Saving can be a boon in a bad economy

By Patricia Hasson

As the nation remains stuck in a weak economy, most of us are feeling the impact of downsizing, budget cuts, and shrinking opportunities. For businesses and employees, the prospect of weathering another year of fiscal and employment instability is daunting.

But there is a bright side to the downturn: It encourages businesses and individuals to make saving more of a priority.

Now is an excellent time for companies to promote the benefits and importance of saving to their employees and customers. For those in need of guidance, programs such as Philadelphia Saves are available to offer support, encouragement, and expert advice.

nolead begins

Philadelphia Saves, an initiative of Consumer Credit Counseling Service of Delaware Valley, encourages individuals and families to "start small and think big." Through information, advice, and encouragement, we assist those who wish to be better savers.

Savers can work toward their financial goals of reducing debt, building an emergency fund, saving for a home, planning for an education, preparing for retirement, or any number of other possibilities.

The program teaches and supports individuals seeking to start or enhance their savings through small acts. The theme of this year's Philadelphia Saves Week, which began yesterday and runs through Saturday, is "Start Small, Think Big." With this mantra in mind, the idea of building a savings account becomes much less intimidating.

During Philadelphia Saves Week, a variety of activities, workshops, and events are being offered, all focused on strategies and tips for saving that can be easily incorporated into one's life.

nolead begins

Local business leaders can join Philadelphia Saves by advocating prudent spending to their employees and customers. One simple way a company can get involved is to recruit volunteers or become a partner in workshops and outreach efforts. Area businesses can host workshops for employees or local residents on topics such as starting a savings program, determining how large an emergency fund should be, and saving for specific goals.

Philadelphia Saves is also a unique opportunity for businesses to help their employees. Although the current economic environment may make it difficult for employers to put additional compensation in employees' pockets, they can give them something that may, in the long run, prove even more valuable - the knowledge and desire to save.

Remember: Start small, think big.