We all have goals, hopes, and dreams for the future. Unfortunately, most will often require some degree of financial support to see them through. If you have something that you want to do in the future, whether it’s to travel the world, buy a new house, purchase your dream car, or pay for your child’s education, it is important to plan ahead. You can get the money you need through smart savings at your local credit union in New Bedford, either with a traditional savings plan or by learning how to grow your money in another type of investment opportunity.
How to Start Your Savings
Saving money can be a challenge, especially if you have a lot of monthly expenses. Learning how to find money in a seemingly tight budget can be a challenge, but it can be done. Putting aside a few dollars each payday into a New Bedford share savings account is an excellent way to get started, but once you have a substantial amount of money saved, it pays to take it a step further. A New Bedford money market account is a great way to increase the interest that you are earning without adding a lot of risks. Your local representative can also tell you all you need to know about investing in a certificate of deposit or putting money away for retirement in a Share IRA account.
Go over your monthly budget. Figure out how much money is coming in versus how much money will be going out for bills. Monthly rent or mortgage, utilities, car payments, insurance, grocery costs, necessities, and other expenses should all be included. Once you figure out how much you spend each month for your primary needs, you can determine how much can be set aside in savings. Ideally, you should start saving for an emergency fund, which can be used in case something unexpected comes up in the future. This helps you to avoid using high-interest credit cards or dipping into your future savings account to pay for these emergency expenses. Even if you just put $20 a week into your savings, it will start to add up if you learn to just see it as a regular weekly bill.
Monitor Your Spending Habits
It can also be helpful to keep an eye on your spending. Most economists will recommend that you check your bank account and spending profile on at least a weekly basis. With your credit union savings account and checking account online, you can easily keep track of what’s going on with your bill payments, savings deposits, and more. Having a good understanding of the cash flow within your household will benefit you and help you to be able to put more away into your accounts at the local credit union in New Bedford. Regular check-ups will help prevent overdraft situations, forgetting important payments that could negatively impact your credit, and assist you in catching unplanned expenses before they take away from savings.
BONUS TIP – If you notice that you spent more during the second week of the month than you had planned, either on fast food meals, special events, or online purchases, you can “make up” for your mistakes by reducing spending during the third and fourth weeks. Cutting out extras, such as coffee house trips or going to see a movie on the weekend, can help you get back on track without curbing your lifestyle too much.
Stay Focused on the Prize
Setting money aside into a New Bedford share savings account can be difficult, especially if there are things that you would rather do with the money. Instead of focusing on what you can’t afford to do while putting money into your credit union in New Bedford, instead start focusing on what you will be able to do with the money once you have achieved your savings goals. Investing your money into a New Bedford money market account or certificate of deposit can help you to grow your money even faster. Make sure to speak with a representative at your local branch to find out if these types of programs would be helpful in your situation. Give us a call at 508-993-0011 or stop by our location on Union Street to start taking advantage of the opportunities available at St Anne Credit Union in New Bedford.