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ICBA Encourages Americans to Save During “America Saves” Week

Community banks can help consumers create savings plans, build nest eggs

Washington, D.C. (Feb. 24, 2014)—The Independent Community Bankers of America ® (ICBA) is proud to add community bankers’ voices to organizations nationwide that are encouraging Americans to save as part of America Saves Week, Feb. 24 – March 1, 2014. This nationwide campaign, which began in 2007, features a broad coalition of nonprofit, corporate and government organizations that are committed to raising awareness of the importance of creating savings funds, building emergency funds and assessing savings plans.

“It’s never too late to develop good saving habits to achieve financial stability,” Bill Loving, ICBA chairman and president and CEO of Pendleton Community Bank in Franklin, W.Va., said. “By participating in America Saves Week, the nation’s nearly 7,000 community banks are raising awareness of the importance of savings plans and offering tips on how consumers can reach their savings goals.”

America Saves Week is an annual opportunity to help promote positive savings behavior and for consumers to assemble their own savings plans. Learn more about why saving is so important and how to get started on building a nest egg at http://www.americasavesweek.org.

“Community banks are there to help local residents plan for their financial present and future every day of the year,” Terry Jorde, ICBA senior executive vice president and chief of staff, said. “Beginning to save can be intimidating, but no contribution is too small. With the help of your local community bank, creating and maintaining savings funds should be one less thing you need to worry about.”

ICBA offers the following tips to help Americans get started on their personal savings:

  1. Set a goal: People are more successful when they have certain goals in mind, so create and share a savings goal with your family and friends. Start small—even saving your loose change can get you somewhere. Aim to start a path toward building an emergency fund of savings with six to nine months of living expenses.
  2. Make a plan: By creating a spending plan, list your expenses and compare them to your income. The plan will help prioritize what are necessities and wants for the month. Attempt to use your credit cards more efficiently, too. Doing that can help ensure that you will not take on too much debt and can minimize interest charges.
  3. Save automatically: Many employers offer regular payroll deduction, which is one of the best ways to start and keep saving money. Make it a routine to automatically put aside a certain amount of money each paycheck, or ask your community bank to make an automatic transfer from your checking to savings account each month.

For more helpful tips, take a look at the Twitter hashtag #NewYearFinLit, which was used for ICBA’s Twitter chat on New Year’s financial literacy resolutions last month. You can access the chat timeline by clicking here.

To find a community bank near you, visit www.banklocally.org. To learn more about community banks, visit www.icba.org and follow @ICBA on Twitter.

About ICBA
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.

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