Saving a little more now can make a big difference later

February 10, 2021

​Many people know they need to get more serious about their finances but aren't sure where to begin. America Saves Week offers tools, tips, and more to help you get started. 

It's easy to put off evaluating finances and thinking about retirement savings. America Saves Week (February 22-26, 2021) offers information and resources to help you set financial goals, assess your savings plan (or make one), manage debt and credit, determine current and future net worth, and think more like a saver.

The annual America Saves Week campaign brings together diverse nonprofit, government, academic, and business groups to encourage and support Americans to reduce debt and save effectively. In addition, a nationwide network of local campaigns can connect you to one-on-one help to learn more about savings initiatives and events in your area.

Can you save more?

Increasing the amount of your savings by even a small amount can add up over time. When you contribute to the Retirement Savings Plan of the Presbyterian Church (U.S.A.), you not only earn interest on your initial saving amount — no matter how small — but you also earn interest on the interest through compounding. Each time you increase your contributions, your savings have an opportunity to grow even more.

Learn how a small increase in your Retirement Savings Plan contribution can make a powerful difference with the Power of Small Amounts calculator from Fidelity Investments (Retirement Savings Plan administrator). The following ideas may help you find that extra one percent.  

  • If your salary increased in 2021, allocate a portion (or all) of it to Retirement Savings Plan contributions.
  • Think twice before spending that tax refund and consider using it to boost retirement savings.  
  • Check your tax withholdings. Speak with your tax professional or use the free IRS tax withholding estimator to see if you're withholding too much.
  • Cut one unnecessary expense. The money you spend on credit card interest payments, gym memberships, or takeout/delivery meals can make a significant difference when it goes to retirement savings instead.    

Help when you need it

You can speak with a licensed Fidelity retirement planner (over the phone, at no charge), to discuss your unique financial situation and concerns. To learn how a personal consultation might help you achieve your goals, call 800-642-7131, Monday through Friday, 8 a.m. to 9 p.m. ET, to get started. This resource is available, regardless of whether or not you participate in the Retirement Savings Plan of the Presbyterian Church (U.S.A.).

If your employer offers the Retirement Savings Plan and you're not contributing, ask how to get started. If your employer doesn't offer the Retirement Savings Plan, ask them to contact the Board of Pensions for more information. All employees who work for a PC(USA)-affiliated employer are eligible to participate in the Retirement Savings Plan if their employer offers the plan to them.