Conquering Post-Holiday Spending
Like a Champion with Ridgewood Savings Bank

February 13, 2024

For most of us the echoes of the recent holidays are beginning to soften, but for others, the financial aftermath of post-holiday spending may still loom large. According to recent national statistics, total household debt rose by 1.3 percent to reach $17.29 trillion in the United States in the third quarter of 2023, highlighting the pervasive challenge many Americans face in managing their financial obligations. And, last October, CNBC revealed that Americans are saving less. As of last August, the personal savings rate of what people save of their disposable income was a mere 3.9%.

Fear not! Ridgewood Savings Bank is here to provide some powerful savings account products and services, and tips to help conquer post-holiday debt and emerge as a financial champion:

• Our Smart Move Online Savings Account makes it easy for anyone over 18 to open an account from the comfort of your desktop or mobile device and with as little as $.01, while earning a competitive interest rate.
• Ridgewood’s Money Management (MX) Tool helps you budget, track spending, and assists you in improving overall financial well-being. It’s free and available to all Ridgewood Mobile Banking and Online Banking users.
• Up your savings with Multiply the Change. A dime here. A few quarters there. It may not sound like much, but it can add up fast. With Multiply the Change, we'll round up every purchase you make with your Ridgewood Debit Mastercard®. Then we'll transfer that amount from your Ridgewood checking account into your Ridgewood savings account. It's just one of your Ridgewood Debit Mastercard's many convenient features.
• At Ridgewood, we help make your finances fit your life. With account transfers you can easily move money between your Ridgewood checking and savings account, or set up automatic transfers through Online Banking and your Mobile Banking app. These features make it simple to save both time and money!
• It's always a good time to plan ahead and open a Vacation and Holiday Club Savings Account. We make it easy to save for those extra gifts, a week away or special events. With a Vacation & Holiday Club Account you can:
  • Set aside a portion of your regular income specifically for holidays or vacations.
  • Create a targeted budget, saving accordingly to avoid tapping into other funds or resorting to credit.
  • Choose automatic transfers to this account to help simplify savings.

As you plan for next year’s holiday season, let us help make the spending a little more manageable with our credit card options which feature rewards, easy online account access, zero liability protection, and fast, secure purchases. Choose the card that’s right for you today!

Ridgewood also offers many valuable free online tools and resources via our Ridgewood Financial Academy to ensure you can save income wisely to meet your long-term financial goals. Whether you work, are in school, or in retirement, we’ll meet you where you are with relevant online courses.

As we bid farewell to the 2023-24 holiday season, Ridgewood Savings Bank’s many banking account options and online resources will help you save, create a targeted budget, and embrace smart saving strategies to emerge as a financial champion. Together, we can navigate the post-holiday landscape with confidence, setting the stage for a financially resilient and prosperous new year.

At Ridgewood Savings Bank, we are committed to providing our customers with exceptional banking experience. Our comprehensive services include modern banking solutions like online and mobile banking, enabling you to manage your finances effortlessly anytime, anywhere. Our team of knowledgeable and friendly staff is always ready to assist, whether you're opening a savings account, applying for a loan, or seeking financial advice. At Ridgewood, your financial well-being is our top priority, and we strive to offer the tools and support you need to achieve your financial goals.