“A penny saved is a penny made.” That age-old saying is still true today, according to local bankers.
President Jim Hefley of Marion National Bank said he has seen the number of savings accounts increase in recent years.
“Our community is better than most in being conservative and saving in times of stress,” he said. “They learned from their parents and grandparents. I remember hearing my grandparents talk about the Great Depression, and that made an impression on me.”
He said people want a financial cushion that pays a little interest, and some have more than one savings account, each for a different purpose.
Hefley encouraged people to use the first of the year as a time to set goals with their partners or for themselves if single. Those goals could include living below their means and setting aside a certain percentage of their income.
“Know where every dollar goes and where you want to be in five or 10 years,” he said. “Keep track of your performance. Make yourself accountable.”
Peabody State Bank president Chuck Good concurs. He said planning is key to successfully managing money. It’s important to plan for emergencies such as car or home repairs, and even for Christmas spending.
He said the number of savings accounts at his bank have remained stable. They vary in purpose, such as retirement, college, emergencies, or just savings.
He encouraged people to be disciplined and get into the habit of saving.
“Put an amount aside each month for emergencies or for a special purchase, and don’t touch it,” he said.