America Saves Week and Kentucky Saves Week, the state level campaign, were created to encourage people to find ways to save more, whether that’s building a savings account or emergency fund or paying off credit card debt. This year, the week is Feb. 20 through 27. Here are a few tips to help you reach your personal savings goals:

1. Do you participate in a work-related retirement program? According to AmericaSaves.org, many employees turn down free money from their employer by not signing up for programs such as a 401(k) plan. If they did participate, with a dollar-for-dollar match, they would likely receive an annual yield of greater than 100% on their investment. Now, that’s a good return on your money! For additional information, see the American Savings Education Council Web site at www.asec.org.

2. According to AmericaSaves.org, the best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8%, and you pay the required minimum balance, it will take 39 years to pay off the loan. Add in accumulating interest, and you will pay more than $10,000 in interest charges!

3. Set a financial goal for your future: Buy a home and pay off the mortgage before you retire. Did you know that the largest asset most middle-income families have is their home equity? According to AmericaSaves.org, once these families have made their last mortgage payment, they have far lower housing expenses. They also have an asset that can be borrowed on in emergencies or converted into cash through sale of the home.

4. Money-Saving Tip: Get to know your bank! Take time to research the services your bank provides, such as overdraft protection, online bill-pay, or mobile alerts, which notify you immediately via text message if your checking account falls below a designated amount. Also, if you have a smart phone, consider mobile banking applications that provide 24-hour access to your accounts.

5. According to FINRA, most Kentuckians are not planning for their financial futures. In fact, 67% of Kentuckians lack a rainy-day fund to cover expenses for three months in the case of emergencies, such as sickness, job loss or economic downturn. This compares to 60% of Americans nationwide. Learn more at http://www.usfinancialcapability.org/.

6. According to FINRA, 29% of Kentuckians have engaged in some form of high-cost, non-bank borrowing during the last five years, including taking out a payday loan or getting an advance on a tax refund, compared to 24% of all Americans. Non-bank lenders are likely to come with high interest rates, and often attract individuals with poor credit histories, lack of access to more traditional sources of credit, or both. Learn more at http://www.usfinancialcapability.org/.

7. Making ends meet? According to FINRA’s American Financial Capability Survey, 54% of Kentuckians are living paycheck-to-paycheck. By comparison, 55% of Americans report spending more than or about equal to their household income. Visit http://www.usfinancialcapability.org/ to learn more.

8. What’s your financial capability? On a test of five basic financial literacy questions, Kentuckians answered on average 2.84 questions correctly, just under the national average of 2.99 correct answers. Visit http://www.usfinancialcapability.org/ to learn more about FINRA and to test your financial literacy.

9. Are you spending more than you earn? If you are, you’re among the 17% of Kentuckians who reported spending more than they made this past year, according to http://www.usfinancialcapability.org/. According to FINRA, individuals (including Kentuckians) who are not balancing monthly income and expenses are not saving, and will likely find themselves struggling to “make ends meet.”

10. What would you do (or what did you do) if you suddenly lost your income? Could you pay your bills and provide for your family’s needs for six months? Consider your liquid assets—or, what you can easily convert to cash. This could include savings accounts, money markets, or CDs. For tips on building your emergency fund, visit http://www.extension.org/pages/Building_an_Emergency_Fund.

11. How energy efficient is your home? Get tips from the US Department of Energy for conducting a DIY home energy assessment at http://bit.ly/C37Eq. Learn simple tips for evaluating your home for air leaks, insulation issues, heating/cooling equipment, and lighting. An energy efficient home will save you money on your monthly utilities.

12. According to the US Department of Energy, the typical U.S. family spends about $1,900 a year on home utility bills? Unfortunately, a large portion of that energy is wasted. Find out ways to conserve energy (and therefore save money) by downloading your free energy-saving guide at http://www.energysavers.gov/pdfs/energy_savers.pdf.

13. Does your preschooler understand the value of money? Help them learn with“Thrive by Five (TM): Teaching Your Preschooler About Spending and Saving” includes free activities and other resources for parents who want to encourage healthy attitudes about money in young children. Resources are available in English and Spanish, so begin teaching your child the value of a dollar today!

1. Could you control your spending if your family’s finances were cut in half? For money-saving tips on how to manage your money during tough financial times, visit http://www.extension.org/pages/Controlling_Spending. Learn beneficial tips that anyone can use for reducing your everyday costs, including food, household, transportation, medical, childcare, leisure, personal, and miscellaneous expenses.

For more information on how to develop sound, financial management practices, contact the Clinton County Cooperative Extension Service.

Education programs of the Kentucky Cooperative Extension Service serve all people regardless of race, color, age, sex, religion, disability, or national origin.