Include trailing zeroes

I have a field(s) that have a format of Number ranging from 1000 to 25,000 and includes two (or more) decimal places. Is there a way to always include the trailing zero(s)? Do I need to create a different field and then format it?
e.g. 8876.2 >> 8876.20


Can someone confirm that the best/only way to to this is to add a formula to the Number field?
i.e. I clicked on the formula button for the number field and added
format(this, 2)

The trailing zeroes show but is this the preferred way?