Financial Education

What Are You Saving For?

Use That Budget

If you haven't read our tips on creating a budget, that is a good place to start. That budget is your first step to building up your savings. Once you know how much you can put aside to save each month, you'll be well on your way to reaching those savings goals.

What Are Your Savings Goals?

It's always helpful to have a goal. Figure out what you are saving for, whether that be a down payment on a house, a car fund, a ten-year anniversary trip, or an emergency savings fund. Strive to have an emergency fund of six to nine months of living expenses. 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 figure out how much you will need to put aside each month or paycheck in order to reach your goal in the time you need it for.

Save Automatically

The easiest way to make saving a habit is through setting up automatic savings. One way you can do this is by setting up scheduled transfers from your checking account to your savings account within your PRS Online Banking account. For more details, call our customer service at 215-634-7000. They can help get you set up.

To learn more about the various savings accounts we offer here 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 how to have smart money habits by saving together as a family. Use the links on our Financial Education page to find fun and helpful ways to approach spending plans and saving for fun activities as a family.