GETTING ON THE PATH TO SAVINGS
According to the Boston Federal Reserve Board, 40% of Americans don’t have $400 in the bank to cover an emergency. We want to change that.
United Way of Western Connecticut is working with other United Ways across the state of Connecticut to help low-wage earners get on the path to savings through a new program that encourages savings and provides free financial advice.
ALICE Saves consists of two nationally recognized financial support programs: SaverLife, offering cash incentives for those who save each month; and TrustPlus, a technology-enabled program that provides advice at the user’s convenience. Connecticut United Ways combined these two programs to create ALICE Saves.
- ALICE Saves now has new incentives for savers! Download the flyer (PDF) for more information.
- ¡ALICE Saves ahora tiene nuevos incentivos para los ahorradores! Descargue el folleto (PDF) para obtener más información.
- Managing Your Finances During COVID-19 (PDF)
- Free Financial Coaching Available to Help You Navigate COVID-19 Uncertainty throughTrustPlus (PDF)
- Asesoramiento financiero gratuito disponible para ayudarlo a transitar la incertidumbre durante COVID-19 a través de TrustPlus (PDF)
HOW THE PROGRAM WORKS
- Future savers visit the ALICE Saves website to learn more about the programs and decide which one they would like to sign up for first.
- For those who want to start with SaverLife, then click the ‘Join Now’ button at the top of ALICE Saves website. This will send you to the SaverLife sign-up page where you will need to sign up for the program provide the necessary contact information and link the program to an existing bank account. The program works with virtually all banks and is completely and totally secure by using bank level security. Banking FAQs and Tips
- Once linked, you will receive an email for a $25 gift card from the Connecticut United Ways to help you get started on the path to savings.
- New Savers: If they set aside $60 in the linked account every three months, they will receive a $20 reward, to a maximum of $80 over 12 months. Savers can have $385 additional in their accounts by the end of the twelve-month period.
- New & Existing Savers: If they set aside $200 in the linked account every three months, they will be entered to win one of six cash prizes; five $200 prizes or a $1,000 grand prize.
- Plus they will have access to additional national challenges and rewards as well as articles providing financial advice.
- For those who want to start with TrustPlus, text ALICESaves to 645-349-5959 or click on the following link to set up your first coaching session. https://go.mytrustplus.org/8w57. The counselors listen to your questions, ask about your lifestyle and your goals, and then they work with you to develop an action plan for improving your finances that is tailored to your unique situation. You will get to choose your preferred communication method, over the phone or via Skype and if you need the service provided in either English or Spanish.
- 506 people across Connecticut were enrolled in this program as of September 2020
- The average amount saved by individuals in a 12-month period was $961
ALICE Saves has played a role in one woman's journey to financial independence from an abusive spouse