Savings, Savings, Savings
Staten Island’s only community-based commercial bank reminds you that April is Financial Literacy Month
STATEN ISLAND, N.Y. – April is financial literacy month, and what a better way to celebrate than starting a savings plan.
No matter your stage of life, it’s important to have savings: Whether it’s for a special purchase, a college education, your first home, retirement, or an emergency fund. But just how do you get started and stay on course? The FTC recommends the following savings tips:
- Create abudget. The first step toward taking control of your financial life is to evaluate how much money you take in and how much money you spend.
- Pay yourself first. Consider a payroll savings plan where a certain amount goes directly into your savings account each payday.
- Get to know the value ofcompound interest. It’s the interest you earn on your initial investment plus all the interest that accumulates over time. It makes your investment grow at a faster rate than simple interest, which is interest earned only on your original investment.
- Keep it going. If you get a raise at work, bank it. If you pay off your car, bank the monthly payments. If you’re not sure you’ll remember to make the deposits, consider automated transfers from your checking account to your savings or investment account. That way you never even notice it. If you were able to live on less before, you can continue to.
About Victory State Bank:
VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.