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The Statement

Insights from your Litchfield Bancorp Team

Month: September 2016

Savings Clubs are making a comeback!

Savings Clubs are making a comeback!

Savings Clubs are making a comeback!

When it comes to personal finance, what is old has become new again.  The latest new thing in thrift is the savings club, a time-honored tradition that our parents and grandparents relied on to accumulate money for the holidays or for a special purchase. With the advent of the credit card these plans have largely faded away, but are now enjoying a revival.  The idea of the savings club is both simple and financially prudent.  Instead of paying for your next major outlay, for example a vacation, a remodeling project or just your annual holiday spending blowout, by piling up credit card debt and racking up interest charges on top of whatever you may need to spend, a savings club account lets you plan ahead and start saving incrementally for your next big expense. Continue reading “Savings Clubs are making a comeback!”

Author Valerie KalognomosPosted on September 20, 2016March 3, 2020Categories Checking & Savings, Community, Connecticut Mutual Holding Company, Debt Management, Young Savers, Your LBC TeamTags Christmas club, Club Account, Litchfield Bancorp, savings, savings club, savings habits, Valerie Kalognomos

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