Too many Texans are liquid asset poor and can't meet a conservative monthly budget of expenses.
According to the Urban Institute's research, families with a nonretirement savings of $250-$749 are less likely to be evicted, miss a housing or utility payment, or receive public benefits when income disruptions occur.
An emergency savings can really make a difference in the financial stability of a household.
But, Prosperity Now's Texas Scorecard shows that only 15.5% of Texans have an emergency savings.
RAISE Texas is exploring ways to assist Texans in saving for an emergency. Below are some different types of savings products or programs that can help households start to save today and throughout the year!
Savings Opportunities Available in Texas
- Prize-Linked Savings:banks and credit unions in Texas can offer prize-linked savings accounts which offer chances to win cash prizes for Texans who are making deposits into their designated savings account. Click here to see if there is a Save to Win Program in your community.
- Tax Time Savings: saving at tax time is the perfect time to start a savings for life's unexpected expenses. VITA sites can help Texans save using the option to split the direct deposit of a tax refund into up to three accounts, or for those without a savings account, there is the option to purchase a U.S. Savings Bond. Click here for more information on tax-time savings programs.
- SaverLife Platform: some of our network members have partnered with SaverLife (formerly EARN) to help their clients build a habit of saving! Click here to learn more about this program.