September 1, 2023
Saving money can be challenging, which is why bankers are there to help customers every step of the way. Bankers understand the importance of saving money, and are a trusted resource to help you create a plan to reach your financial goals.
Starting with small savings goals can make it more attainable.
Identify what you are saving for (college, a car, down payment, retirement), then set a goal for how much you'll need to achieve it.
It's best to save frequently in small amounts rather in big chunks. The easiest way to make this lifestyle change is to set up an automatic savings plan that transfers small amounts from your checking to savings account each week or month.
Follow these six tips to establish good saving habits:
- Pay yourself first. If you wait to see what's left over, you're less likely to save. Determine in advance how much money you plan to deposit each month.
- Take advantage of bank technology. Consider automatic payroll deductions or automatic transfers of a specified amount from your checking to savings account each pay period.
- Pay your bills on time and pay more than the minimum amount. Setting up automatic payments will ensure you never have to pay late fees.
- Determine needs versus wants. Being honest with yourself about what is necessary and what can wait is essential to your savings.
- Shop around for credit cards, mortgages, etc. There are many financial services products out there, so make sure you pick the one right for you. Your banker can help you identify which products and services best suit your needs.
- Consider high-yield savings accounts, Certificates of Deposits, money market accounts and investments.
Insufficient savings is a top financial concern for U.S. adults.
Research shows that more than half of Americans have less than three months' worth of emergency savings. In fact, a Bankrate study found that 56% of Americans have insufficient savings to handle an unexpected $1,000 bill.
Savings Accounts
Ready to start saving? Click here to learn more about the types of savings accounts we offer, or to open a savings account. You can also visit any of our bank branches or call our Contact Center at 254-753-1521 to learn more.
Source: American Bankers Association