As you may know, financial literacy has become a substantial topic of discussion during these hard economic times, with subjects like savings, credit and budgeting at the forefront. Saving, in particular, is a difficult but necessary component of healthy financial behavior and we at the Student Money Management Center (SMMC) would like to help our fellow University of Illinois employees gain headway in establishing good savings behaviors. For that reason, the America Saves Competition is being extended to faculty and staff. It is a voluntary program and participation is optional.
SMMC, a unit created to facilitate money management education on all three University of Illinois campuses, and the University of Illinois Extension office has partnered with America Saves, a campaign coordinated by the nonprofit Consumer Federation of America (CFA) dedicated to helping individuals save money, reduce debt, and build wealth, to promote saving as a necessary behavior for financial success.
SMMC and the Extension office are organizing a friendly savings competition for faculty, staff and students between the Urbana-Champaign, Chicago and Springfield campuses, which is scheduled to run from America Saves Week (Feb. 19) to Money Smart Week (April 19).
You can sign up as a “saver” by providing your name, email address, a savings goal, and a commitment to save towards a designated goal through the universityillinoissaves.org website.
The contest will have weekly drawings for gift cards in addition to the chance to win a collection of grand prizes that will go to the campus with the highest ratio of “savers” to population of staff, faculty, and students.
The first step to promoting savings behavior is setting a goal and making a plan, which is the primary intention of America Saves. By participating in the University of Illinois Saves competition, staff and faculty can reach their savings goals faster through:
· the possibility of winning cash and other prizes,
· encouraging accountability with departmental activities (examples listed on the website), and
· increased knowledge gained from America Saves, University of Illinois Extension and SMMC e-newsletters on financial topics.
Keep the prizes at your campus and enter to win the weekly drawings by making a savings goal today!
Thank you,
University of Illinois Student Money Management Center (SMMC), University of Illinois Extension, and Consumer Federation of America (America Saves)
Questions?
Any questions about this program should be addressed to studentmoney@uillinois.edu
