In this issue:
1. New Year's Resolutions Worth Keeping
2. The Results of Roll Your Change Week Are In
3. Seeking Volunteers
4. Earned Income Tax Credit
5. 2005: A Year of Transition for Cleveland Saves
6. Brain Gain: Saves Welcomes a New Leader

NEW YEAR'S RESOLUTIONS WORTH KEEPING

Teresa Dixon Murray, The Plain Dealer 's award-winning personal finance writer, recently spoke at the Consumer Credit Counseling Service's annual lunch, and her advice about building wealth set the stage for some solid New Year's resolutions. Terri's advice inspired the following Top Ten List of Cleveland Saves New Year's Resolutions:

1.  Get educated. Learn what you can, from whatever reliable sources you can find. Start with the AmericanSaver newsletter, The Plain Dealer , Money Magazine , or your local library. Wherever you pick up the information, just get educated on debt reduction and wealth building issues. 

2.  Don't be embarrassed to ask financial questions.  Many of us are far too timid and it hurts us financially when we do not understand our transactions and financial decisions. 

3.  Understand your credit score. And while you are at it, get and understand your credit report.  Ohioans are allowed one free credit report each year. Remember, a higher credit score means paying less for things you need.

4.  Understand and follow payment due dates and grace periods.  Stop cutting it too close when you make your payments.  Late fees and the resulting credit score damage will wreck a wealth building strategy. 

5.  Shop for loans by interest rate, not by payment. Again, this will save you money on things you need to buy. 

6.  LISTEN and ASK QUESTIONS.  This links back to resolution #2. If it seems too good to be true, it probably is. In financial matters, listening and skepticism go together.  Don't be too trusting!  

7.  Read the fine print, then see # 2 and #6.  Apply them. 

8.  Don't live only for today.  Yes, enjoy today, but plan for tomorrow by SAVING.  You have enrolled as a Cleveland Saver because you already understand the value of this lesson. But do you need to revisit it with a resolution this New Year?

9.  Save automatically.  Arrange for automatic deductions or savings transfers with your bank. Ask your employer about automatic deposits to your retirement account. If you don't see if coming out of your pocket, you won't miss it. 

10.  JUST DO IT.  None of these practical New Year's resolutions will do you any good if you don't take action.  

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THE RESULTS OF ROLL YOUR CHANGE WEEK ARE IN

Our third annual Roll Your Change Week was a huge success! Taking place in October, this week-long event saw 2,140 participants deposit $163,291 in rolled coins to 16 area financial institutions. Deposits were accepted at 343 local branches. On average, participants deposited $76.30. This year's deposits increased by 13% over 2004.

In the last three years, Roll Your Change Week has encouraged 6,102 deposits locally, totaling $458,581. We want to recognize and congratulate Ohio Savings Bank and the Greater Cleveland Firefighters Credit Union, which had the highest total deposits, and US Bank whose Emery-Richmond branch took in the greatest single deposit.

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SEEKING VOLUNTEERS

Cleveland Saves is recruiting new volunteers. So, if you want to help us change attitudes towards money by spreading the good news about building wealth and reducing debt, we would love to hear from you! Contact Elizabeth Hilton, Executive Director, at 216.781.8624, ext. 503 or ehilton@clevelandsaves.org .

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EARNED INCOME TAX CREDIT

Earned Income Tax Credit (EITC) is a special tax credit benefiting working families. Each year, more than 2.6 million Americans take advantage of EITC. Eligible Ohio families, on average, receive nearly $2,100, and individuals receive $1,700. If you are single or married without children and between the ages of 25 and 64 or if you are married with children and worked full-time or part-time in 2005, EITC benefits may be waiting for you.

To claim the EITC benefits, you must file your yearly tax return. Low-income workers can get free tax preparation assistance from the Cuyahoga EITC Coalition through VITA: Volunteer Income Tax Assistance. VITA sites will soon be operating all over town.

So now that you've got this new found money, what should you do with it? EITC benefits are a great way to start saving. Think about your savings goal – for a car, house, retirement, vacation, personal rainy day fund, or something else. Placing your EITC in your Cleveland Saves savings account will put you steps closer to reaching your personal savings goal.

Call the Cleveland Saves Moneyline at 216-781-8090 to schedule an educational presentation about EITC or another savings topic for a group you belong to—church, social, neighborhood, professional.

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2005: A YEAR OF TRANSITION FOR CLEVELAND SAVES

Transition—moving from one state of being to another.  For Cleveland Saves, 2005 was definitely a transitional year.  In some areas, business went on as usual. Savers continued to be enrolled: more than 1,200 in 2005, maintaining Cleveland Saves' place as the lead Saves campaign for America Saves across the nation. Workshops continued to be popular with employers, government offices, churches, and social service organizations. And most importantly, we all continued to save money and reduce debt—over $4.5 million since Cleveland Saves began in 2001.

While Cleveland Saves has been successful in continuing its “usual business,” Saves has also enjoyed some very important changes and transitions in the past year. In 2005, Cleveland Saves became its own charitable organization, earning a nonprofit 501(c)(3) status. As an organization, Saves elected a Board of Directors to oversee financial and personnel matters, hired Elizabeth Hilton to be its first Executive Director, and began planning to reach the next level of community impact through innovative approaches such as the upcoming 2006 Cleveland Saves Week.     

The past year has shown that an organization like Cleveland Saves can combine steady growth with responsible planning for the future. Certainly, 2006 holds even greater promise!

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BRAIN GAIN: SAVES WELCOMES A NEW LEADER

Elizabeth Hilton has joined the Cleveland Saves family as the agency's new Executive Director. Originally hailing from the Greater New Haven, Connecticut area, Elizabeth came to Cleveland through an academic program, and she has decided to remain in our community. We welcome her energy and commitment to helping Greater Clevelanders make radical behavioral changes towards money management, wealth creation, and debt reduction.

Elizabeth was drawn to Cleveland Saves because she is passionate about its mission. She truly believes that the answer to personal empowerment begins with wealth building and debt reduction. Elizabeth will set Cleveland Saves on a new path with the hopes of developing partnerships with organizations which understand the importance of the Saves message.

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Cleveland Saves is a local campaign in which a broad coalition of non-profit, corporate, and government groups helps area residents save and build wealth. Through free information, advice, and encouragement, we assist those who wish to pay down debt, build an emergency fund, save for a home, save for an education, or save for retirement.

Learn more by visiting www.clevelandsaves.org or by calling the Moneyline at 216-781-8090.