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Summer Savings – Sacrifice or Strategy?

Summer Savings – Sacrifice or Strategy?

Wednesday, May 31, 2023/Categories: Home Page Story

As the seasons change, spending and saving seems to change right along with it. A summer trip often trumps putting those extra dollars into a savings account. A visit to the zoo with the family or an outdoor concert just might take priority over that monthly commitment to stash away any extra cash. But does it really hinder your savings strategy or force you to sacrifice your summertime fun?

It doesn’t have to. Consider this:

You know you want to plan a summer trip. How can you start now to plan for those extra expenses? Don’t go out to eat as often, pack your lunch for work, wash your car at home, cancel a few streaming services, don’t pay for delivery, adjust your thermostat, shop local thrift stores for vintage clothing - these are just a few ideas.

Most importantly, when you start to accumulate extra cash, put it directly into a savings product at your bank so that it is out of reach/out of mind! Heartland is committed to providing its clients and customers with expert information on these types of products from associates who have been on the front lines of the banking industry for most of their careers. We’d like to introduce you to Jessica Bell, branch manager of the Newark location, and John Morgan, assistant manager of the Johnstown location. These experts are valuable resources and are willing to share their knowledge and tips regarding savings accounts.

According to Jessica, “We love to have clients come in the branch to spend time with us! I want to make sure I understand what you need.” Of course, online account opening is available, easy and simple, but you will still have access to helpful bankers.

“Savings accounts are good way to set money aside for a ‘rainy day’ or to save for a large purchase. You can also sign up for overdraft protection to use for your checking account,” shared John. “Should you overdraw your account, the amount of the overdraft is automatically transferred from your savings to your checking to make sure the item is paid without a fee. This feature is automatic and is totally free!”

Heartland also offers other savings options and several tiers of savings accounts. According to Jessica, “When I am talking with a client, we are discussing how they do their day-to-day business and what expenses they think they will have come up, and then we can start working on the best savings account option.” Certificates of Deposits, Individual Retirement Accounts and Health Savings Accounts are also options that can be investigated with your banker.

Savings accounts might not earn much interest, but they are FDIC insured, offer liquidity and assist with short-term goal success. “It is always beneficial to have about three to six months of your bills saved up in case of an emergency. It is also a great option for putting money aside for Christmas or a larger expense that you may have been wanting. This type of account keeps a specific amount out of the main account you are using for all your normal expenses,” said Jessica.

Heartland’s branch and assistant managers have years of experience guiding their clients toward the most appropriate products for their unique situations. John added, “We encourage our clients to talk with us about the balances they plan on keeping and what the account is going to be used for.” The result is a successful financial plan with a strategy for saving that reduces the need for sacrifices that might be unpleasant…go ahead and plan that beach trip – you’ll be glad you did!