Save a Little; Live a Lot

How monthly saving paid off for Latoya Woodall


Even at age 18, something told Latoya Woodall that setting aside money from each paycheck was a smart move. The St. Francisville native was working in security at the Louisiana State Penitentiary at Angola and living at home.


“I really didn’t have any bills,” says Latoya. “So every time I got paid, I put something away.”

Latoya didn’t just deposit the funds into a savings account, though. Working with Bank of St. Francisville (BSF) Vice President of Consumer Lending Janis Crutchfield, Latoya learned about other options, and decided to buy time deposits, commonly referred to as certificates of deposits, or simply, “CDs.”


“We talked about what she wanted to accomplish, and not being able to touch the funds easily was part of it,” says Janis. “She opted to put her money in CDs because even though the interest rate was modest, the funds were safely tucked away. The early withdrawal penalty was further motivation to leave them alone.”


Over the course of a year of saving, Latoya was able to save significant funds in the form of CDs. She says she was motivated to save because of a particular lifelong goal.


“One day, I’m going to use it for my dream house,” says Latoya. “I might buy smaller houses to get me started, and hopefully be able to rent them out.”


While real estate purchases may be a few years down the road, Latoya’s demonstrated ability to save and accumulate assets has already yielded results, says Janis.


“Latoya was recently interested in buying a car,” says Janis. “The CDs she had accumulated allowed her to get a better interest rate on her loan because they showed she was responsible with money.”


Now 22, Latoya uses her car to travel back and forth to her current job at the Americana YMCA in Zachary, where she signs up new members and works with youth programs. She’s taking a break from aggressive saving in order to pay her car note, but she says she feels great knowing that she took advantage of an opportunity to save when she could.


“I know that someday I want a really nice home and that it’s going to be up to me to make it happen,” she says.


Janis says she’s looking forward to watching Latoya’s goals come to fruition.


“We were impressed watching this young woman save without hesitation,” she says. “When you have the chance to do this, it’s a great idea. Once you get in the habit of setting something aside every month, you won’t miss it. It’s the first step in building a sound financial future.” 


Want to know more about CDs and other investment options? Talk to Janis.

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