Lauren Brown, Deposit Operations Specialist
Did you know that this week has been designated as America Saves Week? #ASW2020. Before you groan and close your browser; I’d like to take a moment to share a few practical tips you can start using today to put more of a wallop in your wallet! I remember one of the first times I was ever exposed to the concept of saving money. I was watching Disney’s Mary Poppins where the grey-haired bankers are singing to young Michael Banks about investing his tuppence in the Fidelity Fiduciary Bank. It’s a very intimidating scene that leaves you wanting to run out of that institution as fast as you can to feed the birds with your red-lipped, umbrella-wielding nanny!
The truth is, the act of saving money shouldn’t be scary. And it doesn’t have to be a one-size-fits-all kind of strategy either. At the Bank of Lexington, you will never be pressured to sign up for anything that doesn’t have your personal goals in mind. A savings account isn’t required to be big. All you have to start out with is a little, and in time you can earn a lot.
If you can remember one word from this blog post today, I’d like it to be D. R. O. P.
What does DROP stand for? I thought you’d never ask!
D-Stands for Debt. If you can reduce the principal amount that you owe on your loans you will be saving money by paying less interest. Paying your loans on time will also save you from having to lose money on those pesky late fees. #ReduceDebt2Save #ASW2020
R-Stands for Retirement. For some of us, that seems like a lifetime away. But the sooner you start setting aside money for the future the sooner you will see that interest add up. You can even take a big step today by using a tool to predict what you will need each month at the age you retire. I encourage you to check out www.socialsecurity.gov/myaccount and create an account! #Save4Retirement #ASW2020
O-Stands for Oops! If you are like many Americans who live paycheck to paycheck, any unexpected expense can quickly become a big financial burden if you are not prepared. Hot water heaters can cease to work, car accidents can occur on your daily commute, family members and pets can become ill. Wouldn’t it put your mind at ease to have some spare cash set aside so that you don’t have to say Oops again? Having a savings account is not out of reach for anyone. In fact, if you have a savings account of $500 you will be more prepared than a quarter of our country. #ThinkLikeASaver #Save4TheUnexpected
P-Stands for Pledge. Simply imagining that it would be nice to save more in general might not be enough to motivate you to start that process today. Why not think of a concrete goal you would like to reach this year and start taking action. For example, maybe you are a young adult still living at home and you would like to be able to have a little more independence. Make a pledge to start saving for a place of your own. Take that first step and open a savings account. Take another step and let us help you set up automatic transfers every week or every month. #SaveWithAPlan #SaveAutomatically
Turn your D.R.O.P. in the bucket into a dazzling Infinity Pool
There is no limit to your success when you fix your eyes on the power of saving! For more tips and information about saving or for the chance to win up to $750, check out https://americasavesweek.org.