Financial Literacy Month!

April is Financial Literacy month, and so we’re asking our coworkers about their favorite financial tools and tips! Andre from our Customer Care team sees firsthand how different customers make use of our digital banking tools. “With the rollout of our new app, we’ve added an analytics dashboard that breaks down our customers’ spending habits that’s fully customizable. By looking at your transaction history, you can categorize spending and then see exactly how much was spent each month and where patterns of spending can be improved. The feature comes with pre-populated categories, but I’ve worked with several customers to create their own spending labels to truly personalize the experience.”

Coreen’s advice is to set travel alerts before heading off on vacation. “You can set alerts in advance in Digital Banking. Just set it when you buy your plane ticket!”  Setting alerts when you plan to use your card out of your usual geographic region helps prevent unexpected card issues and keeps your account protected.

Libby’s best advice is to keep track of your free trials and discounted subscriptions. “No one likes it when a $0.99 trial you signed up for becomes a $29.99 monthly subscription.” When you sign up, set a reminder to revisit and revaluate before that full price kicks in. Set an appointment on your phone or write it in your calendar!

Denise tells everyone to enroll in Digital Banking. “And use it daily to stay aware of the activity in your account,” she adds. “You can set up alerts, get balances and know what is coming in and out of the account at a glance.”

Frankie from Marketing has personal experience with our partners at GreenPath Financial Wellness. “For years I have been trying to pay off my student loans without making any real progress because of interest,” Frankie says. “I reached out to GreenPath and we went over my financial situation together. They helped me create a customized plan, and GreenPath worked with my loan providers to lower my interest rate and consolidate my debt.”

There are many free tools and resources available to our customers via our partnership with GreenPath, including webinars, worksheets, even a podcast! Visit kennebunksavings.com/greenpath to get started.

“I need a certain level of discretionary income to feed my book purchasing habit,” says Casey, a familiar face for many at our Berwick branch. “It’s important to me to keep track of my finances and really understand what I need set aside each month for my nonessential (i.e. non-book) expenses. Once I have crunched the numbers, I can decide if it is wise to buy more books or if I should visit the library instead!”

Read more about the necessity of saving from our partners at GreenPath Financial Wellness here: Saving Money isn’t a Luxury – it’s a Necessity – Kennebunk Savings

Kaylee from our Eliot branch is passionate about financial education for young people. “Teaching financial literacy in grade schools sets them up for success. It gives them a basic understanding of the bigger picture when the time comes to make those ‘adult’ financial decisions.”

Read “Educating Kids about Financial Wellness” from our partners at GreenPath here: Financial Literacy for Kids at Kennebunk Savings

“I tell everyone it’s important to form good saving habits,” said Chris from our Eliot branch. “It’s nice to have something set aside for a rainy day.”

Here’s five tips to get started on your personal savings plan. 5 Tips to Jump-Start Your Savings Plan!