Houston Saves Program: It 'Pays' to Save with JP Morgan Chase, Literally
By Erika Dee
Saving does not sounds like a good idea when the pandemic is forcing everyone to live so miserly already, but if there is something that the pandemic is forcing to learn, it's that having savings is very important. You'll never know when a pandemic hits, after all and you are forced to stay home without the usual income you enjoy.
JP Morgan Chase Matches Savings
JP Morgan Chase probably wants everyone to learn this lesson and make it easier for people in Houston to save in a presently dreadful economy. The company is offering $20 for every $30 you save each month. Imagine being able to "earn" while you save.
The pandemic has spared no households. Even the rich and the wealthy were somehow cautious with their money, facing the fact that businesses can just shut down overnight.
Houstonians are no exceptions. Many are now barely making ends meet. Many are unemployed because of the pandemic and lines for free food have doubled. The anxiety levels of everyone in the state have more than doubled, given the fact that although the idea of going out sounds risky, not having enough income for the coming months or years, is even riskier.
According to RICE, based on data analyzed of over 13,000 working adults in the Houston area, at least 1 in 3 -or about 35% - of working adults in the Houston area lost their jobs or have their income source negatively affected by the pandemic.
How to Join Houston Saves Program
The United Way teams up with J.P. Morgan Chase to fund the Houston Saves program - a free program that calls for people save monthly by relatively matching what they save by "free" money.
It's easy to join, too.
The program welcomes new members until until Jan. 31, 2021. One member of the program, Autumn Green, said savings saved her life. She was able to save money before the pandemic and this made her survive the downturn.
Why it Pays to Save?
"Even though it seems like you might not have a penny or two to save or put aside for an emergency fund in the future," said Green, who shared she learned to create two monthly budgets, one for needs and another for wants.
She added, "It's still best to try and learn little tips and tricks of how to spend your money."
"If you are over the age of 18 and you are wanting to get started to save and you already have a savings account, this program is for you," said Becca Fritze, who is at the helm of United Way Houston's Thrive Initiative.
Signing up in itself is already encouraging.
"You actually get $5 just for signing up," Fritze shared. "So you could earn in six months, up to $125 in free money. And come out, after six months, with $305 stashed away in your savings account."
It may sound too good to be true, but program runners say this is 100% legitimate.