Saving money is something we love to talk about, but have a hard time sticking with on a regular basis. In fact, a May 2019 poll showed about two-thirds of Americans who make between $50,000 and $100,000 would have a hard time coming up with $1,000 if an emergency situation arose.
It’s difficult to establish new habits as adults. Many of the behaviors we have regarding money are formed in our childhood. According to a University of Cambridge peer research review, most children form their opinions about money and its value by the age of seven years old. And, children learn from their parents through example and imitation.
As adults, we have the opportunity to teach our children the importance of saving money by example. If you have struggled in the past to sock away a little extra money, the good news is that it’s never too late to get started and see the benefits of saving your hard-earned money.
New Foundation Savings Bank makes it easy for anyone to open a savings account and get started working towards new financial goals. Savings account access and maintenance is as close as your fingertips with NSFB’s personal savings accounts, which offers online banking for your computer and the TouchBanking app for your smartphone. With just a few keystrokes, you can quickly and securely check your savings account balances as well as transfer money into or out of your accounts.
You don’t need to collect a bunch of cash to get started, either. A New Foundation Saving Bank personal savings account can be opened with as little as $10. Maintaining $100 in your savings account avoids any monthly fee. Your personal savings account will also earn interest at competitive rates. Plus, you get the peace of mind knowing the money in your savings account (up to $250,000) is federally insured.
New Foundation Savings Bank knows it can be hard to visualize the impact saving even small amounts of money can make in the long run. That’s why we offer two different savings calculators on our website to help you plan your progress right from the start.
The Future Value Calculator allows customers to enter numbers for starting deposits, interest rates, deposit frequency and more to see how quickly your money can multiply with a little time, patience and consistency over the months and years.
For those looking toward what life will be like during retirement, check out New Foundation Saving Bank’s Retirement Income Calculator. This financial tool helps customers see what monthly income they can expect based on their current retirement savings balance, regular deposits, current age, projected age of retirement and how many years of that projected income they can expect. The calculator can event account for inflation and how that affects your balance’s spending power down the road.
New Foundation Savings Bank offers a variety of retirement savings’ opportunities, including traditional and Roth IRAs that allow for easy transfers and rollovers, as well as Blue Chip Savings accounts that offer tiered interest rates based on minimum initial deposits when opening an account.
As you continue to build your savings, you can talk about it with your children, no matter how old they are at the time. By introducing them to the importance of saving money early in life, you’ll build a foundation for a solid financial future.
In the next post in this series, we’ll talk about some practical and fun ways to help encourage your kids to start saving on their own!