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Don’t Scare Away Your Savings

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Don’t Scare Away Your Savings

Every Halloween you hear concerned parents telling their children, “Don’t eat all that candy at once or you’ll give yourself a belly ache.” Just like candy, your personal finances can leave you feeling distressed if you’re spending more than you save. At Bank of Louisiana we want to help you achieve your next spooctacular savings goal! With a strategic savings plan you can accumulate the funds to purchase a car, home, or even a seasonal pumpkin patch! Here’s how:

 

IRA or Roth IRA: Don’t get scared away of these pre or post tax regulations! For these two options, you can grow your funds as you save for retirement. These accounts do include stipulations on when you can withdraw money, however, the funds are able continue to grow until you need it come retirement.

 

Bank CD’s and Bonds: Both bonds and a certificate of deposit, CD, are time based investments that accumulate a designated percentage of interest for a specific amount of time. Similar to the delicious seasonal produce, these investments need time to mature and grow before their ready to be used. Typically purchased in year-long increments, a CD or bond can also be available for as little as six months depending on the financial institution..

 

401(k): Originated from your employer, a 401(k) account is a partnership between you and the company you work for. This partnership allows you to contribute pre-tax money from your paycheck into the account. You can then further invest these funds in various financial opportunities. Many companies will also match your contributions up to a specific percentage of your earnings. It would be quite the scare not to use them!  

 

Stocks: Stocks are a lot like costumes. They can be scary characters that cause you to run for the hills, or they can be a familiar friend that makes you smile for years to come. With opportunities ranging across a broad spectrum, choosing the right stocks and right amount of risk is key to your financial success. Consider speaking with a financial adviser before you make the jump into stock investments.

 

Personal Savings: Halloween will always be known for two things, costumes and candy! Similarly, your savings will always ensure you’re covered for both emergency situations, and long term goals. By utilizing a high earnings savings account, you can help boost the savings you keep in your bank account. This type of account may have a lower earning rate, however it also offers the flexibility of liquidation, should you ever need the funds for an emergency.

 

Throughout every season there are tricks and treats for maximizing your personal savings! If you’re curious how to accomplish your savings goals, stop in to speak with one of our experienced lenders today!