Build Wealth, Not Debt
America Saves Week is February 22-26
Malvern Bank and The Independent Community Bankers of America (ICBA) want to remind you that building a financial nest egg can help alleviate stress and provide additional financial security during times of financial stress and uncertainty.
Savings is a key component to overcoming short term setbacks to achieve financial freedom. As relationship-based lenders, Malvern Bank is here to help and we encourage all people to invest in their future by paying down debt and saving to achieve their goals and build financial wealth.
Check out the following tips to help you save money:
- Pay yourself first. Many employers offer automatic payroll deduction, which is one of the best ways to start and keep saving. Use those funds to build a retirement fund.
- Create a spending plan. Unlike a strict budget, a spending plan is a guide to help you take control of your finances by tracking where your money goes so you can prioritize your spending.
- Start small. Setting aside just $2.99 a day for one year can boost your emergency fund by nearly $1,100 annually. Malvern Bank makes saving money easy with automated fund transfers.
- Build a cushion. Strive for an emergency savings of six to nine months of living expenses.
- Put your tax refund to work. With the average tax refund totaling roughly $2,700 last year, 84% of Americans planned to use their returns for savings or paying off debt.
Other important factors to consider when choosing where to place your savings:
- Access. How quickly can you retrieve funds? Malvern Bank uses the latest technology to allow you the freedom to access your money when and where you need it.
- Safety. Is your money protected? The FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC-insured funds.
- Earnings. How much will you earn? Malvern Bank offers competitively priced products and services.
Ready to start saving? Find more information and apply for a Malvern Bank savings account here.