From the first birthday money from grandma to the day they can finally access their 401K, saving and spending money surrounds every day of a person’s life.
There are countless reasons to spend money, and seemingly more reasons to save, making visits to the bank a regular occurrence through one’s lifetime.
There are not many ways for young savers to earn money. There’s only so many chores to be done, so many weeks for an allowance, and so many birthdays in a year, making every penny precious.
The hard work comes after earning the money — keeping it safe from siblings, the washing machine, and an impromptu ice cream truck stops can be a real hassle. Savings accounts allow kids the security of knowing their money is protected while also teaching them the importance of holding onto their wages.
While saving money is crucial, the real fun of growing up starts when a person enters the workforce and opens a checking account. A paycheck is a ticket to opportunity for young professionals, often times coinciding with obtaining a debit card and allowing them the freedom to make their own decisions with their own money.
Nowadays (and more often than not), paychecks are automatically deposited directly into an employee’s account. This cuts down on the number of times a person may come into a physical location but doesn’t necessarily cut down on the need for the ability to stop into a branch if necessary.
Though many transactions can be made on a smartphone or computer, signing for a first-time home loan feels that much more celebratory with a pen and paper than a tap and a click. Mortgage payments then replace rent checks and allow the customer to have a place to call their own, furthering financial independence and support. The ease of having a checking and savings at the same institution as a mortgage allows payments to be made from either account, making financial tracking and planning much easier.
When someone spends their entire life managing money, worrying about finances, and working throughout it all, it’s a momentous occasion when the time finally comes to retire.
If you play your cards right before the big day, you’ll often have an IRA to grow some of your hard-earned money. You’d have to go to the bank beforehand to open one and make a visit each year to take your required minimum distribution.
The tax benefits, product choices, and accessibility to set up are all key benefits that IRAs provide. IRAs add security for your loved ones as well, allowing you to select beneficiaries on your plan should something happen to you. They can be a lot to learn, and a visit to your local branch will help to guide you through account opening, especially if you’re able to meet your financial advisor in the same location.
Though having money is not always constant throughout a lifetime, the need for financial security and the ability to talk to someone knowledgeable about products that fit your needs is. Local branches are there for support through life’s moments, big or small, rooting for you all the way.
