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America Saves Week is Feb. 21-25

 

PriorityOne Bank and ICBA: Create Financial Resiliency

America Saves Week is Feb. 21-25

Magee, MS - During America Saves Week, PriorityOne Bank and The Independent Community Bankers of America (ICBA) are reminding consumers that building a financial nest egg can help alleviate stress and provide financial resiliency during times of economic distress or uncertainty.

More than a third (36%) of consumers do not have sufficient savings to cover a $400 unexpected expense, according to the most recent Federal Reserve Economic Well-Being of U.S. Households report. And American’s personal savings rate in Q3 2021 (9.6%) was roughly half the size of the Q1 2021 rate (20.0%), according to the Commerce Department.

“Saving is an important component of creating financial wellness to weather life’s twists and turns,” Robert J. Barnes, President and CEO at PriorityOne Bank said. “As your trusted financial advisor, PriorityOne wants to help and can provide a financial check-in that can put you on the path to financial freedom so you can reach your financial goals and build financial security.”

PriorityOne and ICBA offer the following tips to help consumers boost their savings:

  • Pay yourself first. Many employers offer automatic payroll deduction, which is one of the best ways to start and keep saving. Use those funds to build a retirement fund.
  • Create a spending plan. Unlike a strict budget, a spending plan is a guide to help you take control of your finances by tracking where your money goes so you can prioritize your spending.
  • Start small. Setting aside just $2.99 a day (the average cost of a daily cup of coffee) for one year can boost your emergency fund by nearly $1,100 annually.
  • Build a financial cushion. Strive for an emergency savings of six to nine months of living expenses.

Other important factors to consider when choosing where to place your savings:

  • Access. How quickly can you retrieve funds? Community banks use the latest technology to allow consumers the freedom to access their money when and where they need it.
  • Safety. Is your money protected? The FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC-insured funds.
  • Earnings. How much will you earn? Community banks offer competitively priced products and services.

“As financial stewards, community banks are a great resource to help Americans finance major purchases and create generational wealth,” ICBA President and CEO Rebeca Romero Rainey said. “We encourage consumers to experience the benefits of relationship banking and put their money to work at their local community bank—vested in the success of their customers and their communities.”

About PriorityOne Bank

PriorityOne Bank, based in Magee, Mississippi, operates fifteen offices in twelve Mississippi communities: Collins, Seminary, Sumrall, Hattiesburg, Magee, Mendenhall, Richland, Brandon, Ridgeland, Flowood, Pelahatchie, and Morton. The bank has assets of approximately $850 million.

About ICBA

The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

 With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.