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The Statement

Insights from your Litchfield Bancorp Team

Tag: savings account

When Should You Dip into Your Emergency Fund?

When Should You Dip into Your Emergency Fund?

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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.

Continue reading “When Should You Dip into Your Emergency Fund?”
Author Laura MurphyPosted on April 27, 2021April 27, 2021Categories Checking & Savings, Debt ManagementTags car accident, emergency fund, Laura Murphy, medical bills, savings account, unexpected, urgent
What is a Student Checking Account and Why Does Your Child Need One?

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?

Continue reading “What is a Student Checking Account and Why Does Your Child Need One?”
Author Mickie Ann BudnyPosted on March 30, 2021March 30, 2021Categories Checking & Savings, Young Savers, Your LBC TeamTags ATM, checking account, College, debit card, FDIC, savings account, service fees, student checking, text alerts
The benefits of the Passbook Savings Account and why your child should have one

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.

Continue reading “The benefits of the Passbook Savings Account and why your child should have one”
Author Joy SherwoodPosted on August 6, 2019March 3, 2020Categories Checking & Savings, Community, Student Banking, Young Savers, Your LBC TeamTags account holder, Allowance, bank, Banking, child savings account, children, Joy Sherwood, Litchfield Bancorp, Passbook Account, Passbook Savings, saving money, savings account, starter account
Municipal Money Market Accounts – why they make sense

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.

Continue reading “Municipal Money Market Accounts – why they make sense”
Author Paul McLaughlinPosted on July 16, 2019January 29, 2021Categories Business Banking, Business Lending, Checking & Savings, Community, Connecticut Mutual Holding Company, Your LBC TeamTags checking account, committee, FDIC, interest rates, leadership, Litchfield Bancorp, money market account, Municipal Economic Development, municipal government, Paul McLaughlin, savings account, taxes
Finances – What your children need to know

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”

Author Laura BerendsohnPosted on January 29, 2019March 3, 2020Categories Checking & Savings, Personal Lending, Student Banking, Young Savers, Your LBC TeamTags ATM, checking account, children, debit card, Graduate Account, Kids, Laura Berendsohn, Litchfield Bancorp, part time job, savings account, spending, teens, young, young adults, Young Financiers
The 52 Week Money Challenge

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”

Author Laura MurphyPosted on December 4, 2018March 31, 2020Categories Checking & Savings, Student Banking, Young Savers, Your LBC TeamTags challenge, emergency fund, Finances, goals, Laura Murphy, Litchfield Bancorp, money challenge, New Year's Resolution, savings account, vacation
The Advantages of Automatic Payments and E-billing

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”

Author Laura BerendsohnPosted on May 22, 2018October 6, 2020Categories Checking & Savings, Debt Management, Your LBC TeamTags automatic payments, checking account, control, convenience, credit card, credit score, cyber security, debit, ebilling, estatement, Go Green, ibanking, identity theft, Litchfield Bancorp, online banking, safety, savings account
Saving for college – how much is enough?

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?”

Author Lisa PartrickPosted on April 3, 2018March 3, 2020Categories Checking & Savings, Debt Management, Personal Lending, Student Banking, Your LBC TeamTags 529 College Saving Plan, College Savings, college savings calculator, college tuition, Lisa Partrick, Litchfield Bancorp, savings account, student loans
Young Money: Your Child’s First Bank Account

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”

Author Valerie KalognomosPosted on May 9, 2017March 3, 2020Categories Checking & Savings, Young Savers, Your LBC TeamTags ATM, budgeting tools, checking account, children, education, Finances, gifts, Litchfield Bancorp, money matters, parents, piggy bank, savings account, Valerie Kalognomos, young savers
Put Thrift Back into Saving!

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!”

Author Laura MurphyPosted on February 29, 2016June 25, 2020Categories Checking & Savings, Retirement, Young SaversTags Association of Resale Professionals, Club Account, CT Banking, Litchfield Bancorp, Melissa Root, money market account, saving money, savings account

Recent Posts

  • How to Stay Healthy Without Paying for an Overpriced Gym Membership
  • When should you offer over asking price for a home?
  • Tips to Help You Actually Stick to Your Budget
  • How to Make the Most of Your Garden to Save Money
  • What is the Debt Snowball Method and How Does it Work?

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