Utahns urged to begin saving during 'Save Your Change Week'
|One desk drawer at the Sun Advocate yielded more than $2.50 in loose change. As part of the Utah Saves initiative sponsored by United Way of Salt Lake, Utahns are encouraged to put that loose change to work by putting it into a savings account, where it can accrue interest. |
What's under your couch cushion? In your car's ashtray? In that stray cup on your desk? Those old quarters, dimes and nickels add up.
Though it may sound hard to believe, studies indicate that there is more than $10 billion - an average of $99 per family - in loose change sitting in homes and cars across America. And now Utah Saves, a United Way of Salt Lake initiative that helps Utahns learn how to save and spend wisely, is promoting the first-ever "Save Your Change Week," Nov. 13-17.
Utahns are being encouraged to dig through those stray nickels and pennies, add them up and then make a deposit - by beginning a new Utah Savers account - at any of these participating local banks and credit unions: Zions Bank, U.S. Bank, Bank of American Fork, Key Bank, America First Credit Union, Mountain America Credit Union and the University of Utah Credit Union.
Those opening either new Utah Saves accounts or making new deposits into existing Utah Saves accounts between Nov. 13 and Nov. 17 could be eligible to win a $1,000, $750 or $500 savings bond.
"The purpose of this event is to draw attention to the large amount of change in everyone's homes and cars," says Jerilyn Stowe, community impact manager and statewide coordinator for Utah Saves. "We are encouraging all Utahns to make a deposit of loose change."
Launched last year, Utah Saves is a United Way initiative that works to build long-term economic stability and prevent poverty by helping all Utahns build wealth, reduce debt and create lifelong financial security. In its first year, Utah Saves has helped nearly 3,000 Utahns begin savings plans and save nearly $3 million.
For more information on Utah Saves, or "Save Your Change Week," go to www.utahsaves.org.