Sometime during my first job in banking in the early 1980s, my wise boss offered me a piece of good advice. He said that everyone (repeat: “everyone”) should have at least three months of their salary sitting in a savings account for emergency purposes. He went on to say that “I prefer six months, but you should have at least three.”
February is upon us and 2014 is moving fast. If you made a New Year’s resolution, statistics say that 36 percent of Americans have already given up on it. Well, if that’s the case for you, it isn’t too late to start again to try and achieve your goal. If your resolution was to create a savings plan for yourself or your family, February is a good month to start.
MidWestOne Bank participates in America Saves Week. Scheduled for February 24-March 1, America Saves Week has three simple priorities:
- Set a Goal
- Make a Plan
- Save Automatically
With spending being so easy these days, it’s no surprise that saving isn’t. If you simply say “later” to your daily latte, you are taking necessary steps to setting up a savings plan. Taking a step as simple as setting up an automatic transfer into a savings account can go a long way. The Bank Your Change program at MidWestOne Bank is another easy way to move money into a savings account in way that you don’t even have to think about it. While we can make it easy for you to save, the discipline to begin a plan must come from you.
For those of you who are in a rut and want to begin a disciplined savings plan, the first step is up to you. If you take that first step, be assured any MidWestOne banker will be eager and able to assist in a big way.