America Saves Week 2021 Recap

America Saves Week 2021 Recap


By: Julie Waddle

February 22nd - 26th was America Saves Week! Did you miss our social media posts? No worries, we rounded up all our savings advice into one easy-to-read post.

It's important to do a financial check-in every once in awhile to assess your goals and progress.

2020 definitely showed us unprecedented times and many people experienced financial hardships. Having an emergency savings cushion can help you stay above water the next time life doesn't go as planned.

Day 1 of #AmericaSavesWeek is all about the easiest and most effective way to save, which is to SAVE AUTOMATICALLY.

How do you save automatically? The two best ways to #SaveAutomatically are:

  • Splitting Your Direct Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit program. Contact your HR representative for more details, and set this up today. No amount is too small!
  • Setting Up An Automatic Bank Transfer: Choose a certain amount to be transferred from your checking account to your savings account on recurring day each month (like the day after you usually get paid). You can do this at FNB inside our online banking platform or by completing a simple form with your account officer. You can even split the amount between two days each month so it is a smaller amount at a time.

Having a “set it and forget it” approach to saving increases your success rate.

Remember, savings is a HABIT, not a destination. When starting your savings journey, getting into the habit of saving is so important. Start small and THINK BIG. Even if your savings goal is $10 a week until you accumulate your first $500 in your emergency fund, you’ll be better prepared for those pesky unexpected emergencies and can simply pay it with your cash savings!

Day 2 of #AmericaSavesWeek is all about being prepared for something that we should all actually expect: to have an “unexpected” financial emergency.

Saving for the unexpected can be done with an emergency savings account! Many people wonder how much they should have in their emergency savings and the easy answer is "it depends".

A good starting goal for an emergency savings account is $500. From there, you can work your way up to stockpiling 3 - 6 months worth of expenses in your savings account.

So, if your monthly expenses are roughly $2000, a long-term goal could be $6,000 on the low end or $12,000 on the high end. Reaching those long-term goals is gonna take time, but it will be worth it.

Remember, saving money becomes easier as it becomes more of a HABIT instead of a burden. So, start with a small amount and work your way up.

We believe in you and are here to support you along the way!

Imagine how much less stressed you will be 5 years down the road when you have to buy new car tires and you can cover the expense in CASH!

Get started on building your emergency savings by opening up a savings account today.

Day 3 of #AmericaSavesWeek is all about Saving for Retirement!

If you want to be able to spend quality time with loved ones, travel, and not stress about making it month to month once you can retire, you’ll want to start preparing today.

Saving for retirement can be done through an Individual Retirement Account (IRA) or 401(k) at your job. Some companies even match employees contributions to their 401(k). For example, FNB matched 25% of what employees contributed to their 401(k) in 2020.

Talk to your HR department about your company’s 401(k) plan, and if there isn’t one come see us about opening up an IRA.

As you sit down to do a financial check-in with yourself about retirement, consider not just IF you’re saving for retirement, but if you’re saving ENOUGH for retirement.

Day 4 of #AmericaSavesWeek made it clear that paying down debt counts as saving!

By actively reducing your debt, you are saving on interest. When you pay on time, you save on late fees and maintain your credit score— saving money long-term.

As soon as you pay off your debts, you can start putting the money that was once put towards payments to your savings accounts!

Is paying down debt one of your 2021 goals?

Rounding out #AmericaSavesWeek with Day 5, was a reminder to #SaveAsAFamily!

Money doesn't have to be a taboo topic. Start a conversation about good money habits to empower your kids with financial literacy. They will thank you later for teaching them about the importance of saving money at a young age!

An easy way to start is to listen for his/her next request to purchase a toy/game/treat, then explain how saving up X amount of dollars for X amount of weeks/months would make it possible for him/her to buy the toy himself/herself.

Read our blog about 6 ways to make saving as a family FUN.

We hope you enjoyed these savings tips as much as we did! Please contact your personal banker if you ever have any questions about setting up a savings account at FNB.

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