The current economic situation is teaching Americans many things. As a society, singles, and families are learning new lessons, like how to prioritize spending, practice frugality, and mainly, understand and protect the value of their money. According to a 2024 American Express Survey of Millennial and Gen Z adults, 54% stated financial goals were foremost in their financial planning. In this same survey, respondents indicated that achieving financial security would increase their peace of mind. That resonates, doesn’t it? What is your goal? To buy a new home, start a family, finance an education, or plan for retirement? Whatever your desired outcome, achieving these goals will take ingenuity, time, and money. You’ll also need support. Thankfully, your road to success is much closer than you think. There’s no better place to start than your financial institution; with trusted advisors, and a secure savings account, you can take a solid first step.
The Key is to Start.
Do the options about where to start seem overwhelming? Don’t rule out your savings account as the perfect place to begin. If you are like many, your account may have gained a few cobwebs over the last several years. Whether your account is primarily for personal, family, or household savings, it’s been easy and often necessary to forgo saving money in a tough economy. We may have rationalized it or made promises to return to saving when things “settle down.” Now is an excellent time to reprioritize. Start by making saving for your dreams a habit. There are millions of ways to divide your cash flow. One option is to devise a percentage rule, designating a specific portion to needs, wants, and savings. Decide what percentage is correct for you; it can increase as more money comes in or you get closer to your goal. The main idea is to make savings a part of your budget plan and stick to it, regardless. Your plans and dreams are just that important.
Making Your Money Work for You.
The beauty of regular savings deposits is that your money gains interest while you work out all the other details surrounding your goals. You can choose saving methods to meet your personal needs, especially around accessibility, as you reach the critical stages of your plans. Through faithful adherence to savings strategies, you will discover the truth of this Japanese Proverb, “Money grows on the tree of persistence.” Later, as your savings grow, you can explore with your banker other growth options that may bring yields appropriate to your level of risk and access needs.
There’s Security in Knowing Your Money is Safe.
It’s easy to get rattled by banking news. Don’t be. Banking, especially with a trusted institution, is a safe place to put your money. The Federal Deposit Insurance Corp (FDIC) is an independent agency of the US Government. It protects your money against loss if an FDIC-insured bank or savings association fails. This is good news. You don’t have to buy the insurance; it’s already integrated when you open any savings account at an FDIC-insured bank. Please take a minute to learn more about the FDIC and how it is working to keep your investment sound.
Banking the Way You Like to Bank.
In 2023, the American Bankers Association national survey highlighted some of the current needs for a variety of banking options: bank apps on phones or other mobile devices (48%); online banking via a laptop or desktop (23%), visiting a branch office (9%), or ATMs (8%). At HomeTown Bank, we’ve been providing the most innovative financial services and solutions to Minnesota communities since 1924. We continue to explore ways to keep banking safe as new technologies emerge, helping you manage your banking efficiently and according to your specific needs for mobile access and other services.
Personalized Service is Still King.
Regarding money management, you can never overrate the ability to speak with a live person to answer questions versus a call bot, right? Menu trees and recorded messages have their place; however, nothing replaces the satisfaction of getting a direct answer when you need it, especially as the complexity of your financial goals grows. Of the many advantages to working directly with your local branch bank, you can expect friendly, personalized service from knowledgeable professionals you have already come to trust. They stand with you on your financial goals, in the here and now, and for your future, working beside you to avoid the pitfalls and celebrating with you when you reach your destination.
There’s Banking, and then There’s Banking with Heart!
Don’t give up on your dreams. They matter. It may sound like the advice of your children’s soccer coach, but as adults, we need to hear it, too. Whatever has shaped your financial decision-making over the last several years, whether a global pandemic or the explosion of online options wanting one’s cash, one thing hasn’t changed. Personal banking should be personal, with savvy partners to navigate the complexities and eliminate the roadblocks. At HomeTown Bank, we believe in positively impacting communities, starting with the individuals walking through our doors with dreams of a first home or a new piece of farm equipment, a loan to help the business grow. Whatever you’re saving and preparing for, we’ll help get you there.
