National Savings Day
October 12 is National Savings Day, a time to recognize the act of saving for the future and to remind us of simple steps to help get started.
Our relationship with money is so important because it affects almost every decision we make. National Savings Day gives us the time to think about our saving (and spending) habits and what we can do to improve them, if we’re not saving quite enough to meet our financial goals.
According to experts, saving money is a habit, and just like exercise you need to develop that habit over time. It doesn’t come naturally, but the more you do it the easier it gets. It also isn’t as easy as putting a little bit of money in a savings account or piggy bank. It involves changing spending habits and making conscious spending decisions when the timing is right.
Saving money for the future is important, but it’s also important to save money for emergencies – now or in the future. An easy way to make this happen is with our direct deposit option. You can separate your pay into two different accounts by a dollar amount or a percentage of your pay. Reach out to the Payroll Department at Corporate_Payroll@olysteel.com with questions or for the direct deposit form.
There are a lot of methods people use to save money. Here are some small ways to get started.
- Check your credit report. Commit to reviewing your credit report occasionally so you can address any inaccuracies. Every year you are entitled to a free credit report from the three credit bureaus: Equifax, Experian and TransUnion. You can’t address issues, if you aren’t aware of them – so check out that report. There are even apps, like Credit Karma, that make checking your credit report even easier.
- Social events don’t have to break the bank. Attend free art and cultural events near you for a night out. Challenge yourself to see how many events you can find that don’t charge admission.
- Use envelopes. Set aside cash for specific expenses inside an envelop so you’ll know exactly how much money you have left to spend.
- Save loose change. Each night, drop your spare change into a container – it’ll add up quickly.
- Participate in our 401(k) and take advantage of the employer match!
- Unsubscribe from shopping emails. Avoid the temptation to purchase items you don’t even need by removing the notice of sales or events.
Olympic Steel Employee Resources
Resources specifically available to Olympic Steel employees to help with financial wellness include our Employee Assistance Program (EAP) managed by Health Advocate and our financial wellness partners, CAPTRUST and Empower. These companies help make it easy to understand your options.
Health Advocate: Resources available to assist with debt management, budgeting, credit report issues and financial guidance. This service is available at no cost to employees, spouses, dependents, parents and parents-in-law. It’s completely confidential and, if urgent, available 24 hours a day, 7 days a week.
Phone: 877.240.6863
Email: Answers@HealthAdvocate.com
CAPTRUST Financial Advisors: Our investment advisor is the contact for investment questions and independent advice. Schedule an appointment online through the link below. Evening appointments are available.
Phone: 800.967.9948
M-Th 8:30am – 5:30pm ET
Friday 8:30am – 4:00pm ET
Empower: Our 401(k) Plan recordkeeper is the contact for plan balances, change investments or contribution amounts, loan, rollovers and beneficiary designations.
Phone: 844.465.4455
Questions
If you have any questions about our benefits and programs, please reach out to Brandi Kelley, Corporate Benefits Manager, at x15502.
