February 20, 2018
As part of America Saves Week 2018 (February 26 – March 3, 2018), the Adirondack Trust Company is spreading the saving message and urging its customers and the community to review their own savings status and to create a good savings habits.
Executive Vice-President, Charles V. Wait, Jr. said “At the Adirondack Trust Company, we believe it is important to help develop a foundation for financial education in the communities we serve. By participating in national initiatives such as America Saves Week, we encourage individuals to make sound financial decisions that will benefit them throughout their lives.”
In an effort to raise awareness of the importance of boosting savings, the Adirondack Trust Company offers six simple money saving strategies to help:
- Save Automatically. Save automatically through a monthly automatic transfer from checking to savings, ideally soon after you are paid. What you don’t see, you won’t miss. These savings will provide funds for emergencies, home purchase, school tuition, or even retirement. Almost all banking institutions will (including Adirondack Trust), on request, automatically transfer funds at customer selected intervals from a checking account to a savings account.
- Save for Emergencies. Having an emergency savings account may be the most important difference between those who manage to stay afloat and those who are sinking financially. In fact, low-income families with at least $500 in an emergency fund were better off financially than moderate-income families who saved less for emergencies. Without an emergency savings, you may find the need to turn to high-cost credit cards or payday loans to cover the amount you owe. Borrowing from these types of lenders could make it difficult for you to payback your debt and save successfully. Start with an emergency fund goal of $500.
- Pay Off High-Cost Debt. The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8 percent, and you pay a minimum of 2 percent, it will take 39 years to pay off the loan and cost more than $10,000 in interest charges.
- Save for Retirement. Few people get rich on wages alone. Wealth is built by consistently saving and earning compound interest, or interest on your interest, over many years. Saving now for retirement will ensure that you have enough money to live a comfortable lifestyle when you stop or reduce the amount of hours you work. And the earlier you start the better, ideally in your first job when time is on your side. But saving for retirement is important at any age, and it’s never too late to get started. You may be able to save for retirement through your workplace via a 401(k) plan or you can save on your own by automatically putting money in an Individual Retirement Account (IRA).
- Make a Plan. Those with a savings plan are twice as likely to save successfully. That’s where we come in. We’ll help you reach your savings goals by offering an automatic savings account transfer. You choose a goal and amount to save monthly.
- Save as a Family. Good savings habits start at home. Whether you’re budgeting, saving, making retirement decisions, or assessing workplace benefits, share the choices you make with your children, no matter their age.
*Information provided by America Saves and the America Savings Education Council.