Financial Education

What Are You Saving For?

Saving money can sometimes be viewed in the same way as exercise- Something we intend to do but easily postpone! However, the reality is that saving money can seamlessly become part of your daily routine. Here are a few strategies to help you build your savings.

What Are Your Savings Goals?

• Your first step is to identify what your savings goals are. It is always helpful to have a goal. Are you hoping to save for a down payment on a house? Or maybe you are working on a car fund, or planning for a family trip?
• Also consider an emergency savings fund. Strive to have an emergency fund of six to nine months of living expenses for unexpected events.
• Saving for the unexpected might also mean saving for opportunities that arise! Don't miss out on special events and important moments- save for them.

Whatever it is you are saving for, you'll need to determine how much to set aside each month or per paycheck to reach your goal in your desired timeframe.

Use That Budget

You'll also need to consider how much you can realistically save each month. If you haven't already, create a budget. Your budget will show you how much money you bring in each month, how much you spend each month, where you might be able to cut back, and ultimately how much you will be able to set aside into your savings.

Save Automatically

The easiest way to make saving money a habit is by setting up Automatic Savings Transfers. Automatic Savings Transfers allow you to set up a scheduled transfer of money from your checking account to your savings account at a frequency of your choice. Read more about Automatic Transfers and how to set them up in your PRS Online Banking Account or in your PRS Mobile App here.

To learn more about the various savings accounts we offer at Port Richmond Savings, visit our Savings Accounts page.

Save for Retirement

It's never too early to start saving for retirement. The earlier you start, the more compound interest you will earn. What's compound interest? It's when the interest you earn on a balance in a savings or investing account is reinvested, earning you more interest. There are a variety of ways to save for retirement. Your employer may have you enrolled in a 401(K) or a 403(b) account. Port Richmond Savings offers individual retirement accounts (IRAs) or various terms of Certificate of Deposits (CDs). An IRA is a savings account with tax advantages. We offer:

• Traditional IRAs- a tax-advantaged personal savings plan where contributions may be tax deductible.
• Roth IRAs- a tax advantaged personal savings plan where contributions are not deductible but qualified distributions may be tax free.
• SEP IRAs- a Simplified Employee Pension plan set up by an employer. Contributions are made by the employer directly to an IRA set up for each employee.

Learn more about Port Richmond Savings' CDs and IRAs here.

Call one of our bank representatives today at 215-634-7000 to talk about what might be the best fit for you. Your future self will thank you!

Save as a Family

Teach your children smart money habits by saving together as a family. Explore fun and helpful resources on our Financial Education page to approach spending plans and family savings activities.

Remember, building a savings takes time and patience! But your future self will thank you for taking these steps now to incorporate healthy savings habits into your daily life. As always, if you have any questions, our customer service is always happy to help at 215-634-7000.

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