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Simple Strategies to Save Successfully During America Saves Week
First State Bank helps you build your savings throughout March by depositing $25 into qualifying Savings Accounts*
America Saves Week (February 27-March 4, 2017) is an annual opportunity for individuals to assess their savings and take financial action. We encourage you to set a goal, make a plan, and save automatically. To help, now until March 31, 2017, open a savings account with only $50, and if the balance is at least $100 after 90 days, First State Bank will deposit $25 into your account!
Like your health, you should assess your savings regularly to make sure your savings priorities are on the right track. Once you’ve set your savings goal, try these four simple strategies to help yourself save automatically – and successfully:
- 1. Direct Deposit your Tax Refund into Savings: According to the IRS, the average American’s tax refund is more than $3,100. Don’t let that windfall slip through your fingers. Directly deposit it into your savings account and watch your money grow. Contact your First State Bank representative for details regarding account options.
- 2. Let Bonuses and Commissions Multiply: Do you get quarterly or yearly bonuses or commissions? Don’t forget to direct deposit these funds into your savings. Another alternative is to increase the contributions on your employer-sponsored retirement plan, such as a 401(k), during those times you receive extra earnings to help you max out your contributions faster. Ask your employer for assistance in setting up these savings strategies.
- 3. Credit Card Rewards Can Boost Savings, Too: Many popular credit card rewards programs offer several rewards options, ranging from airline miles or hotel points to cash back. Sadly, many of these perks often go unused. Check if your credit card company will provide rewards in the form of cash back and deposit them directly into your savings account. It’s a painless way to boost your savings.
- 4. Set Your Savings Rate Higher: Even if you have regular transfers or direct deposits into your savings account or employer-sponsored retirement plan, you can go a step further by periodically increasing your savings amounts. Consider increasing your contributions annually.
Automating your savings can help you stay ahead financially. The techniques described above—combined with the Savings Account promotion from First State Bank—are easy ways to take your savings to the next level.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. As a community bank, First State Bank is proud to be a part of this initiative.
*Promotion valid only on new savings account relationships. Current customers are eligible as long as they don’t already have a savings account with First State Bank. Offer valid while supplies last.