Are you aware that August 14th is Financial Awareness Day? It’s a great way to bring attention back to saving, which may get lost in the shuffle of daily life and our busy lives.
Think about that great feeling you have when you pay off a loan! Now you have a decision to make – do you start spending more each month because you can, or do you take that same monthly payment and put it into a savings or investment account?
Here are some ways you can observe National Financial Awareness Day:
- Get smart about your money! National Financial Awareness Day is the perfect opportunity to make a budget. It’s not the most fun task, but it’s so important. Find out where you spend your money by making a spreadsheet or use an online service or app that will do it for you. The numbers may shock you, but being aware is the first step in building your financial muscles.
- Save! Find an extra $10 in your pants pocket or purse that you forgot you had? Instead of spending it, put it in an envelope to later deposit in your savings account. What do you do with all of your spare change? Throw it in a jar and watch how it piles up over time. You can take it to a coin counter or roll it up and take it to your bank for depositing. It’s a nice boost to your savings, and will be much more useful in your account than under the couch cushions! Saving is easier when you make it part of your daily routine.
- Learn more about your bank! Your bank is full of experienced financial gurus who can help you get started, or answer any questions you may have about banking and saving. Sometimes it’s fun to crunch the numbers and see how money saved can really grow over time. First Bank has an assortment of calculators for crunching numbers for savings, CD rates, retirement, and more!
Sound financial decisions now will help you down the road – so now is a great time to start tuning your mind to your finances. Here is a fun fact – Assuming a 6 percent average annual investment return and dedication, someone saving $14 a day starting at the age of 23 can expect to become a millionaire by age of 67.
Did you know that First Bank is a big proponent of financial literacy? We feel it is our duty to educate our communities on the importance of wise financial management. If you have questions about how you can improve your financial situation, stop by one of our branches and talk to a Personal Banker!