Saving Money Can Be Challenging, First Financial Can Help.
Saving money can be challenging, which is why First Financial bankers are there to help customers every step of the way. We understand the importance of saving money and can be a trusted resource to help you create a plan to reach your financial goals.
- Starting with small savings goals can make it more attainable.
- It’s best to save frequently in small amounts, without going too far in limiting your lifestyle. The best way to make this lifestyle change is, instead of saving in big chunks, set up an automatic savings plan that transfers small amounts from your checking account into a savings account each week or each month.
- Follow these five tips to establish good savings habits:
- Pay yourself first. If you wait to see what's left over, you are less likely to save. Determine in advance how much money you plan to deposit each month. If you receive a raise, increase the amount of money deposited into your savings account.
- Take advantage of bank technology. Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period. This and more can easily be done in online or mobile banking.
- Pay your bills on time and pay more than the minimum amount. Setting up automatic payments will ensure you never pay late fees. Utilize online bill pay! This is a great feature that comes complimentary to all First Financial checking accounts.
- Determine needs versus wants. Do you need to eat out every day for lunch? Do you need that gourmet cup of coffee in the morning? By bringing your lunch to work a couple days a week, you can save hundreds of dollars a year.
- Consider investments. For long-term goals, such as saving for a home or retirement, look into bonds, mutual funds, real estate and stocks. If you are unsure what this looks like, contact us!
- Insufficient savings is a top financial concern for U.S. adults.
- The COVID-19 pandemic compounded an already tenuous financial situation for many American families.
- Approximately 38% of Americans could not come up with $500 without selling something or taking out a loan.
- Nearly 25% of Americans had no emergency savings at all.*
*Nearly 25% of Americans have no emergency savings. MarketWatch (June 9, 2020). https://www.marketwatch.com/story/nearly-25-of-americans-have-no-emergency-savings-and-lost-incomedue-to-coronavirus-is-piling-on-even-more-debt-2020-06-03