At Union Savings Bank, we believe that financial empowerment starts with education and personalized guidance. That’s why our FutureTrack Coaches are here to help customers not only plan their financial futures, but take confident steps toward them. This Financial Literacy Month, we asked our expert coaches to answer some of the top questions they hear from customers—from saving for a home to staying on top of bills using digital tools. Here’s what they had to say:
Q: Saving for a home can feel overwhelming—how much should I aim to save for a down payment, and what are some smart ways to reach my goal?
Daniel Shea, AVP, Senior Branch Manager at our Southbury branch, recommends starting with a clear picture of what you can save monthly. “Using our Spending Insights tool is a great way to track your spending and prioritize your needs and wants,” he says. From there, you can set a savings goal that aligns with your homebuying timeline and budget. Whether it’s 20% or a smaller percentage supported by a first-time homebuyer program, having a plan and sticking to it is key.
Q: Why should I consider a CD over a traditional savings account? What are the benefits, and how do I know if it’s the right choice for me?
Elizabeth Hudson, AVP, Senior Branch Manager at our North Street Branch in Danbury, highlights how CDs can accelerate your savings. “If you already have funds saved and a medium- to long-term goal in mind, a CD can offer significantly more interest than a traditional savings account,” she explains. For instance, a promotional CD rate could grow your $10,000 savings far more than a standard savings account would—getting you closer to your financial goal faster.
Q: What’s the best way to tackle debt—should I focus on paying off the smallest balances first or the ones with the highest interest rates?
According to Lurdes Costa, AVP, Senior Branch Manager at our South Main Branch in Danbury, prioritizing the highest-interest debt can save you the most money long-term. “You should continue to make minimum payments on all debts, but target any extra funds toward the debt that’s costing you the most in interest,” she advises. This strategy may take longer to show results but offers significant financial benefits over time.
Q: How can I use Union Savings Bank’s digital tools to stay on top of my finances? What features should I set up to help me save and pay bills on time?
Johanna Noonan, Branch Operations Manager in New Milford, says digital tools can make managing your finances easier and more efficient. “Spending Insights is my favorite tool—it helps categorize spending and income so you can track everything in one place,” she shares. She also recommends setting up Bill Pay to automate recurring payments, so you never miss a due date and may even qualify for discounts from service providers.
These are just a few of the smart strategies our FutureTrack Coaches offer to help customers build a solid financial foundation. Whether you’re working toward a down payment, trying to grow your savings, or tackling debt, our team is here to help you set realistic goals and create a plan tailored to you.
Want to go deeper with a one-on-one conversation?
Book a free meeting with a FutureTrack Coach and get personalized financial guidance today.
Happy Financial Literacy Month from all of us at Union Savings Bank!