This week is America Saves Week, a time to bring focus to the need for Americans to save more. Nowhere is the need to save greater than in Montana. This need is described in a guest column by MFEC published in the Missoulian. The column also includes resources to help Montanans and Missoulians increase their savings. These resources–as well as several resources which did not fit in the editorial–are listed below.

Statewide Resources

The Volunteer Income Tax Assistance (VITA) program provides free tax preparation by IRS-trained volunteers to filers with incomes below $49,000. Last year, VITA sites helped Montanans claim $14.5 million in refunds. Local VITA sites may be found by visiting www.montanafreefile.org

Several credit unions offer matched savings accounts to individuals with low-to-moderate incomes who are saving toward a specific financial goal, like buying a home. Credit unions match a percentage of money deposited, multiplying the amount saved. A list of matched savings accounts may be found at www.montanacreditunions.coop. Financial education is typically required of participants in matched savings accounts.

Many Certified Public Accountants (CPAs) speak the language of money. They know the variety of accounts in which money can be saved, their rules, and advantages. This enables them to help clients optimize their savings. Local CPAs can be found at www.mscpa.org, under the Find a CPA tab.

Consumer Credit Counseling Service of Montana offers free financial advising to anyone looking to create a workable plan for balancing income and expenses. Clients meet one-on-one with experienced financial advisors and come away with personalized spending plans and the ability to take control of their finances. Clients do not need to be in debt to seek financial advising, but those who are struggling with debt may choose to enroll in a debt management plan, where CCCS works with creditors to lower payments in exchange for the agreement of clients to live within spending plans. CCCS has offices throughout the state, and also provides advising by phone. More information may be found at www.cccsmt.org or by calling 1-877-275-2227.

CCCS also offers a free financial education course, Dollars and Sense, which helps participants develop spending plans and sound credit, and teaches them to protect against scams and identity theft. Dollars and Sense is open to everyone, regardless of their financial situation. It is offered at all CCCS offices, except Missoula, where it is offered by homeWORD (see resources for Missoula). More information may be found at www.cccsmt.org or by calling 1-877-275-2227.

MSU Extension offers free how-to guides on various topics in financial management, including setting up special tax-deductible savings accounts. Guides can be downloaded at www.msuextension.org/store/, under the Family and Community Topics tab. Guides are also available at county extension offices.

Resources for Missoula

Homeword, a Missoula non-profit which promotes homeownership, offers classes for first-time homebuyers with low-to-moderate incomes, and a general financial education class which includes strategies for saving. More information can be found at http://homeword.org/.

Missoula Federal Credit Union offers a savings program for members under eighteen, where up to $1,000 can be placed into a certificate of deposit with a 10% annual rate of interest. More information may be found at www.missoulafcu.org. Financial education is required for participation in the program.

MSU Extension’s Missoula office is offering the Small Steps to Health and Wealth course to the public. The course teaches techniques to improve physical health through development of responsible spending habits. To register, please contact Kathy Revello, at 258-4206 or krevello@montana.edu. The course will be offered in March. The registration deadline is March 1^st.