Making Fee-Free Financial Services Available to Everyone
The California Public Banking Option Act, or BankCal, is an initiative to establish a public bank in California with basic consumer banking services, such as checking and savings. The bill builds upon programs such as CalSavers and CalKids, which aim to address the racial wealth gap in the state, by helping all Californians have access…
Read MoreHere’s How You Can Block an Eviction
In response to housing insecurity potentially leading to an increase in COVID-19 cases, the CDC issued a nationwide temporary halt in evictions through June 30, 2021. In mid-September 2020, we asked over 500 members if they thought enough was being done to protect people from eviction or foreclosure. We found a large difference between the…
Read MoreLatest SaverLife Research: How Work, School, and Parenting Are Impacting Low-Income Parents
Parents of remote-schooled children are earning less money and facing increased expenses while being forced to make impossible choices between work and family. Low-income families were battling poverty and inequality, and the COVID-19 pandemic has only made things worse. Now is the time to start redesigning the way we systematically address opportunity and mobility in…
Read MoreJust $250 Can Mean Greater Financial Satisfaction
In our latest research, we discovered that having as little in savings as $250 made a huge difference in helping people keep the lights on, stay in their homes, and avoid taking on high-cost debt. We all want to aim for 3-6 months of savings but right now at least saving $250 may still help.…
Read MoreWhat Grocery Spending Looked Like in 2019 vs. 2020
From toilet paper shortages to long lines outside grocery stores, 2020 was a tough year to budget for food. If your grocery spending was higher than usual, you’re not alone. The 2020 monthly average was 24% higher than the 2019 monthly average – though the year ended in a similar place as 2019. How often…
Read MoreHere’s what SaverLife members say should be the Biden administration’s top priority
In early January, Jeff Stein from the Washington Post tweeted that a handful of Democratic Senators had varying ideas of how to improve the financial lives of Americans. Some ideas included: Increasing Unemployment Insurance (UI) to $600 with automatic triggers Baby Bonds Healthcare coverage expansion + lowering the Medicare age Child Tax Credit plan We’re…
Read MoreCredit Usage Steadily Increases
2020 ended with the nationwide median credit card balance 56% higher than it was at this time a year ago. Fortunately, additional unemployment benefits will begin this week for some states and may help decrease how much people are using credit. However, many people are still hoping for more financial assistance. Here are a few…
Read MoreSaverLife members tell it like it is…
SaverLife members have been weighing in on how they feel about saving, budgeting, debt, and spending. Here are their responses: How SaverLife members feel about their money overall. If you’re not feeling that great about your money, here are some resources just for you: Three Calming Strategies for Managing Money Anxiety How to talk about…
Read MoreHow Much Money Members Are Saving Today
More SaverLife members are saving $100 per month Despite how unpredictable 2020 has been, with many folks facing unemployment and caring for family members with little to no financial support, SaverLife members are continuing to save money. Against all odds, they’re making this happen. In October, for example, we’re seeing very similar numbers of people…
Read MoreYou may be eligible for the IRS’s rounds of stimulus checks
When will the stimulus checks be sent out? [Updated as of October 2020] If you typically don’t file taxes, you have until November 21st, 2020 to fill out the IRS Non-Filer form in order to be sent your stimulus check. About 12 million Americans are still eligible to receive these stimulus checks. For the past…
Read More