SALT LAKE CITY – February 22, 2021 – Utah State Treasurer David Damschen today announced that Utah is kicking off a savings-focused year with “Utah Saves Week” and urges Utahns to automate their savings.
Treasurer Damschen chairs the Utah Council on Financial and Economic Education, an organization comprised of more than 50 private and public entities that share a common mission to increase the financial capability of Utahns.
“A primary objective of the Utah Council on Financial and Economic Education is to support programs that empower individuals and families to achieve economic stability, opportunity and upward mobility,” Treasurer Damschen said. “Utah Saves Week serves as a good reminder for Utahns to automate their savings, while helping connect them with free information, tools and resources to help them attain their savings goals and navigate an increasingly complex financial world.”
Utah Saves is a tool that helps Utahns hold themselves accountable to their savings goals and receive free professional advice from online resources.
“During a normal year, it is important to save. Now more than ever, during the midst of the COVID-19 pandemic, it is critical to save,” AAA Fair Credit Foundation Executive Director Ellen Billie said. “We know for sure that emergency funds are necessary to ride the torrents of life. Luckily, we find hope in the umbrella of a savings fund for these rainy days. It is never too late to start saving. Join us in starting your savings today!”
Governor Cox declared February 22-26 as Utah Saves Week, in alignment with America Saves Week. Rep. Brady Brammer will read the declaration on the floor of the Utah House on Monday morning, and Sen. Ann Millner will read the declaration on the floor of the Utah Senate on Tuesday morning.
Utah Saves, the Office of State Treasurer, my529 and other Utah organizations will promote useful information and contests throughout the week on social media. AAA Fair Credit Foundation is hosting a webinar on Tuesday discussing savings programs and strategies. It is free and open to the public. Click here to register.
my529 is also offering a special promotion to Utah residents who open an account for a beneficiary new to my529 between February 1-28, contribute at least $20 and use the promo code 2021SAVE. At opening, my529 will add a $20 contribution. Click here to learn more.
“Start contributing regularly to a my529 account. It doesn’t have to be a lot of money. If it’s $25 a month, that’s going to add up,” my529 Executive Director Richard Ellis said. “What you save will make a difference, and those funds can reduce or even eliminate the need for student loans later on.”
Utahns are encouraged to pledge to save online at utahsaves.org to receive savings advice tailored specifically to their savings goals.