Bankers Offer Advice on Saving Money

January 14, 2005 Friday
Marshfield News-Herald
By Matt Ollwerther

Turning red numbers in a checkbook black, and saving some money as well,  might become easier for Clark County residents next week with the launch of a community effort encouraging saving.

"America Saves in Clark County," a campaign designed to increase savings and eliminate debt, will kick off Jan. 21 at participating financial institutions. Balloons, cookies and other decorations will pepper lobbies to draw attention to  the program's launch.

The campaign originated after research from the Consumer Federation of America found that people gave two reasons for not saving: they would be unsuccessful if they tried or they couldn't afford the cost, said Gayle Rose  Martinez, Clark County University of Wisconsin-Extension family living agent.

The program is free and doesn't monitor individuals' success, she said.

"We're helping people set their own goals and use their own integrity,"  Martinez said.

The campaign promotes saving money, building wealth and paying off debt, she said. Most Americans spend, rather than save, their money. The campaign's motto is "build wealth, not debt."

Members get a free session with a financial counselor, a national newsletter and a minimal or no-fee savings account from participating financial institutions.

The campaign makes sounds fiscal sense, said Irene Dziekan, personal banker  at Citizens State Bank of Loyal.

In the last few years, the economy has dipped to the point that some people need every penny, she said. But even saving $5 a week or $10 a month goes a long way toward alleviating emergencies such as car repairs.

Even people with low or moderate incomes are able to save successfully with a small amount of community support, said Martinez, who added people with a savings plan are twice as likely to achieve their goal.

The program originated in Cleveland, and has spread to Oneida, Vilas and Forest counties and Milwaukee in Wisconsin. Another program is in the works in Madison.

The long-term program goal aims to make saving money a social norm along the  same lines as buckling your seat belt, Martinez said.

The extension office often works with private businesses, but she said it's unusual for the university to work with financial institutions.