By Emma Bouthillette 

Staff Writer

If you have spare change collecting in a jar at home, a new program in southern Maine can teach you how to turn it into savings. 

York County Saves, the first local campaign of America Saves in Maine, is a nonprofit financial education program formed to help build financial savings, reduce current debt and build wealth. York County Community Action began the program with a “Saves Week” this spring, which offered special promotions, like no or low-fee savings accounts and a U.S. Savings Bond raffle. 

“If you save $2.47 a day for a year, that is $1,000 in savings,” said York County Saves Program Coordinator Tory Leutman.

That is one of the many tips York County Saves has to offer to their members. Application to the program is free and can be completed online or in paper format. Members of York County Saves receive a quarterly newsletter from America Saves, tips and guidance on saving, as well as news on the current financial market. 

The membership application for York County Saves reviews savings goals. Some of the options include home ownership, education, retirement, special event or product, debt reduction and vehicle ownership. Leutman said York County Saves can help members develop a plan to reach their savings goals. 

Maine Treasury Department’s Director of Special Projects Kevin Thurston said State Treasurer David Lemoine endorsed York County Saves because he is committed to programs that teach residents how to increase financial savings and manage household debt. Thurston said the need for financial literacy education has become obvious. 

“Savings are often the critical first step in realizing important quality-of-life purchases, such as cars, education and homes. Savings can also be the security needed to manage the personal family emergencies that are sure to arise in everyone’s lives. And as the current worldwide credit crunch illustrates, borrowed funds may not be available when you need them. Finding ways to set aside and save even small amounts has clear long-term value,” said Lemoine in a press release endorsing York County Saves. 

A national nonprofit organization, Corporation for Enterprise Development, organizes data to identify ways to improve options for the low-income population, said Corporation for Enterprise Development Research Director Ida Rademacher. She said Corporation for Enterprise Development calculates 46 total outcome measures and assigned each state an overall grade, and Maine was one of the top states in terms of overall financial responsibility.

According to the grade Corporation for Enterprise Development determined, Maine has a median installment debt of $12,592. The description of installment debt Corporation for Enterprise Development provides says repaying debt in installments is a financial burden and can lead to household vulnerability in times of economic hardship.

Also according to Corporation for Enterprise Development, the U.S. Department of Commerce, Bureau of the Census, Survey of Income and Program Participation reported 30.3 percent of Maine households have a non-interest bearing checking account, while 71.9 percent of Maine households hold interest bearing checking, savings or money market accounts.

According to the  Corporation for Enterprise Development,savings accounts are one of the most basic asset-accumulation tools.

York County Saves has partnered with six local banks to help members start savings accounts and build up savings for whatever goals members may have.

Leutman said change doesn’t happen overnight, but even small savings can start with a hope or a dream and some sort of plan. 

“People have told me it is impossible to save with this economy. I think now is more important than ever to start saving,” Leutman said. 

For more information on York County Saves and to become a member, contact Tory Leutman at 324-5762 ext 291 or visit www.yccac.org.