Greetings!
Welcome
to our July issue of the Skowhegan Advisor. I hope you found our first issue
last month interesting and helpful. This issue focuses on saving money- how to
do it and why. Skowhegan Savings is your ally during difficult times and we are
here to help you. As our thank you for signing up for our newsletter, this
month, we are offering a coupon for Toot's Express in Dexter. Click on the
coupon link, print it, and enjoy!
Yours Sincerely,
John Witherspoon
President & CEO
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Rainy Day Savings For
Summer -
The Advisor's Tips to Save
During rough economic times, saving money is even
more important, although it may seem harder than ever to do. Here are some
ideas to help you and your family curb spending and begin to save for a rainy
day. Or in this case, an even rainier day than we've been having...
Start
small. If
you start automatically putting a small amount from each paycheck into a
savings account, it will add up. Once you start saving, you may realize that
you can even put away more each month. It will add up faster than you think.
For more
tips on starting small and saving big, click here.
Have
an emergency savings account. This is an account for any unforeseen expense or if
your job situation changes. The general
rule of thumb is to have enough money in this "rainy day" fund equal
to at least two months of living expenses. If your employment outlook is
especially uncertain, consider setting aside enough to cover six or more months
of anticipated expenses.
Look
at your long-term goals. Retirement may seem
like a long way off, but the sooner you start saving for it, the better. If
your employer matches a portion of your payroll contributions to an Individual
Retirement Account (IRA) or other retirement account, contribute the top amount
matched. If you don't, you're basically passing up free money and perhaps
losing out on a valuable tax break.
Let
your bank handle it. It's easier to not have to think about putting money away each month. If
you arrange with your employer to automatically deposit your paycheck into your
checking account and a portion into your savings account, the balance will
build up and you won't have to worry about it. At Skowhegan Savings, we also
offer Club Accounts which are an easy, systematic way to help you save for the
holidays or other yearly expenses by making weekly deposits.
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Ways
to Control Spending
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Make
a List of your Needs and Wants. In the "Needs" list put every expense
that you must make each month, car payments, average grocery costs, utilities,
etc. In the "Wants" list put items like entertainment costs like
cable TV; clothing, dining out.
- Ask Yourself "Do I need this?" When you are thinking about
making a purchase from your "Wants" list, ask yourself if you really need it. If you are buying a pair
of jeans, do you need the $85 pair or will a less expensive pair work just fine?
- Commute another way: Carpool with a friend, bike in the summer. This can save a significant
amount of gas money, and wear and tear on your vehicle, plus it's good for the
environment!
- Buy used. Need a new lawn mower? Look for a slightly used one and you can easily
save a lot of money. Craigslist.com, Uncle Henry's, and the Classifieds have
some great deals!
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Make it at home. Brew coffee at home, pack a lunch, maybe you're a baker, and can make
your own bread! If you can't live without that specialty coffee every morning,
buy bags of your favorite blend and just make it at home; you will still save
money each month.
- Keep
banking costs down. Come in to your local Skowhegan Savings' branch and talk to your
banking representative about your banking needs. There may be a bank account
option that will save you money, or help you earn more interest.
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Skowhegan Savings, founded
in 1869, is an independent mutual savings bank dedicated to strengthening the Maine families,
businesses and communities it serves. Our team of friendly, committed
employees takes pride in delivering personalized, competitive banking services
with integrity and putting the needs of our customers first. An
innovative and progressive approach to banking ensures our personal and
business customers enjoy a banking experience that is quick, easy and
convenient.
Our nine Maine branches
include two locations in Skowhegan, as well as locations in Belgrade,
Bingham, Dexter, Fairfield, Madison,
Norridgewock, and Pittsfield.
For more information, visit www.skowsavings.com
or contact Customer Service at 800.303.9511.
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