Community banks
can help consumers create savings plans, build nest eggs
Washington,
D.C. (Feb. 24, 2014)—The
Independent Community Bankers of America ® (ICBA) and Community Financial
Services Bank (CFSB) is proud to add community bankers’ voices to organizations
nationwide that are encouraging Americans to save as part of America Saves
Week, Feb. 24 – March 1, 2014. This nationwide campaign, which began in 2007,
features a broad coalition of nonprofit, corporate and government organizations
that are committed to raising awareness of the importance of creating savings funds,
building emergency funds and assessing savings plans.
“It’s
never too late to develop good saving habits to achieve financial stability,”
Bill Loving, ICBA chairman and president and CEO of Pendleton Community Bank in
Franklin, W.Va., said. “By participating in America Saves Week, the nation’s
nearly 7,000 community banks are raising awareness of the importance of savings
plans and offering tips on how consumers can reach their savings goals.”
America
Saves Week is an annual opportunity to help promote positive savings behavior
and for consumers to assemble their own savings plans. Learn more about why
saving is so important and how to get started on building a nest egg at www.americasavesweek.org.
“Community
banks are there to help local residents plan for their financial present and
future every day of the year,” Terry Jorde, ICBA senior executive vice
president and chief of staff, said. “Beginning to save can be intimidating, but
no contribution is too small. With the help of your local community bank,
creating and maintaining savings funds should be one less thing you need to
worry about.”
ICBA and
CFSB offers the following tips to help Americans get started on their personal
savings:
Set a
goal: People are
more successful when they have certain goals in mind, so create and share a
savings goal with your family and friends. Start small—even saving your loose
change can get you somewhere. Aim to start a path toward building an emergency
fund of savings with six to nine months of living expenses.
Make
a plan: By
creating a spending plan, list your expenses and compare them to your income.
The plan will help prioritize what are necessities and wants for the month.
Attempt to use your credit cards more efficiently, too. Doing that can help
ensure that you will not take on too much debt and can minimize interest
charges.
Save
automatically:
Many employers offer regular payroll deduction, which is one of the best ways
to start and keep saving money. Make it a routine to automatically put aside a
certain amount of money each paycheck, or ask your community bank to make an
automatic transfer from your checking to savings account each month.
For more
helpful tips, take a look at the Twitter hashtag #NewYearFinLit, which was used
for ICBA’s Twitter chat on New Year’s financial literacy resolutions last
month.
To learn
more about community banks, visit www.icba.org
and follow @ICBA on Twitter. Also log on to www.yourlifeyourbank.com for more on
CFSB and search for CFSBank on Facebook and Twitter for further updates and
information from the region’s oldest independent community financial
institution.
About ICBA
The
Independent Community Bankers of America®, the nation’s voice for nearly 7,000
community banks of all sizes and charter types, is dedicated exclusively to
representing the interests of the community banking industry and its
membership through effective advocacy, best-in-class education and high-quality
products and services. For more information, visit www.icba.org.
About
CFSB
CFSB
is a locally-owned and operated ESOP financial institution with headquarters in
Benton, Kentucky. CFSB has locations throughout Calloway, Marshall and
McCracken County in Western Kentucky and employs more than 170 team members.
Member FDIC. For more information, visit www.yourlifeyourbank.com.
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