterly newsletter.

The national trend had been to borrow more and save less.
In the past decade, the nation's personal savings rate had declined to less than one percent and overall consumer debt increased 38 percent for households at all income levels.

Bankruptcy filings, home foreclosures, the national financial and credit crisis, increased unemployment, and the uncertainty of the economy had many residents scurrying to find ways to save and manage their money better.

It's working! According to the U.S. Bureau of Economic Analysis, the personal savings rate exceeded 4 percent the first quarter of 2009 and continues trending upward.

Your challenge: find a way to save money, then do it.
Do what works!

A few ideas: Save something out of every paycheck, no matter how much or how little. Have the money automatically deposited into a savings account or your 401(k) plan at work if you have one. Save the Making Work Pay Credit received as part of the American Recovery and Reinvestment Act of 2009, which appears as a reduced amount being withheld in your regular paycheck. Use the Withholdings Calculator to determine the right amount to have withheld from your paycheck.

Our UNH Cooperative Extension family resource management team is dedicated to helping individuals and families increase savings, decrease debt, and increase confidence in managing their finances. Get started by browsing the informative 66 Ways to Save Money.

Commit to saving; make your decision concrete and specific
Then commit to the challenge of becoming a New Hampshire Saver by filling out our online form--a contract with yourself that makes your decision to save concrete and specific.

Anyone who submits a form will receive the quarterly America Saves newsletter and be entered in the drawing to win a $50 U.S. Savings Bond. We will also send you a Credit Card Smarts Calculator.

Save a little; end up with a lot
Some people think they need to win the lottery or receive an inheritance before they will ever be able to save. Can saving $5 or $10 a week really make a difference?

Yes! Imagine a couple buying two coffees each per day because they believe neither one of them can make a decent cup of coffee. Four coffees a day, seven days a week at $1.79 each adds up to more than $2,600 a year. This represents a significant portion of their yearly electrical bill or payment towards an outstanding medical bill.

Cutting their coffee purchases in half by improving their home coffee-brewing skills would free up more than $1,300 in one year this couple could add to their savings. Try this coffee calculator to see how much you might save. To solve a disappearing dollar mystery in your household, download The Disappearing Dollar.

Participants in our Extension money management educational programs often comment on the value of writing a savings goal, and learning how saving a little bit of money goes a long way toward helping them to achieve that goal.

To learn more about how money grows over time and how little you'll need to grow an emergency fund of $5,000 or a nest egg of $100,000 or more, check out The Time Value of Money.

Cooperative Extension has money management info and programs for you
Our Family & Consumer Resources educators offer numerous workshops throughout the year that help individuals and families improve their money management skills. Download Maximizing Your Personal Finances for details.

Visit Managing Money for information on a variety of topics. If you have questions about any of our money management programs, or for printed copies of any of the articles mentioned above, contact the Family & Consumer Resources educator in your county, or call our Family, Home & Garden Information Center Info Line toll free at 1-877-398-4769.