America Saves Week 2021
This week is America Saves Week 2021, and as your primary financial partner, we’re proud to be a participant in this week-long educational campaign to encourage our members to save, and help with all the different ways you can build your savings with IRAs, share certificates, savings accounts, automatic transfers, and more. In these uncertain times, saving money is more important than ever; a healthy savings account or emergency fund can make a huge difference in the case of a job loss, unexpected medical bills, or a death in the family. We’re here to help you build that important safety net.
Why should you save money and build your safety net and nest egg? Here are a few important reasons and tips:
Save Automatically – This is one of the easiest ways to boost your savings account, and it’s as easy as a few simple clicks through our online or mobile banking tools. You can set up automatic transfers from your checking account to your savings account each month, and even if you’re starting out with a small amount, you can always increase it according to your budget.
Save for the Unexpected – As the year 2020 has shown us, the unexpected can happen at any time – and if you’re not prepared, you could find yourself in financial dire straits. Everyone should have their own savings goals, but having an emergency savings account in case of a job loss, serious illness, car breakdown, or any other unfortunate unexpected incident can keep you and your family afloat without going into debt. We encourage our members to add to their savings account every month according to their personal budget, and inquire about our share certificates once your savings is to a certain level.
Save to Retire – Your retirement years will spring up on you before you know it – so it’s important to start preparing now. Kaiperm offers our members the choice between traditional and Roth investment retirement accounts (IRAs), a secured place where your funds can grow tax-free over specific time frames. A traditional IRA helps accumulate your savings faster with tax benefits; a Roth IRA is funded with post-tax contributions and provides you with more access and flexibility when it comes to your retirement savings. We encourage our members who are interested in opening an IRA to contact us or visit one of our branches, and we’ll help you get the ball rolling with the right account for your budget and lifestyle.
Save by Reducing Debt – When you’re paying down your debt regularly every month, you actually are taking steps to save money, even if it may not feel like it. When you take action to reduce your debt, you’re avoiding late fees, building your credit score, and saving on interest rates – which is why it’s important to include debt reduction as part of your overall savings goals. If you have debt from more than one source, ask us about how our personal loans can be beneficial for consolidating high-interest debt so you can pay it off more expediently.
Save as a Family – One of the most important tools you can hand down to your children is financial education, and you can start at home. Teaching your children age-appropriate money-saving skills will only benefit them as they grow older, take on their first job, open their first checking and savings account, and enter into adulthood. If you have a teenager living at home who has a part-time job, open a savings and checking account for them, and show them how to set up automatic transfers – even if it’s just $15 a month to start. We’re happy to help our youngest members get started on the right foot!