Skip to content

Are You Saving Enough?

According to GOBankingRates, more than two-thirds of adult Americans have less than $1,000 in their savings accounts, and more than 50 percent of women have no savings at all. Additionally, the National Institute on Retirement Security reports that almost 40 million households have no retirement savings. To ensure you’re as financially fit as you can be, we encourage you to review your savings efforts during America Saves Week starting February 21, to identify where you’re excelling and where you need to focus.

You can improve your financial resiliency and wellness by following these five steps:

  • Save Automatically – Make saving an easy habit by putting your efforts on autopilot. Set up an automatic bi-weekly or monthly savings deposit so that your savings build quickly. You won’t notice the automatic deduction; however, you will notice the growing nest egg in your savings account.
  • Save for the Unexpected – Many Americans are challenged to cover unexpected expenses. Keep in mind that unexpected expenses aren’t limited to emergencies – they can be exciting opportunities too. Prepare for surprises, both good and bad, by creating a separate “opportunity fund” account in which a specific dollar amount is automatically deposited bi-weekly or monthly.
  • Reduce Debt – Reducing the amount of debt you carry is a critical part of building your financial resilience. Loans and credit card debt reduce the amount of discretionary cash you keep each month and chip away at your financial security. Consolidating credit card balances under one loan to lower the interest rate is one key step. Paying extra towards the principal on loans each month helps to reduce debt significantly faster as well.
  • Save for Retirement – Are you maximizing your retirement contributions? Check with your accountant to confirm the maximum annual contributions you can make to your IRA and Roth IRA accounts and ensure those contributions are made on time. Once you are over 50, you may also have an opportunity to “catch up,” allowing you to add even more into your retirement savings. It is also a great idea to review your investments with your financial planner to make any adjustments to capitalize on market or fund changes. Your future self will thank you for saving now.
  • Save as a Family – Make saving a family priority to instill good financial habits at any age. Encourage your children to think like a saver rather than a spender and have regular money conversations to educate them on the tools that create financial stability. Help them create savings goals and savings accounts to set them up for financial success.

Being financially resilient increases your peace of mind and ensures you have the financial resources you need available to you. Check out all the great financial education resources on our website and make the time to visit your nearest Allegiance Bank for a financial check-in to ensure your savings are on track.

Receive News and Insights from Allegiance Bank

Stay Connected

Enter your name and email address to receive Allegiance Bank news in your inbox.

When users fill out this form, they are requesting to be added to Allegiance Bank's email distribution list.

YOU MIGHT LIKE...

Financial Tips for a Stress-Free Vacation

With summer in full swing, you likely have a summer vacation on the calendar. While summer trips… Learn More >

Allegiance Bank 2022 50-Year Banker Award Recipients

We are proud to highlight Allegiance Bankers Claude B. Leatherwood and M. Dale McGill, recent recipients of… Learn More >

How to Analyze Your Small Business Budget

Once you've gathered your total income and expenses, it's time to analyze your business budget to ensure… Learn More >

6 Steps to Create a Budget for Your Small Business

Many new small business owners struggle with all the financial planning involved in starting a business, not… Learn More >

Banker Spotlight: Dian Jackson

At Allegiance, we serve our communities and each other. In today’s banker spotlight, we recognize Teller Supervisor… Learn More >

How to Build a Personal Relationship with your Banker

Forging a solid relationship with your banker will serve as an important resource in achieving your financial… Learn More >

4 Home Buying Myths to Stop Believing Now

With summertime approaching, there is a good chance you have considered purchasing a home, as research shows… Learn More >

Allegiance Bank Customer Spotlight: Homestead Kitchen and Bar

Allegiance Bank customer, Homestead Kitchen and Bar is a local restaurant that has quickly become a go-to… Learn More >

Banking and Online Security

The more scam spotters there are out there, the harder it is for hackers to catch their… Learn More >

Small Business Tax Basics

Understanding small business tax basics and planning for taxes at the beginning of each year will ensure… Learn More >