March 2023| Issue #5

News & Updates

Happy March, readers!

We hope that you enjoy this month's edition of the Dollars & Sense newsletter. Don't forget to submit your questions to our experts for some great (and FREE) financial advice.

Personal Finance Topic of the Month: Pay Yourself First

According to data from the Federal Reserve, fewer than 40% of Americans have enough savings to cover a $400 emergency expense. One solution to this savings problem is the "pay yourself first" method.

Pay yourself first is a personal finance strategy that recommends rerouting a certain amount of your paycheck to a savings, investment, and/or retirement account automatically. This reduces the temptation to spend all your paycheck on wants and neglect your emergency fund or long-term financial goals.

Some things the pay yourself first strategy can help with:

Saving for retirement
Building an emergency fund
Saving for your children's education
Preparing to purchase a home
AND MORE

At its core, pay yourself first is about delayed gratification. While it's tempting to spend money today, that money might be better used in the future. As they say, 'a penny saved is a penny earned.'

For more information on pay yourself first, check out this article from Investopedia.

Ask an Expert Q&A

This month's question asks, "How much should I put in an emergency fund?"

One expert answered, "It depends on how much your life costs — there is no hard-and-fast number that applies to everyone. Your safest bet is to have three to six months’ worth of your total living expenses (rent, food, transportation, monthly bills) tucked away for emergencies. That way, if you suddenly lose your job or fall upon hard times, you can maintain your lifestyle without racking up major debt.

Bottom line: Everyone needs an emergency fund. And yes, you should have this cushion established before you fund a vacation or anything else fun."

Have a question? Submit it anonymously by clicking the box below!

Submit a Question

This month’s Bank On Spotlight

Northwest Bank

For more than 125 years, doing what’s right for the people, communities and world around us has been at the heart of who we are.

Throughout our history, Northwest has been focused on strengthening the communities we serve through corporate sponsorships and Foundation grants. This commitment to charitable giving serves as the cornerstone of our identity and helps define our mission as a community bank.

For more information, go to Northwest Bank | Consumer Banking, Home Lending, and Business Banking.

About Northwest Bank

Northwest Bancshares, Inc (Nasdaq: NWBI) is a financial services company headquartered in Columbus, Ohio, and the parent company of Northwest Bank. The Company serves consumers, small businesses, corporations and municipalities with a diverse offering of banking, lending, payments and wealth management solutions. As of June 30, 2022, Northwest Bank operates 142 full-service branches across Pennsylvania, New York, Ohio and Indiana and provides customers fee-free access to more than 55,000 ATMs across the United States. Click here for more information.

What is Bank On Bloomington?

Bank On Bloomington is an affiliate of the national Bank On program, which aims to connect consumers to safe, affordable bank accounts.

All participating Bank On Bloomington banking partners have accounts that meet national Bank On standards and are designed to serv the needs of every household, not matter their income. These banks are committed to providing services to the greater-Bloomington community and helping you become more financially stable.

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Need to Open An Account?

Visit the Bank On Bloomington website for a list of participating Bank On accounts. Here you will find information on low cost, accessible banking services offered by each of our partners.

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Visit the Financial Empowerment Hub

Learn more about Financial Empowerment programs and tools like the Free Community Tax Service and Financial Stability Guides.

Financial Empowerment Hub

Financial Disclaimer. UNITED WAY OF MONROE COUNTY IS NOT ENGAGED IN RENDERING LEGAL, TAX OR FINANCIAL ADVICE OR SERVICES. UNITED WAY OF MONROE COUNTY IS NOT A FINANCIAL PLANNER, BROKER OR TAX ADVISOR. The Bank On Bloomington Dollars & Sense newsletter is intended only to assist you in your financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and advice obtained through the newsletter may not be appropriate for your situation. Accordingly, before making any financial decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

United Way of Monroe County is a nonprofit organization that improves the lives and futures of all people in the community. We bring together expertise, funding, and volunteer support to positively impact the resilience of our community, and those who live within it. In partnership with others, we work to eliminate inequities experienced by low-income and diverse populations so that all people have a safe, healthy home environment, achieve their educational potential, and increase their financial stability. We commit to building bridges across cultural, racial, religious, and economic boundaries.

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