September 14, 2003
Northwest Florida Daily News
REBECCA CASON

Besides a major pay raise, what would it take to get you to save more money?

An automatic payroll deduction?

Creative tips from saving experts?

Support from the community?

If your answer was any of the above, then consider attending the launch of Okaloosa Saves on Wednesday at 9 a.m. at Okaloosa-Walton Community College in Niceville.

The new program aims to teach residents how to build wealth, not debt, through financial guidance, education and savings products designed to help ensure financial security.

The program is a local version of America Saves, a national initiative that has caught on around the country, said Elaine Courtney, Okaloosa County Extension agent and program coordinator.

"We don't save near what our parents and grandparents saved," she said.

"Yet at the same time we're not preparing for the future. We are increasing our debt load, especially our unsecured debt, our credit cards."

Linda Smith sees the damage this causes every day.

The consumer credit counselor at Allvista Solutions helps people get out from under credit card debt and says that people just don't know how to save.

"Most people want instant gratification," she said. "People are using credit cards for an additional payday instead of saving money to purchase items they want. People are putting their wants on credit cards."

Okaloosa Saves wants to help businesses set up automatic payroll deductions for their workers.

Those who sign up to be an Okaloosa Saves site will receive free training to help workers participate in the program.

"Financial problems are a huge source of stress in the workplace," said Courtney.

Employees who worry about how they're going to pay their electric bill are distracted workers and less productive, she said.

Those with an ample amount in savings are also less likely to miss work to deal with financial crises.

Local banks have agreed to offer no-fee and low-minimum savings accounts to residents participating in Okaloosa Saves.

Participating banks include Beach Community Bank, Compass Bank, Eglin Federal Credit Union, First City Bank, First National Bank of Crestview and Vanguard Bank.

"This is in line with what we believe in," said Sherry Harlow at Eglin Federal Credit Union. "We're a not-for-profit. We already teach thrift and wise money management so it was easy for us to participate."

The Okaloosa Saves Kick Off event will be hosted by Bob Richburg, OWCC president.

Guest speakers include John McGee, CEO of First City Bank, Gloria Frazier of ERA American Realty and Nancy Register, America Saves coordinator.

"It will be a fun event, different from a typical motivational workshop," Courtney said. "We're going to encourage people to get involved. It's open to everyone."