How and Where to Save: Our Latest Tips

Everyone knows they should save money to help pay for their future needs or wants, but not everyone knows the best or easiest ways to save. Here are a few ways to help you meet your goals.

Review how and where you are saving for retirement. Options include workplace retirement plans, Individual Retirement Accounts (IRAs) offered by many banks and investment companies, and the U.S. Treasury Department’s new “myRA” (myRetirement Account), which is a simple, safe, and affordable savings program to help individuals start saving for retirement. The myRA program offers a new type of Roth IRA, guaranteed by a new U.S. Savings Bond that costs nothing to open and carries no risk of losing value.

Because myRA accounts do not have minimum contribution requirements, savers can contribute the amount that best fits their budget. During the first phase of the program, myRA accounts can be funded through automatic payroll deduction. To open an account or learn more about the myRA program, including eligibility requirements, go to www.myra.treasury.gov or call toll-free 1-855-406-6972.

Set savings goals for specific reasons. “Designating accounts that you will regularly contribute to for a particular purpose, such as for a vacation or the next holiday season, will help motivate you to meet your goals by a certain deadline,” said Luke W. Reynolds, Chief of the FDIC’s Outreach and Program Development Section. “Some banks offer ‘club’ accounts that promote regular, small savings for a certain reason, but you can use regular deposits into any savings account to reach your target.”

Certificates of deposit (CDs), which provide a predetermined fixed- or variable-rate interest payment for a set time period (usually three months to five years), also may be an option.

Find more money to save by cutting expenses. A great resource for ideas on how to use your money wisely is MyMoney.gov, the U.S. government’s main Web site about personal finances with information from more than 20 federal agencies, including the FDIC. Start at the “Spend” page at www.mymoney.gov/spend/Pages/spend.aspx.

If you get a large, one-time “windfall,” consider using some or all of it to help build your emergency savings. Start by checking whether you have enough in a federally insured deposit account to cover three to six months of essential living expenses. If you don’t have that much in your “rainy day fund,” consider adding funds from a tax refund, an inheritance, or other new-found money. This account may help pay for major unexpected expenses or tide you over during a disruption in your income.

For more ways to save, including ideas for keeping banking costs down, search for articles in FDIC Consumer News at www.fdic.gov/consumernews and check out the FDIC’s Money Smart financial education program at www.fdic.gov/moneysmart.

Reprinted from FDIC Consumer News – Winter 2015. https://www.fdic.gov/consumers/consumer/news/cnwin15/savings.html
Advertisements

About Union State Bank

Honesty, integrity, commitment; hometown values that are our way of doing business. At Union State Bank our mission is to be the preferred, locally owned bank committed to providing exceptional service to achieve long lasting customer relationships. The Union State Bank has been serving the banking needs of our community since 1911, when the Farmers and Merchants State Bank was formed in Kewaunee, Wisconsin. The Bank’s slogan was "A Bank of the People, By the People and For the People - A Bank For All The People," and invited the community "if you are not a customer, become one, and we assure you that your interests will be protected in every legitimate manner." In 1934 the Farmers and Merchants State Bank consolidated with the Dairyman’s State Bank, which was located across the street, and the Union State Bank was formed. It was reported in the local paper that "The union of two banks is particularly for the benefit of depositors. All the experience, ability and training gained through many years of banking service is combined here primarily for your protection. The confidence that has been cultivated over past years is now being strengthened." We have continued to grow through the years, and slogans used include "Union State Bank, where rail and water meet" and "Union State Bank, the bank and a half, we give you our all and then some." We currently have four locations. We have two offices located in Kewaunee, Wisconsin which is along the shores of Lake Michigan, approximately 20 miles east of Green Bay. We also have an office in Green Bay, Wisconsin and an office in Two Rivers, Wisconsin. Our main office is located at 223 Ellis Street in Kewaunee. Our second Kewaunee location was established in 1996 and is in the Piggly Wiggly grocery store. Our Green Bay office was established in 1987 and in September of 1999 we completed an addition to that location. In April 2004 we opened our office in Two Rivers. Originally situated inside the Pick 'n Save grocery store, the Two Rivers office was relocated to a brand new building at 2221 Lincoln Avenue on April 21, 2009. We have certainly grown and changed over years, but one thing remains constant - our commitment to our customers. We are proud to be the only independent bank in Kewaunee, which allows us the ability to offer a wide array of services that are designed to meet the individual needs of our customers. We offer full-service banking from an experienced, dedicated staff of full-time employees. We still believe in the "personal touch," and enjoy getting to know our customers. Even though we are a small, locally owned bank, we offer the latest in technology services, including our website and 24-hour account access via our "Union Access" line. We are proud of our long history of high-quality, personalized service, and invite you to become a customer of Union State Bank. See how "We Make the Difference" for you.
This entry was posted in General and tagged , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s