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Building a Nest-Egg

Often it seems that saving money is almost impossible. Yet having a financial cushion is one of the most important things you can do to feel financially secure. Here are some ideas that may help:

1. Contribute to your retirement plan at work. Many companies offer employees the opportunity to defer income into  a 401(k) plan and will also help with a matching contribution of some level.

2. Sign up for an automatic FSB savings plan. Transfer a set amount into a special account from your checking account each month, you will come to view that amount as a regular "expense." Over time, it will add up; and that account will probably pay a higher interest rate than your checking account. You can also have an amount automatically deducted from your paycheck and deposited into a savings account.

3. Skip a year’s vacation. As much as you may look forward to a lovely trip, consider staying home, visiting relatives, or going someplace less expensive.

4. Reduce high interest rate debt. If you are paying interest on credit cards or some other loan that has a high interest rate, find a way to pay it off. Interest rates in the teens make it hard to get ahead of the minimum monthly payment required. You might also consider finding another credit card with a lower interest rate. For more information talk with an FSB loan specialist today!

Saving money is usually a case of self-discipline. It may be hard, but having a savings cushion can provide financial peace of mind and a source of funds if you need them.