More than 13,000 residents work through Cleveland Saves to meet savings goals that include retirement, emergency funds, even the purchase of a car or home. Saves Week offers special incentives for new and current savers.

During the week of February 19, banks, local governments and non-profits are participating in Cleveland Saves Week, an effort to help families set and achieve savings goals. Cleveland was the first city to establish this initiative more than a decade ago; the project has now spread under the nationwide umbrella of America Saves.

More than 13,000 Cleveland Savers now work toward savings goals, which include things like a retirement fund, an emergency fund, a car, a house, or an education.  New savers who enroll during Saves Week will be entered into a drawing for cash in a savings account and gift cards. Savers can enroll online for free at www.clevelandsaves.org.

Policy Matters Ohio is coordinating three promotions, listed below, with funding from Ameriprise Financial and the Giant Eagle Foundation.

• Adult Savers can sign-up for free and will be enrolled in a drawing for a $500 savings account, a $100 savings account, or a $20 gas card.
• Youth Savers, those 18 and under, can sign-up for free and will be enrolled in a drawing for a $500 savings account, a $100 savings account, or a $20 iTunes gift card.
• New and Current Savers can submit a savings tip to enter a drawing for an iTunes gift card.

 “In this economy, it’s crucial that working families have the opportunity to save,” said David Rothstein, project director at Policy Matters. “Cleveland Saves is creating the infrastructure to help families build financial assets.”

Several local organizations are hosting events and promotions in conjunction with Saves Week. A few examples include:

• The Federal Reserve Bank of Cleveland is offering free piggy banks and an activity book for visitors to the Learning Center and Money Museum, February 21-23;
• The Westside Housing Center and Huntington National Bank are hosting a free tax preparation event February 25 at the Gordon Square Arcade in Cleveland’s Detroit-Shoreway neighborhood;
• The city of Cleveland and Cuyahoga County are encouraging direct deposit for employees and promoting emergency savings accounts.

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