You eat local, you shop local, why not bank local? That’s the idea behind ICBA’s Go Local initiative, inspiring consumers and businesses alike to re-invest in their own communities through their local community bank.
Today kicks off the annual America Saves Week, which is a campaign aimed to create awareness for creating savings funds, building emergency funds and assessing savings plans.
In case you need any ideas on how to become a better saver yourself, ICBA offers the following tips to help Americans get started on their personal savings:
Set a goal: People are more successful when they have certain goals in mind, so create and share a savings goal with your family and friends. Start small—even saving your loose change can get you somewhere. Aim to start a path toward building an emergency fund of savings with six to nine months of living expenses.
Make a plan: By creating a spending plan, list your expenses and compare them to your income. The plan will help prioritize what are necessities and wants for the month. Attempt to use your credit cards more efficiently, too. Doing that can help ensure that you will not take on too much debt and can minimize interest charges.
Save automatically: Many employers offer regular payroll deduction, which is one of the best ways to start and keep saving money. Make it a routine to automatically put aside a certain amount of money each paycheck, or ask your community bank to make an automatic transfer from your checking to savings account each month.
ICBA’s Terry Jorde, senior executive vice president and chief of staff, was recently featured in Black Enterprise discussing what small business owners should know before applying for a small business loan. Terry gives great advice and suggestions such as having a good goal and business plan in mind prior to seeking the loan.
Are YOU a small business owner? What suggestions/advice would you give to other entrepreneurs getting into the game?
Join ICBA today at 2 p.m. for a Twitter chat focusing on best practices to help consumers accomplish their personal finance resolutions in 2014.
Guest tweeters will include Terry Jorde, former N.D. community banker and senior executive vice president and chief of staff at ICBA; the National Jump$tart Coalition for Personal Financial Literacy; Bankrate; Practical Money Skills for Life; America Saves, Wise Bread and award-winning, syndicated Washington Post columnist, Michelle Singletary.
Follow the conversation at #NewYearFinLit and ask your personal finance questions to the expert panel listed above!
Happy new year! With 2014 in full swing, and people sharing resolutions, what are your financial resolutions for the year? Is it to shop locally more? Maybe open a savings account with your community bank? Perhaps it is just to get a better hold of your spending habits. Whatever the resolution might be, we want to hear it!
The winner of the first Main Street Holidays Facebook photo contest is Bank of Missouri!
Bank of Missouri’s photo (above) of main street Cape Girardeau captured more than 1,500 likes on ICBA’s Facebook page during the week. The other top five finalists included Paducah Bank, 1st Bank of Sea Isle City, City Bank and Trust Company, and First Federal of Northern Michigan.
Congrats to Bank of Missouri and the other finalists!
Weren’t one of the five finalists? Don’t worry – you’ll be seeing the other photos submitted during the contest throughout the Go Local blog.
Want to submit a holiday photo to us – even after the contest? ICBA loves to receive photos from community banks any time of year! Feel free to post them in the comments section or submit them to Jessica Wallace at firstname.lastname@example.org.