How to Save for Your Growing Family

Welcoming a new member into your family is an exciting journey, full of joy and new experiences. However, it also brings about new financial responsibilities. Planning ahead can alleviate stress and ensure financial security for your growing family. Academy Bank offers many valuable tools that can help you put extra money away for your family. Let’s explore how you can utilize these features to help pave the way for your family’s future.

Ways to Financially Plan for My Growing Family

Planning for a growing family involves more than just baby names and nursery colors; it requires thoughtful financial preparation. Fortunately, Academy Bank offers a range of savings options tailored to meet the evolving needs of expanding families. Let’s explore how you can utilize the Saving Cents¹ program, Certificates of Deposit² (CDs), savings accounts,^* and financial calculators to set your family’s future on the right path.

1. Saving Cents Program: Small Change, Big Impact

The Saving Cents¹ program simplifies saving by rounding up your everyday debit card purchases and transferring the difference into your savings account.^* Round up options range from the nearest $1 to $5 increment. This effortless method allows you to grow funds gradually without altering your spending habits. Every cent counts, and with Saving Cents, your spare change adds up to significant savings over time.

2. Certificates of Deposit (CDs)

For families seeking stable, long-term growth, Certificates of Deposit² (CDs) offer an attractive option. By depositing funds into a CD for a fixed period, you are locked in with favorable interest rates and shielded from market fluctuations. Academy Bank’s CDs cater to varying timelines and financial goals, empowering you to grow your wealth with confidence while protecting your funds. When determining your CD terms, don’t forget to take advantage of resources like the Certificates of Deposit calculator, which can help predict the growth of money in a CD.

Want to learn more about Certificates of Deposit? Explore how they work and why you should open a CD.

3. Savings Accounts: Flexible and Accessible

A savings account^* serves as a secure location for your family’s financial resources. It provides a convenient way to set aside funds for emergencies, future expenses, or special milestones like your child’s education or family vacations. Open an account with just a $25 minimum deposit, enjoy competitive interest rates, and experience peace of mind with on-demand access to your funds through our mobile app.³

4. Financial Calculators

Academy Bank’s wide range of financial calculators are an invaluable resource for parents striving to save for the future. By providing easy-to-use tools for budgeting, setting goals, and planning investments, resources like our college savings calculator can help families reach financial milestones. The college savings calculator makes it easy for families to accurately estimate the funds needed for higher education and develop a savings plan accordingly. Similarly, the home budget calculator enables parents to create realistic budgets, track expenses, and identify areas for potential savings. With financial calculators, families gain the insights and guidance needed to navigate important financial milestones, ensuring a brighter future for themselves and their loved ones.

How Can Academy Bank Help My Family Save for the Future?

As your family grows, so do your financial goals. Whether it’s saving for your child’s college education, buying a larger home, or securing a comfortable retirement, proactive planning is key. By utilizing Academy Bank’s suite of tools and products—including Saving Cents,¹ saving accounts,^* Certificates of Deposit,² and financial calculators—you can take meaningful steps towards achieving your family’s dreams while building a solid financial foundation for the future. Start planning today and watch your family’s financial goals grow. Your journey towards a secure and prosperous future begins now!

Does your family have multiple financial goals? No worries, because there is more than one solution. Check out our previous blog Master Your Money with Multiple Bank Accounts and discover how having numerous accounts can be the key to achieving your savings goals.

 

 

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*Opening deposit required. Monthly service charge applies. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

¹Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.

²$500 minimum opening deposit. A penalty may be imposed for early withdrawal. Fees charged to the account could reduce earnings on the account.

³Message and data rates charged by your mobile phone carrier may apply.