Welcome to the Top 5 Percenter™ Blog

A Penny Saved is STILL a Penny Earned

by | Customer Success

One of the best side effects of the recession is the long, hard look consumers are taking at their financial habits. Nine credit cards and three mortgages might not have been such a boffo plan after all.

We also see the rebirth of a virtue of the past—saving. Even if they aren’t in a position to begin saving this minute, consumers busily promise themselves that the moment they have a spare nickel, it’ll go straight into the piggy bank.

That’s a golden opportunity for those of us in the piggy-bank business.

There was a time when banks encouraged saving, sponsoring school programs, and Christmas accounts and a hundred other ways to save. But most aren’t doing this anymore. There has never been a better time to bring back the creative and simple programs that once made saving a piece of cake.

Encourage your customers to make and keep a budget that includes savings NOT as something to do when there’s money left over but as an expense as regular and non-negotiable as the car insurance and groceries. Urge them to see if their employers offer an automatic deposit program that puts a percentage of each paycheck into savings.

Saving is a habit like any other. Make it easy for your customers to develop this habit, and they’ll never forget you for it. Soon enough, our culture might very well recover the long-lost value of thrift that our parents tried so hard to get through our collective heads. And banks with the foresight to do so can lead the way.

More From The Blog

You Deserve More and Better [VIDEO]

Are you tired of accepting or being bound by limiting beliefs?     Today, we're going to blow up the biggest limiting belief in banking. It's so bad that it keeps you...

Master the Four Levels of USPs [VIDEO]

What if you can use extreme differentiation to get 150 basis points or more on the loan side and improve your deposit pricing at the same time?   If you're the kind of...

Stop Matching the Competition [VIDEO]

You deserve to get paid more. Rate matching is the most destructive force in community banking today. And because of it, as a community bank, you are underpaid for the...

How to tie everyone to PROFIT [VIDEO]

Does every team member on your team know how they tie to profit? I mean really know? When a study published in Businessweek revealed they had asked 6,000 employees, "Do...

Who Made Up THAT Rule? [VIDEO]

Everyone has patterns of disbelief. Some people believe that in politics, there is one side or the other, and they're unwilling to look at the alternative. Still others...