San Diego, CA - A new program
dubbed ''San Diego Saves'' kicks off on October 25th with
a goal of encouraging San Diegans of modest means to put
more money aside in savings. Savings goals are many and
varied, however, the most popular are having an emergency
fund, reducing debt, saving for a home and saving for
retirement.
The University of California Cooperative Extension,
consumer advocates, credit unions, banks and other
businesses are pitching the slogan "Build Wealth, Not
Debt" as a common-sense formula that might encourage low-
to moderate-income consumers to save more money and create
family emergency funds and establish other savings goals.
The program is more than lip service and a catchy slogan.
''We're planning savers' clubs and workshops at area
businesses to teach people the basics of saving and good
financial planning,'' said Dr. Patti Wooten Swanson, a
consumer education advisor who works in San Diego for the
University of California Cooperative Extension. She is the
San Diego Saves program coordinator.
The university's research and extension service has
partnered with several nonprofits, area banks and credit
unions and others to promote ''San Diego Saves.''
A kickoff news conference will be held October 25, 2005
from 10-11 a.m. at the San Diego County Administration
Center, 1600 Pacific Highway on the Harbor side Steps. Dan
McAllister, treasurer of San Diego County and Nancy
Register, national director of America Saves will be the
keynote speakers.
''The basic message is to encourage people to build wealth
through financial education, with an emphasis on teaching
them how to save and pay down debt,'' Wooten Swanson said.
''San Diego Saves'' volunteers will hold workshops for any
area business that wants to make smart money lessons
available to groups of employees. School programs also are
planned. Dr. Wooten Swanson said ''San Diego Saves''
has gotten cooperation from several area credit unions and
banks. (See listing on separate page). Several of the
institutions plan to offer savings accounts with as little
as $5 to get started, she said.
Another goal is to provide money management tips to area
businesses' human resources departments so they can set up
educational workshops for employees on their own with
''San Diego Saves'' printed material. ''San Diego Saves''
suggests a better way to save money, including these basic
steps: Don't spend more than you make on a monthly basis;
set up a family budget and stick to it; pay down credit
card debt; and pay yourself first by setting aside a set
amount of cash every month until you build up a three- to
six-month emergency fund. Also, if your employer offers a
401(k) savings plan and provides a company match, take
advantage of that. ''It's free money,'' Dr. Wooten Swanson
said.
For more information please contact:
San Diego Saves Program Coordinator
Patti Wooten Swanson, PhD
Nutrition, Family, and Consumer Science Advisor
University of California Cooperative Extension
5555 Overland Avenue, Bldg. 4, Suite 4101
San Diego, CA 92123
Telephone: (858) 694-2850
Email: pwswanson@ucdavis.edu
San Diego Saves Participating Organizations:
Alpha of San Diego
Bronze Triangle
California Coast Credit Union
City of Oceanside, Housing
Community Action Partnership HHSA
Department of Labor - Employee Benefits Security System
El Cajon Community Development Corporation
Faith Based Federal Credit Union
Financial Planning Association of San Diego
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve Bank of San Francisco
Great American Credit Union
Hanmi Bank
Home Start, Inc
Institute of Consumer Financial Education (ICFE)
Internal Revenue Service
Marine Corps Recruit Depot
Marine Corps Air Station Miramar
Mission Federal Credit Union
Neighborhood National Bank
North County Lifeline
Pacific Marine Credit Union
San Diego Metropolitan Credit Union
San Diego National Bank
Springboard
University of California Cooperative Extension, San Diego
County
United Way of San Diego
US Bank
USA Federal Credit Union
USE Federal Credit Union