Habit-Forming Savings Tips

STATEN ISLAND, N.Y. -- Most of us agree that there are bad habits, as well as good: Smoking is bad; saving for the future is good.

Saving even a small amount of money can go a long way toward meeting your savings goals. 

Victory State Bank recommends the following tips from the New York City Department of Consumer Affairs:

• Write down your savings goals and stick to them.
  Writing down your savings goals makes them more real and can motivate you.  Don't overdo it.  Set up goals that are realistic and review them regularly to track your progress.
• Arrange for automatic deductions.
  Arrange to have a small amount of your paycheck go directly into savings each pay period.  Even if you can put only $10 from each paycheck into a savings account, it is a good start to help you build an emergency fund.
  
  If you don't have direct deposit, check to see if your bank has auto transferring so that you can set up auto transferring of money into a savings account.
• Save your loose change.
  At the end of each week, deposit all of your loose change into your bank account.  Though it may seem like a few coins, it can add up to sizeable savings quicker than you would expect.
• Pay yourself.
  Treat savings like an expense, such as a monthly bill.  This way, you'll get into the habit of putting away a certain amount each month.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: 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 .

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