Studies show that more than half of Americans can’t cover an unexpected $1,000 emergency expense with their current savings. If life has taught us anything lately it’s to expect the unexpected. VP/Retail Banking Manager, Casey Kilborn and the entire OlyFed team encourage everyone to take that first step to build a sturdy financial cushion today.
Financial Goal Setting
Financial goal setting sounds scary and complicated but it’s not. No one’s expecting a spreadsheet with each dollar tracked or future events planned out. But it doesn’t hurt to set aside a little for a rainy day, and that’s where a skilled advisor really helps. We are ready, willing and able to walk through your day-to-day finances and spot trends or offer advice on where and how to save. Schedule an appointment today!
“While we are in the midst of economic conditions not seen in decades and we’re experiencing significant inflation coming out of the pandemic, there are still plenty of opportunities to save and work towards your greatest pursuits,” says Senior Vice President, Ryan Betz.
“OIyFed has the tools, resources and expertise to help you, no matter what stage of life you’re in. Given the fact that the number of Americans living paycheck to paycheck is increasing and even six figure earners are feeling strained, we can help navigate the moves you need to make to keep your budget in check heading into the new year.”
Simple Steps To Get Ahead
“It’s never too late, even if you’re just making a 1% improvement each day,” shares Kilborn. “Make that first step however it’s manageable for you. Our resources are designed to meet people wherever they are and however they prefer.”
As with gym memberships and healthy meal kits, we see a boost in January. People stop by, call and use the website regularly to plan for the coming year. Unlike the former, however, savings numbers don’t typically drop off by February. “The first couple months of the year, people want to make changes,” says Kilborn, “the key is taking time to make that first step.”
Knowing and having a budget is one of the crucial steps to financial success. OlyFed checking accounts, for example, make that easy by sorting purchases so users can keep track. “It recognizes locations and categorizes them to help understand your spending,” Kilborn explains. You can also opt for automatic rollovers of money from checking to savings on a schedule of your choosing. Pop a few dollars into an account every payday and watch how quickly your nest egg grows.
We’re Savings Superheroes
Like joining a gym, sometimes it’s nice to get a little one-on-one training. OlyFed’s bankers can explain programs like their on-site credit score monitoring services, for example. These help you understand the importance of building and maintaining a solid score with tools and tips to do so.
“Our bankers work with everyone,” says Kilborn, “regardless of how much they can save. We can work with whatever you can start with. And that’s what I love about our institution, we handle each customer’s unique situation and make recommendations based on their individual life.”
In 2023, he just wants folks to continue to understand and work towards their personal goals. “Have a plan and stick to it,” Kilborn adds. “And remember, we’re here to help.”
Betz agrees. He suggests a five-step process to start – or enhance – your personal savings:
- Conduct a financial self-assessment. Track spending and ask questions about where your money goes.
- Make a realistic budget and hold yourself accountable.
- Make a plan to save, even if it’s just a little. Pay yourself first, it’s a good habit.
- Make adjustments to your plan. Get a raise? Dealing with inflation? Life changes equal financial changes.
- Celebrate your success! Set milestones but go easy on yourself. We’re all doing our best.
With eight locations, there’s an OlyFed staffer ready to help you kick off 2023 in style. Drop by in person or call 360-754-3400 to speak with a real person who’ll direct you to the correct branch, department or employee. Check out our financial calculators for help estimating savings goals or debt reduction. Follow them on Facebook, Twitter and YouTube for updates, tools and the latest news. Let’s make 2023 the year of healthy habits and financial success.