Spring Cleaning: Credit Union Member Tax Tips in New Bedford

The best time of year to get your financial “house” in order is spring. If you think about it, most of the major obligations are behind you: taxes, holiday shopping, paying off the credit cards from the holiday shopping. Take this time to perform your own financial spring cleaning. Go through all of your debts, check in on your savings, and explore all of the benefits of membership at your local St Anne Credit Union in New Bedford.

You gain a lot of opportunities by becoming a member of a credit union. Not only do you get access to Share savings and Share checking, but you can learn how to grow your money and take advantage of credit union member tax tips. Our representatives can help you maximize the return on your savings investments through the use of money market accounts, certificate of deposit (CD) accounts, credit union home and auto loans – even retirement savings opportunities through an Individual Retirement Account (IRA) Share.

Step One – Consider Your Debt
The best way to take your financial “temperature” is to start by looking at all of your debt. How much do you still owe on credit cards, car loans, home loans and other payments? Make a list of everything that you owe, from the very small to the very large. There are strategies that can be used to help you pay down large debts at a faster pace, saving you thousands of dollars in interest over time. There are even strategies that will help you get out of high-interest rate credit card debt. In many cases, you can pay off and replace high-interest credit cards with a smarter card through St Anne Credit Union in New Bedford. This is just another one of many benefits of membership at your local credit union.

Step Two – Consider Your Budget
The next place to look for some financial spring cleaning is your budget. All of the credit union member tax tips, investment and savings opportunities won’t mean a thing if you aren’t on top of your monthly spending and bill paying. Go over your banking records from the past couple of months and track all of your spending for everything from basic utility bills and credit card payments to groceries, gas, and that pricey latte at the corner cafe. You will be able to see where your money is going and easily identify ways that you can cut spending. When you are able to reduce your spending budget, you can find smarter options for investing your money, either in doubling up on loan payments to further reduce debt or in placing that money in retirement, college or other types of savings accounts.

Step Three – Make Savings a Monthly “Bill”
When you make a fresh budget for your monthly spending, don’t forget to create a line for savings opportunities. Studies show that if you set aside money each month for your savings account and consider it to be a “bill” in your budget, you are more likely to stick with it and continue adding money to your savings account on a regular basis. Speak with a representative at St Anne Credit Union in New Bedford about automatic savings deposit options and other benefits of membership that can be used to help increase your savings each month. Learn the difference between Share savings, IRA Share accounts, money market accounts, and certificate of deposit (CD) accounts to maximize growth.

Step Four – Prepare for Taxes
I know, I know – you just did your taxes and you don’t want to think about them anymore! Nobody wants to think about taxes, but one of the very best credit union member tax tips is to start preparing for your next year’s taxes today. The more you can do to stay on top of financial records, whether they are digital and on your computer or physical and in a file somewhere, the easier it will be to file taxes next year.

Join St Anne Credit Union in New Bedford
If you live or work in either Bristol or Plymouth county in Southeastern Massachusetts, you have a great opportunity to join St Anne Credit Union in New Bedford. Our credit union is a member-owned, non-profit financial institution, serving over 3,100 members. St Anne Credit Union is the oldest credit union in the local region, established on August 3, 1911. St Anne Credit Union has been recognized by the New Bedford City Council and provides its members with a wide range of financial opportunities. Start your financial spring cleaning and enjoy all of the benefits of membership by joining St Anne Credit Union in New Bedford. Give us a call at 508-993-0011 or stop by our location on Union Street.