Personal Savings: It’s easier than you think

Studies show that many Americans are spending more than they save. This habit could put a person at a financial disadvantage when times get tough.

By building savings, consumers are better positioned to handle economic uncertainty. A personal savings stash is not just for someone who makes a lot of money, but it’s something that all Americans can work toward.          

No matter what age you are or what job you hold, there is no time better than the present to begin saving. You never know what financial situations may come your way, so savings can help ensure your ability to handle these surprises.

Here are a few tips to help you establish solid saving habits:

• Pay yourself first. Have a set dollar amount transferred from your checking to your savings account every payday, even if it’s just a few dollars.
• Increase the amount you save when your pay increases.
• Pay bills on time. And, pay more than the minimum amount due on credit cards and loans to lower debt faster.
• Shop around for the best prices, rates and services for credit cards, bank accounts, mortgages and CD’s.
• Consider investments for long-term goals, such as saving for a home or retirement.

Bankers understand the importance of a financially educated customer. On April 29, volunteer bankers from across the country will take the lead and provide financial education to thousands of students, in connection with the American Bankers Association Education Foundation’s “Teach Children to Save” Day.

For several years, bankers have participated in the Foundation’s Teach Children to Save program by going into classrooms and giving America’s youth lessons on the value and importance of saving. If kids learn the importance of saving, they’ll be more savvy savers as adults.

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