savings account – The Statement

When Should You Dip into Your Emergency Fund?

Having an emergency fund during uncertain times can provide you with some peace of mind and sense of security. Whether it’s fully funded or you are just starting to build it, you may be wondering what events would qualify as emergencies and allow you to dip into those funds. Do you need to rethink priorities? Should you move things around in the budget to make space for this new expense? Or is this a legit emergency? Of course, there is no shame in using your emergency funds, but you should ask yourself these 3 questions first.

What is a Student Checking Account and Why Does Your Child Need One?

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All checking accounts are not the same, especially when it comes to choosing the right account for your young adult. Banks like Litchfield Bancorp – A Division of Northwest Community Bank have a student checking account specially designed to meet your child’s needs.

So what sets a student checking account apart from a traditional checking account?

The benefits of the Passbook Savings Account and why your child should have one

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Are you reading this and wondering when was the last time you didn’t manage your bank account from a computer or your smartphone? If so, you may have never heard of a Passbook Savings Account. They aren’t as popular as they once were, so don’t worry if you have no clue what they are, but these retro accounts still have some great advantages, especially for children.

Municipal Money Market Accounts – why they make sense

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If you’ve ever been a part of a Municipal government – in leadership, city council, Board of Ed or a finance committee you will completely understand how daunting money management can be. Not only are you dealing with budgets and all the pressure that goes along with creating the right one, hoping it gets approved and makes everyone happy (or the majority at least), but you also need to make sound decisions when it comes to your investments and portfolio management.

Finances – What your children need to know

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Working in the world of banking and finance, I often get asked by parents how early is too early to teach their children about money. When should they open accounts in their child’s name, should they give them access to it, or how soon is too soon to give them a debit card?

First and foremost, it ’s really never too early to teach children about money and finances, the earlier they learn the value of money and how to manage it the better off they will be later in life. Continue reading “Finances – What your children need to know”

The 52 Week Money Challenge

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If you are looking for a simple and easy way to save a few bucks, why not try the 52-week Money Challenge? If you haven’t heard of it before, here’s how it works. Every week you put away the same amount of money as the week of the year. So, week 1 you put away $1, week 2 you put away $2, week 26 is $26, and so on. At the end of the year, you will have saved $1,378. Continue reading “The 52 Week Money Challenge”

The Advantages of Automatic Payments and E-billing

In a world full of automation, it seems to make sense to add paying your bills electronically to the growing list of things that can be done by technology. Not only is it FREE to use automatic payments, but it saves you money – buying checks, postage, envelops, etc. – and time! Continue reading “The Advantages of Automatic Payments and E-billing”

Saving for college – how much is enough?

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While there’s no concrete answer or definitive number on how much you should be stashing away for your children’s college fund, there are some guidelines that can help keep you on track. Keep in mind that the price of tuition, room and board, and fees are always in flux, and you may need to adjust accordingly as these costs continue to rise. There is also a significant cost difference between public and private schools. According to College Board, the current cost of a four-year in-state public university is estimated to be $20,770 per year versus an annual cost of $46,950 for a four-year private college. Continue reading “Saving for college – how much is enough?”

Young Money: Your Child’s First Bank Account

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Most parents keep their finances hidden from their children. You don’t want your kids to worry about mortgage payments or that dentist bill that’s causing you stress. While your intentions are good, you’re preventing your child from learning valuable lessons about money. Continue reading “Young Money: Your Child’s First Bank Account”

Put Thrift Back into Saving!

“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.

Continue reading “Put Thrift Back into Saving!”