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How to Save Over $1,000 in One Year

You know you should put money aside for an emergency fund, but somehow it never seems to happen. Here's a way to painlessly save over $1,000 in just one year:

Starting with the first week of the year, put $1 dollar aside. It can be in an envelope, safe, piggy bank, bank account - wherever is convenient as you will be depositing money each week. However, don't make it too accessible as to tempt you into making any withdrawals! (Note: As we are already in to the New Year, you will have to make up for the weeks that have passed.)

The second week, put in $2 dollars, the third week $3 dollars, the fourth week $4 dollars, the fifth week $5 dollars, etc . . . you get the idea. Increase your deposit by one dollar each week throughout the year. Write it on a calendar, or set a reminder in your smartphone to make the deposit at the same time each week to help establish it as a habit.

In fifteen weeks, you will have accumulated $120. Not much you say? Well, in 25 weeks, less than twice that amount of time, that $120 dollars will almost triple to $325. By 40 weeks your savings will be $820 and, by the end of the year, your total savings will reach $1,378! Not bad for starting with just $1 dollar. If younger savers want to try this, they can use quarters. In one year they will have saved just under $345.

Willpower and discipline not to raid the savings will be required for this to work. And yes, as the year gets further, it will be more difficult to set aside the larger amounts. But the final result, as well as the peace of mind in knowing you have a substantial stash for emergencies will be well worth any sacrifices made.

 

About First Community Bank and Trust
First Community Bank and Trust is a privately owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 95 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

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Press Contact:
Steven D. Koehn, VP
First Community Bank and Trust
(708) 946-2246