WASHINGTON — With “America Saves” week, Feb. 24-March 2, comingto a close, CUNA President/CEO Dan Mica listed some of the bestways for Americans to build their savings.
|“The daily reports of people falling behind on credit cardpayments and mortgages should drive home the point that people needto have savings, rainy day funds, backup,” said Mica. “One of theadvantages of having money transferred automatically into a savingsaccount is that you never miss it.”
|Mica furthered explained that savings can benefit greatly fromcompound interest, observing that “just $50 a month, invested at ayield of 5%, will turn into more than $76,000 over 40 years.”
|Mica also suggested that money put into a savings increase witha raise and that anytime extra money is received, in the form of atax refund or a rebate, a certain amount should go into savings aswell.
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