Family Economic Mobility Toolkit

Savings and Assets

Income alone does not provide financial stability. While money from each paycheck is important, savings can help families between paychecks or in an emergency. Families may use savings and assets when they don’t have income or other sources of money. Assets help when families have to deal with a financial need — whether expected or unexpected.

Partner with families to think about saving for their goals. Some families may need to save money to handle an emergency. Others may want to focus on saving for a big purchase, such as a vehicle, a home, education, or retirement. Encourage families to talk with their children about money and savings.

Many FEM goals that families have relate to savings and assets. Many families may want to focus on strengthening their financial foundation by:

  • Building savings
  • Buying a car
  • Buying a home
  • Saving for education
  • Saving for retirement