Savings Tips

Tips to establish good savings habits

Taking control of your personal finances will allow you to save and prepare for unexpected expenses. April is Financial Literacy Month, so here are some tips from the American Bankers Association Foundation on establishing good savings habits.

  • Pay yourself first. If you want to see what income is left over after paying expenses, you are less likely to save. Determine in advance how much money you plan to deposit each month. If you receive a raise, increase the amount of money deposited into your savings account.
  • Take advantage of technology. Consider automatic payroll deductions, direct deposit, mobile deposit or set up automatic transfers from checking to savings accounts. You can arrange to have a specific amount transferred to your savings account every pay period right through the Norry Bank Mobile App or Online Banking.
  • Pay your bills on time and pay more than the minimum amount. While 97 percent of Americans pay their bills on time, some consumers pay late fees. Alleviate the hassle by scheduling time once a month to pay bills, and put them in the mail with enough time to get to the creditor.
    • Have you heard about Norry Bank's free Bill Pay service? Set up one-time or recurring payments through Online or Mobile Banking.
  • Determine needs versus wants. Do you need to eat out every day for lunch? Do you need that gourmet cup of coffee in the morning? By bringing your lunch to work a couple of days a week, you could save hundreds of dollars a year.
    • Check up on your spending with Manage My Money (MX) to see how much those impulse purchases are really costing you. Log in to your account and click “Manage My Money (MX)” to get started.
  • Consider investments. For long-term goals, such as saving for a home or retirement, consider bonds, mutual funds, real estate and/or stocks.
  • Consult your local bank. Ask which bank products and services would best suit your needs. Your banker is the best source of information about accounts and interest rates available.


*NNB Wealth Management is not FDIC Insured. The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank. Not insured by any Federal Government Agency. No Financial Institution Guarantee. Subject to Risk. May Lose Value. Not a Deposit.