Military Savings Week: Savings tips offered
Cannon Connections photo: Liliana Castillo Ashlee Spears, a new accounts representative at Citizen’s Bank in Clovis, informs a customer Tuesday about how to open a savings account.
With military savings week winding down, here are some tips from local financial advisors to keep the momentum going throughout the year to help build savings.
Bank of Clovis Loan Operation Manager Mary Bradford said people can open a savings account for $50.
“As long as there’s not 10 withdraws a quarter, there’s no fee on the account,” Bradford said.
Bradford said when it comes to setting up a budget, military personnel can talk to a credit counselor.
Portales National Bank Vice President Ron Jackson said it is best to have a certain amount taken out for savings along with taxes and other fees each payday. A servicemember can set a certain amount each month to save, even if it is a small amount, he said.
“It is hard to give a percentage or a certain amount because it depends on what their monthly budget is,” Jackson said.
There are different plans for civilians and military members who open Individual Retirement Accounts, Jackson said. IRAs cannot be touched without penalty until after a certain amount of time, he said.
“You can set-up an Individual Retirement Account and put a certain amount into that,” Jackson said. “Those have certain tax benefits at this time of year when people are filing their taxes. There are different IRA’s that you can receive a tax benefit if you continue to set a certain amount aside.”