Page 27 - BusinessWest July 7, 2025

Literacy >>Continued from page 24
a top priority before setting savings goals. Having debt,
especially high-interest debt, will lead to poor credit,
which can create obstacles to achieving your financial
goals.
One of the most straightforward ways to pay down
high-interest debt is to carefully budget and track your
expenses and limit non-essential spending. There are
several budgeting apps that can help track all expenses
from monthly bills to groceries, eating out, and even
monthly streaming subscriptions. Review where you can
cut spending and make a plan for paying down the debt.
Start Saving for Retirement
Believe it or not, it is never too early to start planning
for retirement, and taking advantage of employer-spon-
sored retirement benefits is a great way to start. Many
employers offer programs such as 401(k) plans and
403(b) plans. These accounts help reduce your current
taxable income, are easy to contribute to through direct
deposit, provide interest rates that support significant
growth over time, and can be transferred from employer
to employer, if and when you move on.
When it’s time to determine your contribution, a
good rule of thumb is to contribute enough to ensure
you receive your employer’s full matching contribu-
tion, if offered. If your employer does not offer a retire-
ment benefit, consider starting an individual retirement
account (IRA).
Bottom Line
Your banking institution can be a helpful resource in
determining what option is best for you and your finan-
cial goals. For example, the NBT Bank Wealth Manage-
“Believe it or not, it is never too early
to start planning for retirement, and
taking advantage of employer-sponsored
retirement benefits is a great way to start.”
Asset >>Continued from page 26
Key Points
• Individual investors need to have a compre-
hensive approach to allocate their assets specifi-
cally for their goals.
• Working with a fiduciary advisor ensures
ment team can help you determine contribution limits,
how employer contributions work, what terms like ‘vest-
ing’ mean, and who is actually directing investments
within your plan.
Getting a new job and having a new source of income
is exciting, but figuring out how to manage your money
can be stressful. Spending money is easy, but doing it
responsibly and within a budget takes a bit more effort.
The good news is, there are many helpful resources, like
your banking partner, that can help you assess your cur-
rent financial situation and future goals and provide you
with money skills and tools for long-term success.
And remember, if you suddenly find yourself with extra
money, from a bonus, birthday gift, or tax return, use it
as an opportunity to get ahead of your timeline and put
a portion of it toward your debt or your savings — but be
sure to set aside a little bit to celebrate your new gig! BW
Amanda Goewey is the Massachusetts market
manager for NBT Bank. With more than 15 years
of experience in banking, she is responsible for
overseeing retail banking at NBT’s eight branches in
Berkshire County.
“Typically, a longer time horizon
allows for an investor to take on
greater risk, as there is time to
recover from declines. Shorter hori-
zons call for a more conservative
approach to protect capital.”
your portfolio is built to direct you through all
market cycles, rather than being driven by them.
• Over time, asset allocation can drift as cer-
tain asset classes grow faster than others. It is
important to rebalance your portfolio on a peri-
odic basis.
• Don’t wait for the next market downturn —
schedule a portfolio review with a trusted advi-
sor today to ensure your investments are posi-
tioned for success. BW
David Modzelewski is a financial advisor with
St. Germain Investment Management.
At NBT Bank, our
goal is to help you
reach yours.
Trust your goals to our
experienced Western Massachusetts
Commercial Banking team.
Dan Werme
Regional President
413.591.0122
[email protected]
Our local commitment builds strong, long-lasting partnerships that
maximize your potential for success. Let our experienced commercial
banking team create real opportunities for your business.
Local Perspective
& Decision Making
Capital & Treasury
Management Solutions
Fraud Protection
& Secure Banking Solutions
Gregg Levante
Senior Commercial
Relationship Manager
413.347.0195
[email protected]
Scan the QR code to meet our experts.
Benjamin Atwood
Commercial Banking
Account Representative
413.591.0073
[email protected]
www.nbtbank.com/ma
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