Norwich, NY (February 21, 2014) – The national financial education movement America Saves Week will be celebrated February 24 – March 1, 2014. As a registered local participant, NBT Bank is educating individuals on the importance of saving and offers tools to help community members reach their savings goals year-round.
“We have taken a very active approach to helping not only our customers, but also the members our community – young and old – to become more proactive in financial planning and saving,” said Martin Dietrich, President and Chief Executive Officer of NBT Bank.
NBT Bank supports the goals of America Saves Week all year long by providing customers with specific savings tips, and hosting its Strive® educational programs at local schools across its footprint. The Strive® programs focus on topics ranging from helping young audiences identify the difference between need and want-based purchases to helping teens gain an early understanding of credit and loan management and savings techniques.
Strive® provides in-classroom and online financial education to help today’s youth grow their money skills. Starting early with fun and informative financial literacy helps students of all ages develop good financial habits and pay more attention to how money is wisely saved and spent.
NBT Bank employees have conducted over 150 classroom presentations in school districts and community groups across the bank’s footprint. To learn more, visit www.nbtbank.com/strive.
The theme of this year’s America Saves Week is “Set a Goal, Make a Plan and Save Automatically.” Individuals at any age can easily turn this theme into their own savings initiative by following these simple steps offered by the American Bankers Association:
Set a Goal
You can save more by having a goal in mind. Visualizing what you want to save for gives your savings a purpose. You may be tempted to withdraw from your savings if it has no purpose. But once you have a goal in place, you know that taking money out of your savings is taking away from that ultimate goal. So what are you saving for? An emergency fund, a home, retirement, a car?
Make a Plan
Once you have your goal in place, make a plan for how you are going to save. To start, cut down on your spending and reduce high-cost debt. Next, keep track of what you spend and make a budget. Once you know where your money is going each month, you can cut down on unneeded spending and save the difference.
Don’t forget to keep your savings safe, protected and growing.
It can be hard to put aside money for savings. But there is an easy way to save money without ever missing it. Once you know how much you can save, make saving automatic. Many employers allow you to divide your paycheck into different accounts through direct deposit. Take advantage by putting part of your pay into a savings account. If you get paid in cash, take a small amount to the bank to deposit into a savings account each week.
To start saving right away, contact your local NBT Bank office for assistance in developing a financial plan or visit our website www.nbtbank.com. The website will provide you with a variety of resources and additional tips.
NBT Bank offers personal banking, asset management and business services through a network of 158 banking locations in five states. NBT Bank operates from 126 locations in upstate New York, northwestern Vermont, western Massachusetts and southern New Hampshire. NBT’s Pennstar Bank division operates from 32 locations in northeastern Pennsylvania. NBT Bank and its parent company, NBT Bancorp Inc., are headquartered in Norwich, N.Y. NBT Bancorp Inc. had assets of $7.7 billion as of December 31, 2013, and is traded on the NASDAQ Global Select Market under the symbol NBTB.
America Saves Week is coordinated by America Saves and the America Savings Education Council. The Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.