Are You Saving Enough?

According to studies, more than two-thirds of adult Americans have less than $1,000 in their savings accounts, and nearly 50 percent of have no savings at all. This America Saves Week, we encourage you to take a look at your savings to identify where you’re excelling and where you could make simple changes to maximize your savings

You can improve your financial resiliency and wellness by following these five steps:

  • Save Automatically – Make saving a habit by putting your efforts on autopilot. Set up an automatic transfers so that your savings build quickly. If you start small, you won’t notice the automatic deduction; however, you will notice the growing nest egg in your savings account.
  • Save for the Unexpected – Many Americans are challenged to cover unexpected expenses. Unexpected expenses aren’t limited to emergencies – they can be exciting opportunities, too. Prepare for surprises, both good and bad, by creating a separate account in which a specific dollar amount is automatically deposited regularly.
  • Reduce Debt – Reducing the amount of debt you carry is a critical part of building your financial resilience. Loans and credit card debt reduce the amount of cash you keep each month and chip away at your financial security.
  • Save for Retirement – Are you maximizing your retirement contributions? It is a great idea to regularly review your investments to make adjustments and capitalize on market or fund changes. Your future self will thank you for saving now!
  • Save as a Family – Make saving a family priority to instill good financial habits at any age. Encourage your children to think like a saver rather than a spender and have regular money conversations to educate them on the tools that create financial stability. Help them create savings goals and savings accounts to set them up for financial success - our Star Savings Account is a great place to start!

Being financially resilient increases your peace of mind and ensures you have the financial resources you need available to you. Check out all the great financial education resources on our website and make the time to visit your nearest branch location for a financial check-in to ensure your savings are on track.