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New Year, New Wealth Management: Saving for the Future
As the new year approaches, many of us comb through our holiday receipts, feeling regretful about our festive indulgences and splurges. Without a plan, it’s easy to overspend and leave nothing behind to put toward your 2023 savings.
Luckily, the new year is the perfect time to get serious about your savings. Whether it’s an upcoming college fund, retirement pot, emergency reserve, or house deposit, the Troy Bank & Trust team can guide you through the steps of effectively managing your money. In this blog, learn more about the importance of saving and different saving methods to start 2023 off on the best financial foot.
The Importance of Putting Away Money Now
There are various benefits of saving for you and your family. Most importantly, if you want to safeguard yourself for the future, setting aside money can help you on dreaded “rainy days,” like unexpected car expenses, medical bills, or home maintenance.
Likewise, if you aren’t saving currently, you likely aren’t compounding your investments to their maximum potential. If you begin saving now, you can use that money to make investments, putting it to work as a source of passive income.
At Troy Bank & Trust, we can support your saving and investment goals, so you can achieve what you want for the future without compromising your life as it stands right now.
What Options do you Have when Saving for the Future?
When it comes to wealth management plans, there’s no one size fits all solution. Thankfully, various options are available to you for saving for the future. To learn more about saving options, take a look below to see how you could benefit from a savings account or from making investments.
Our team can help you to find a savings account that works for the entire family. Saving up can be difficult, especially when life throws you a curveball and you’re not sure how to handle it financially. Savings accounts are designed to keep the money you aren’t spending soon while allowing your money to remain accessible.
At Troy Bank & Trust, we provide knowledgeable advice, so you can avoid unexpected financial damage or save for an upcoming life event. Feel completely confident as you go into 2023 and open a savings account at Troy Bank & Trust.
Stocks and Mutual Funds
Investments and mutual funds may be beneficial if you’re interested in making money while you save. Stocks are a portion of a company’s profit, also called a share. If you’re buying stocks, you can choose what company to invest in and how many shares to buy. Depending on your financial goal, stocks can be helpful for long-term saving.
On the other hand, mutual funds are pools of money collected from investors. A financial professional manages the mutual fund and offers the investor a diverse portfolio of investments. Often, mutual funds can be beneficial for long-term savings, like college and retirement funds. And, if you’re interested in investing, mutual funds are ideal for beginner investors too.
Achieve Your New Year’s Resolution in 2023
At Troy Bank & Trust, we can guide you towards smart saving. We specialize in low and high-risk investments as well as savings accounts. With years of experience, we’ve worked with those who are saving for a home, parents starting a college fund, individuals hoping to retire, and many more. Let our experts guide you through the options available today so that you can feel confident about your financial decisions.
The Only Bank You’ll Ever Need: Troy Bank & Trust
Save smart in 2023! We can create a financial success plan for you, from savings accounts to mutual funds. For more information on working with us for your saving needs, contact Troy Bank & Trust online or contact us by phone at 334-566-4000. Open your savings account today!