ROANOKE, Va. – Roanoke wants to help you save money for your future retirement, buying a home or even paying for a new car with its annual ‘Roanoke Valley Saves Week’ starting Monday, April 8.
“With prices going up and remaining high for things such as rent and mortgage, for things such as groceries, with the resumption of student loan payments, and that sort of thing it can become harder to save. So, we want to make sure people are still encouraged to take that positive financial action,” said Financial Stability Specialist Brandon Meginley with the City of Roanoke.
‘Roanoke Valley Saves Week’ kicks off Monday at the EnVision Center, located at 2607 Salem Turnpike Northwest in Roanoke at 2 p.m. You can learn about the Roanoke Financial Empowerment Center, and there will be financial counselors there to answer your questions. During the week, there will be four classes hosted by Bank on Roanoke Valley. You will have the chance to learn about the importance of banking, credit scores and your 401K.
All of the classes are free, but you do need to register, which you can do here. Some of the partners include Blue Eagle Credit Union, First Citizens Bank and Bank of Botetourt.
“Maybe it’s the first time in a while someone’s thought about saving for retirement and maybe they’ve not considered entering into their company’s 401K, but by coming to this class they think maybe I should start to do that,” said Meginley.
Meginley said ‘Roanoke Valley Saves Week’ is a part of ‘America Saves Week,’ which is a nonprofit founded in 2007 that promotes events for people to learn how to save money. He said people can go to its website and sign a pledge to save. They will then receive text messages throughout the year with certain tips they can apply.
The United States Census Bureau reported almost 38 million people were in poverty in 2022. Meginley said one thing people do to become more financially stable is to start paying themselves first.
“Put that $10,$15, $20 away first, not after you’ve spent the rest of your money, if that makes sense. Think of it as a bill you pay. A bill you’re paying to your future self and automatically if you can put money towards your savings every time you get paid,” said Meginley.
He also said sometimes your employer can automatically direct deposit part of your pay into a savings account.
“Then you can start to see those savings build up,” said Meginley.