IBC Bank Offers Financial Tips to Celebrate America Saves Week
Monday, Feb. 21 marks the beginning of America Saves Week, a time dedicated to encouraging Americans to commit to saving successfully. Each year, the week serves as a reminder to individuals and families to reevaluate and reprioritize finances and saving behaviors, with the goal of achieving better financial stability.
In honor of America Saves Week, IBC Bank is sharing four tips to prepare for the unexpected, whether it be replacing your HVAC in the middle of summer, or never having to say no to that last minute vacation. Reframe saving for an emergency to saving for something fun - emergency fun fund, if you will.
1. Direct deposit this year's federal income taxes to a savings account. Instead of sending your federal income tax return to a checking account, direct deposit the refund to a savings account. The average refund received for the 2020 tax year was $2,827 - enough to cover unexpected expenses including not so fun things like home and car repairs, but also opportunities to travel and create memories that you might have had to say no to had you not saved in advance.
2. Set up automatic savings. Set up an automatic monthly deposit to a savings account so you don't even have to think about it. Consider saving at least 10% of your income each month to gradually build a safety net and prepare for potential opportunities.
3. Remove guilt about spending money in your savings account. Many Americans feel a sense of guilt whenever they dip into their savings account. However, that's exactly what it's there for - to be used! Let go of guilt about spending what you've saved. Saving is meant to be a cyclical process, to support you financially when you need it and allow for you to build upon when you don't.
4. Consolidate debt into a home equity loan. If you're a homeowner and you've accumulated considerable credit card debt, a home equity loan could provide a way for you to pay off your debt at a much lower interest rate. This will allow you to put money that would be lost each month to higher interest rates toward your savings account.
Be sure to follow us on Facebook and Instagram to learn more about America Saves Week and the financial literacy resources offered by IBC Bank. For information on opening a free checking account and our other products and services, visit www.ibc.com.
About IBC Bank
IBC Bank and Commerce Bank are divisions of International Bancshares Corporation (NASDAQ: IBOC), a $15.7 billion multi-bank financial holding company headquartered in Laredo, Texas, with 171 facilities and 263 ATMs serving 76 communities in Texas and Oklahoma. IBC Bank's slogan "We Do More" reflects the bank's dedication to the growth and success of the customers and the communities it has been serving since 1966. IBC Bank recently made the Forbes list of top eight banks in Texas and was among the World's Best Banks 2021 list. MEMBER FDIC / INTERNATIONAL BANCSHARES CORPORATION. Follow our Facebook and Instagram page, @IBCBankWeDoMore. More information is available at ibc.com.