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- Published: Monday, 02 June 2014 11:30
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Create Goals For Saving, Advises Victory State Bank
STATEN ISLAND, N.Y. – Victory State Bank, Staten Island’s only community-based savings bank, says saving money is easier when you have specific goals in mind.
The bank echoes the advice of the Federal Deposit Insurance Corp. (FDIC), which suggests you consider how much you want to save – and why.
With these two factors in mind, it’s easier to create a plan and remain focused on your financial goals.
The FDIC provides this example: If you have a young child, ask yourself if you plan to help pay for college. Research indicates that children who have a college savings fund are more likely to go to college than those who don’t. Start by looking at "529 plans" sponsored by your state (typically with cost and tax benefits for residents) and compare them to other 529 plan options.
Learn more about college planning at www.studentaid.ed.gov/prepare-for-college.
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.
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