“Recycled.” “Gently used.” “Vintage.” Call them whatever you like. But buying second-hand goods is a great way to save money to achieve your financial goals.
During the recession, Americans looking for ways to cut spending began shopping at thrift stores and buying used merchandise. The trend continues today with sales increasing 12 percent since 2008, according to the Association of Resale Professionals.
There’s nothing wrong with being like your penny-pinching mother or grandmother. After all, she survived the great Depression.
Summer is a great time to start saving by heading to garage sales, fleas markets and consignment stores, visiting websites such as eBay. The money you save by being thrifty can be used to finance a new car or a down payment on your first home.
So what to do with all those pennies saved? We’ve got options!
Here’s a few accounts we offer while you’re out scoring that designer dress for $7.99.
Money Market Accounts. Open up Our Reality Money Market Account. It offers tiered interest. So the more you deposit, the more you earn. And you can make up to 6 transfers per statement cycle, so you always have access to your money.
Savings Accounts. If you are a “traditional saver,” a Passbook Account could be perfect. If you want instant access to your money, choose a Statement Savings Account, where you can use an ATM card. We even offer custodial saving accounts so your children can save for their future.
Club Accounts. Our Litchfield Bancorp Club Account is a great way to save a little at a time now, and have the money you need later. Your Club Account can be opened as a Vacation or Holiday Club. The minimum deposit is only $5, and you’ll earn interest on any balance of $1 or more. We offer the convenience of direct deposit, and when your Club Account matures, you’ll receive a check for the principal, plus all the interest you’ve earned. Sweet!
At Litchfield Bancorp we want you to save and achieve your financial goals. Remember, all of our accounts are FDIC insured and we are an equal housing lender. Give me a call at 860-482-9707 or stop by one of our branch offices to find the savings account that’s right for you.
Torrington Manager, Assistant Vice President