Saving money is a great place for consumers to start, or continue, to work on their finances. Using money that you’ve set aside to pay for unexpected expenses or to make a large purchase can help you avoid debt. And, knowing that you’re saving for long-term plans like college or retirement can give you peace of mind. There are many different reasons to save and a variety of ways to do it. For starters, here are 7 money saving resources.
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Savings Options for People with Disabilities
The Achieving a Better Life Experience Act (the ABLE Act) provides many individuals with disabilities the opportunity to put money in savings accounts that can grow tax-free. Money from such accounts may be used for certain expenses, such as education, housing, transportation, and other types of supports and services. Money in these accounts also will not affect eligibility for means-tested federal benefit programs such as Medicaid.
Links to state ABLE programs and their online enrollment portals, as well as more information about these programs, can be found at the National Disability Institute's ABLE National Resource Center. For more help or guidance on the deposit insurance for ABLE accounts or any other accounts you have at an insured bank, you can speak with an expert by calling 1-877-ASK-FDIC (1-877-275-3342).
For more information, see the Consumer News article "More Savings Options, Greater Financial Independence for People with Disabilities".
- The America Saves initiative, (americasaves.org)
Encourages all Americans to save money, reduce debt, and build wealth. You can visit this website to make a savings commitment and learn additional strategies to save.
- The Consumer Financial Protection Bureau’s Start Small, Save Up (consumerfinance.gov)
Initiative can help people start and build savings.
- MyMoney.gov
The federal government's one-stop website that provides financial education resources from more than 20 federal agencies. It includes Save and Invest page that provides a comprehensive catalog of resources from federal agencies on saving and investing.
- The Department of Labor (dol.gov)
Provides information for owners of small business on various retirement plan options.
- The FDIC (https://archive.fdic.gov/view/fdic/2983)
Visit the article, FDIC Encourages Taxpayers to Take Advantage of IRS Programs and Save More of Their Refunds where the FDIC provides insights to the benefits of Internal Revenue Service programs and resources for free income tax preparation.
- Manage My Checking Account - Money Smart PDF (click)
You can use these strategies to help you manage your checking account.
This document was compiled with information from the FDIC website.