If you’ve been thinking about ways to save, but haven’t really started, now’s the time to do it because it’s America Saves Week! In conjunction with this nationwide event, we’ve been offering tips and insights on saving each day this week.

The goal of America Saves Week is to encourage individuals and families to save money and build personal wealth as well as improve financial literacy.

As you well know, you don’t get a heads-up when there’s an emergency. Car repairs, medical situations, household appliances breaking down – these are just a few of the unforeseen things you could be faced with. But you can prepare for them by putting savings aside.

Here are some ways to create and build up an emergency fund:

  • Have money directly deposited from your paycheck into a savings account intended exclusively for emergencies.
  • Consider opening an account that gives you limited access to the money, such as a holiday account. These accounts typically charge a penalty if you withdraw more than your allowed, so you’re less tempted to tap into it.
  • Set a goal and work towards it. And make sure it can be realistically attained. That may mean targeting a goal of saving $1,500 versus $5,000 for the year. If you find you’re reaching your goal sooner than expected, you may want to consider upping the number.
  • Include setting aside a specific amount for emergencies as part of your budget. This will help you stay on track for building the fund and reaching your goal. Consider your emergency fund allotment as paying a monthly bill.
  • Don’t use the emergency fund for non-emergencies. Plan ahead for bills you know you’re going to have to pay, such as an annual car or house insurance payment, rather than tapping your emergency money to cover the bill.
  • If possible, create short-term and long-term emergency accounts. Short-term would cover such things as car repairs and appliance replacement, while long-term would be intended for major setbacks such as job loss or a house fire.
  • Experts suggest having an emergency fund that could cover six months’ worth of expenses.
  • Choose an account that allows you to access the money quickly and without penalty. For instance, a savings account usually is a safe bet, while a CD account could carry a penalty if you withdraw funds prematurely.
  • Look for ways to cut down on expenses and then put that money toward an emergency fund.

We hope you benefitted from the savings tips we offered this week. Check out www.americasaves.org for additional timely savings tips and advice!

 

 

If you’ve been thinking about ways to save, but haven’t really started, now’s the time to do it because it’s America Saves Week! In conjunction with this nationwide event, we’ll be offering tips and insights on ways to save each day between now and Saturday, February 28.

The goal of America Saves Week is to encourage individuals and families to save money and build personal wealth as well as improve financial literacy.

No matter what your age, it’s always good to save for retirement. The goal is to have enough money set aside so you can live comfortably in your “golden years.” Here are some tips for creating a retirement nest egg:

  • If your employer offers a retirement plan or program, take advantage of it, especially if they will match your contributions up to a certain percentage.
  • If you don’t have access to a retirement plan at work, open a Traditional or Roth IRA. BankFive has both available. You can learn more at http://www.bankfive.com/home/personal-banking/ira.
  • Even saving a small amount towards retirement can reap big rewards later in life. If money is tight, start out with 1 or 2 percent of your paycheck. You can always increase the amount later when your income increases.
  • Start saving as soon as you can. The sooner you begin, the more time your money has to grow through compounding.
  • If you switch jobs and you have money in a retirement plan at your former job, find out what’s the best way to handle those funds. Options include rolling it over into a retirement account at your new employer, leaving the money where it is or cashing out. Seek help from an investment advisor if necessary to ensure you’re making the right move.

Stay tuned for more ways to save every day this week. And check out www.americasaves.org for additional timely savings tips and advice!

America Saves Week is here! This is your opportunity to take advantage of all the savings insights that are tied into this nationwide event, which runs until Saturday, February 28. During America Saves Week, individuals and families are encouraged to save money and build personal wealth as well as improve financial literacy.

Here’s some help in making it a habit to save money:

  • Take advantage of free entertainment opportunities as opposed to paying for leisure time activities. (Tip: Pack a picnic and spend the afternoon at the local park.)
  • Make it a habit of taking candy and snacks to the movies instead of buying them at the concession stand. (Tip: Store your goodies in a large purse to provide “cover” for your stash.)
  • Use print and online coupons to stretch your dollars further. (Tip: Several online sites constantly have coupons available, such as Coupons.com.)
  • Skip the weekly trip to the car wash and give your car a bath at home. (Tip: Many auto service stores have professional car cleaning kits to give your auto that top-notch shine.)
  • One of the easiest ways to automatically save is to have money from each paycheck transferred into a savings account. (Tip: BankFive has five savings account options that you can open right online. Check them out at https://www.bankfive.com/home/personal-banking/savings.)
  • Make it a habit of doing routine maintenance on your car so small problems don’t turn into big problems. (Tip: Have your oil changed regularly and make sure your tires are properly inflated, which provides for better gas mileage.)
  • Turn a money-spending habit into a money-saving habit. (Tip: Bypass that daily soda fountain fix at the local convenience store by buying a six- or 12-pack of soda at the supermarket. You’ll be pleasantly surprised at the savings you realize.)

More savings tips will be offered every day this week. And check out the America Saves Week website at www.americasaves.org for additional information.

If you’ve been thinking about ways to save, but haven’t really started, now’s the time to do it because it’s America Saves Week! In conjunction with this nationwide event, we’re offering tips and insights on ways to save each day until Saturday, February 28.

The goal of America Saves Week is to encourage individuals and families to save money and build personal wealth as well as improve financial literacy.

Here are some tips for family and youth savings:

  • Kids learn from their parents, whether they’re being deliberately taught or not. So if you’re children see that you have good savings habits, chances are they’re going to pick up those habits, too. (Tip: Here’s a good way to get your kids on the right path – open a Nickels Savings Account with BankFive for them today! It’s easy. Just go to https://www.bankfive.com/home/personal-banking/savings/nickels The Nickels Savings Account is a fun way for kids 12 and under to learn how to responsibly manage money.)
  • There’s no place like home to put good savings habits to work. Creating a budget and sticking to it is an excellent habit to adopt, along with establishing a savings account and putting money into it every week/month. Here’s another one – think long-term by routinely stashing away money for retirement. And be sure to share your savings habits with your kids so they can start learning at an early age. (Tip: The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation (FDIC) have teamed up to help better prepare America’s young people to make financial decisions to achieve their own goals. Check out age-appropriate information and activities for your kids at http://www.consumerfinance.gov/parents/.)
  • Set up a spare change jar in your kitchen and encourage everyone carrying pennies, nickels, dimes and quarters to toss those coins in the jar. You and your kids will be amazed at how quickly the coins will pile up! (Tip: Creative an incentive by telling family members that the spare change can be used to help them buy gifts during the holidays.)
  • If your kids are at the age where they can start working, strongly encourage them to open a student savings account and to deposit a portion of each paycheck into the account. (Tip: BankFive has a Student Savings Account designed especially for students 16-24 years old. More information is available at http://www.bankfive.com/home/personal-banking/savings.)
  • Make everyone in your family more conscious of ways to save money on utility costs. For instance, tell them to turn off the lights when they leave a room. Or turn down the thermostat during cold weather when no one is home during the day. (Tip: Many utility companies offer a variety of tips for conserving energy. Call them or go to their website to learn more.)

Stay tuned for additional ways to save. And check out www.americasaves.org for even more timely savings tips and advice!

 

 

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