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For 14 consecutive years, the Institution for Savings has been named a Top Place to Work by The Boston Globe
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After savings, setting a budget is the next best thing you can do to stay financially fit—and budgeting is how you can manage to start building that savings. By keeping a close eye on spending, you can avoid letting your debt get out of control and stay agile in any economy. Budgeting can feel like a financial diet, but rather than thinking of it as a regime that tells you what you can’t do, consider it a financial exercise plan that allows you to do what’s important. Give yourself a goal to keep spending within parameters that work
The new year is the perfect opportunity to begin getting into financial shape after a holiday splurge. But starting from square one can feel daunting. Institution for Savings is here to help. IFS offers in-person financial advice at any of its 15 branches or 24/7 on its website, which provides access to over two dozen helpful financial calculators to assist you in everything from budgeting to loan evaluation. With IFS calculators, you can compare borrowing costs or work on your monthly budget on a timetable that works for you. Customers can also check out the IFS Financial Knowledge Bank, a blog offering guidance and advice to increase your financial literacy. The goal of IFS is to empower the communities it serves. Providing advice and financial know-how is one important way it does that.
Don’t let the excesses of the holidays keep you from staying financially fit in the new year. Saving, budgeting, prioritizing debt, and asking for help when you need it—these are the steps to happy and healthy finances in 2023. Learn more about ways you can save at www.institutionforsavings.com or come into any of its 15 area offices and speak with an expert about how you can stay financially fit.
Michael J. Jones
President and Chief Executive Officer
The number one recommended way to beat the holiday hangover is to save more. Financial experts everywhere espouse the many benefits of saving. From preparing for the unexpected to getting ready for big expenditures that you know are coming, savings accounts are a safe and secure way to build wealth because all funds held at community banks like the Institution for Savings are insured first by the Federal Deposit Insurance Corporation and additionally by Depositors Insurance Fund (DIF). Plus, choosing a trusted local bank like Institution for Savings (IFS) means that your money is protected by the financial strength and stability of a bank that has served your community for over 200 years. How much should you save? Financial
Start and stick to a budget.
Use the resources at Institution for Savings to help you stay in financial shape.
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The Institution for Savings currently manages assets totaling approximately $4.7 billion
4.7
BILLION
$
15 full-service banking offices in Amesbury, Newburyport, Salisbury, Rowley, Ipswich, Hamilton, Topsfield, Boxford, Middleton, Salem, Beverly, Gloucester and Rockport
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The Institution for Savings was the first Bank in our market area to offer comprehensive community-wide financial literacy programs.
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experts recommend saving enough to cover six months of expenses to properly prepare for whatever life throws your way. That may sound like a lot, but there’s good news in the savings game that can help you save more. Everyone knows the Fed has been raising interest rates to fight inflation. But while rising interest rates may present challenges to spending, they’re great for saving, as the percentage yield on many savings accounts rises along with interest. The idea is that encouraging saving will reduce spending and thereby bring down inflation.
Institution for Savings is incentivizing customer savings by offering two ways to maximize your savings, making it that much easier to recover from a holiday binge. Its high-yield Diamond Savings Account helps make the most of your money while providing access to it 24/7, offering an incredible 2.05% APY on account balances over $25,000. Plus, for a limited time, its 23-Month Certificate of Deposit is paying 3.75% APY on balances from $500 to $250,000, making it a great way to safely and quickly increase your nest egg. The more you save, the better shape you’ll be in to meet the challenges of the new year.
Viewing your first credit card bill of the year can cause sticker shock. Don’t be discouraged! As part of your budget, prioritize paying off high interest debt like credit cards before other, more stable debt. Remember, not all debt is created equal. Educational and mortgage debt are viewed differently by credit agencies than credit card debt, so paying off high interest credit card debt first is better for your financial health.
How much debt is too much? Overall, experts recommend keeping consumer debt, including mortgage, auto, and credit cards, below 36% of your pre-tax income. If you do decide to use a credit card to make purchases, use one that offers rewards, points, or cash back. After purchasing an item on your credit card, pay it off immediately. This way, you avoid accruing interest while stockpiling rewards. If you stick to your budget and only purchase what you can afford to pay for in cash, you’ll no longer dread your credit card bill.
Start and stick to a budget.
Save more.
Savings Goal May Be Reached Early
Savings Results By Year
Saving $200
per month
Planning a sabbatical? Saving for a down payment on a house?
What will it take to reach your financial goal? See how the Savings
Goal graphic below shows how a savings goal can be reached early.
Use the Savings Goal Calculator here and enter your savings plan to view graphically your financial results.
Interested in learning how Institution for Savings can help with your financial goals? Contact us we are here to help!
per month meets your goal
exceeds your goal Saving $166
Saving $200 per month exceeds your goal
Saving $166 per month exceeds your goal
Savings goal
Target years to save
Amount currently saved
Current savings
Expected rate of return
Inflation rate
Total after 5 years
Result Summary
Savings Required to meet goal in 5 years
$10,000
5
$0
$200 Monthly
0.25%
2.9%
$12,076
$165.61 Monthly
1
2
3
4
5
$2,403
$4,813
$7,228
$9,649
$12,076
$1,990
$0 Starting Balance
$0 Starting Balance
$3,985
$5,985
$7,990
$10,000
Result Summary
contribute $200 monthly
contribute $166 monthly
Saving $166 monthly after year 1: $1,990
Saving $166 monthly after year 2: $3,985
Saving $166 monthly after year 3: $5,985
Saving $166 monthly after year 4: $7,990
Saving $166 monthly after year 5: $10,000
Saving $200 monthly after year 1: $2,403
Saving $200 monthly after year 2: $4,813
Saving $200 monthly after year 3: $7,228
Saving $200 monthly after year 4: $9,649
Saving $200 monthly after year 5: $12,076
Pay off credit card debt ASAP.
Use the resources at Institution for Savings to help you stay in financial shape.
for you and your income. If you can, incentivize reaching your budget goals by putting discretionary spending in the budget. This way, you no longer need to feel guilty about putting certain purchases on the credit card. Speaking of credit cards…
Savings goal may be reached early
Savings results by year
Saving $200
per month
Planning a sabbatical? Saving for a down payment on a house? What will it take to reach your financial goal? See how the Savings Goal graphic below shows how a savings goal can be reached early.
Use the Savings Goal Calculator here and enter your savings plan to view graphically your financial results.
Interested in learning how Institution for Savings can help with your financial goals? Contact us we are here to help!
per month meets your goal
exceeds your goal Saving $166
Saving $200 per month exceeds your goal
Saving $166 per month exceeds your goal
Savings goal
Target years to save
Amount currently saved
Current savings
Expected rate of return
Inflation rate
Total after 5 years
Result Summary
Savings Required to meet goal in 5 years
$10,000
5
$0
$200 Monthly
0.25%
2.9%
$12,076
$165.61
Monthly
1
2
3
4
5
$2,403
$4,813
$7,228
$9,649
$12,076
$0 Starting
Balance
$0 Starting
Balance
$1,990
$3,985
$5,985
$7,990
$10,000
Result Summary
contribute $200 monthly
contribute $166 monthly
Saving $166 monthly after year 1: $1,990
Saving $166 monthly after year 2: $3,985
Saving $166 monthly after year 3: $5,985
Saving $166 monthly after year 4: $7,990
Saving $166 monthly after year 5: $10,000
Saving $200 monthly after year 1: $2,403
Saving $200 monthly after year 2: $4,813
Saving $200 monthly after year 3: $7,228
Saving $200 monthly after year 4: $9,649
Saving $200 monthly after year 5: $12,076
Getting in Financial Shape Should Be Your New Year’s Resolution
Institution for savings
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There’s a reason people make resolutions in January. The holidays are the time of year when indulgence is king, and, as the new year rolls around, many of us find that we’ve overdone it. This is true not only for our waistlines, but for our wallets, too. If you have trouble staying financially fit over the holidays, you’re not alone. Amanda Clayman, a financial therapist, recently told Forbes that overspending around the holidays is common.
What’s not quite as common is choosing to rebound in the new year. With the help of a local bank like Institution for Savings, you can stay financially fit over the holidays and even carry that diligence forward into the new year. By taking a few straightforward steps now, you’ll set yourself up for financial success for years to come and avoid overindulging in the future. Here’s how to stay financially fit in 2023 and beyond!
CONTACT US
Member FDIC | Member DIF | Equal Housing Lender
Getting in Financial Shape Should Be Your New Year’s Resolution
Back to Hub
CONTACT US
Member FDIC | Member DIF | Equal Housing Lender
Institution for savings