If you, like many other Americans, have been working hard to reduce debt, cut spending and start putting money away for a rainy day, you might be interested to know that there are many opportunities available to you that will help you to grow your money at your local credit union. Credit unions are different than banks. They are non-profit organizations that are designed to earn money for their members, not for some group of bankers or investors. Because of this unique approach, you will find that your local credit union has a lot of great options available that will help you to grow your money much faster than it would just sitting around in some bank.
Extra Cash – Where Does it Come From?
When it comes to putting money in your credit union savings account or investing in certificates of deposit and money market accounts, where does your extra cash come from? If you have recently made adjustments to your household expenses, chances are that some of those savings have been re-routed to your savings. Paying off credit cards, reducing utility costs and eliminating wasteful spending can all add up in a month’s time. Investing that money into a savings account or other type of interest-earning investment can help that money to grow even faster.
Do you get a tax refund or maybe an employee bonus? What about an inheritance or a monthly annuity payment? The point is, wherever you get your extra cash, make sure to invest it so you can make the most out of it throughout the year. Speak with your New Bedford credit union representative to find out about savings and investment opportunities that can be used by members to grow their money. It’s a great way to boost your savings, start saving for retirement or simply set money aside for a rainy day.
Make a Plan
Before you start investing your money at your local credit union, it is important to take some time to look at your life, where you are at right now and where you want to be in the next few years. Perhaps you are just starting out and want to make plans to buy a home or have a family. Or maybe your children are nearly grown, the mortgage is nearly paid off and you want to start thinking about retirement savings and investments. It is important to identify the stage of life and circumstances that you find yourself in so you can make smarter investments.
Long-term investments can be good for people who have time to build up savings more slowly as they deal with the day-to-day expenses of owning a home and starting a family. Higher yield, short-term investments that can help boost retirement savings, pay off a mortgage or plan for other impending expenses are a great way to grow your money fast so it will be ready when you need it. Again, speak with your New Bedford credit union representative for credit union savings accounts and other financial opportunities that can help you regardless of your financial situation.
Avoid Spending Sprees
Once you start seeing that you can grow your money with very little effort on your part, it can become tempting to go on a spending spree. From exotic vacations to major purchases for your home, using that money to purchase things that we want, as opposed to the things that we need, can be a major pitfall for many Americans. Working on a tight budget, reducing spending and eliminating extras that you once enjoyed can make you feel deprived.
Rather than going on a huge spending spree or dumping a load of cash on a single purchase, vacation or event, make sure to reward yourself in little ways each month. This will help you avoid those feelings of being deprived and make you appreciate the hard work that you are doing for your future at the same time. Consider even setting up a separate credit union savings account for “fun purchases” that can be used to treat yourself and your family when you need it without dipping into your primary savings fund.
Let New Bedford Credit Union Help You Grow Your Money
Take advantage of all the things your local credit union has to offer. Stop by St. Anne Credit Union in New Bedford and find out about all the ways that you can invest and grow your money right here in Southeastern Massachusetts. Start with a credit union savings account and checking account. Move on to invest in local certificates of deposit, money market accounts, retirement savings and much more. Open a Christmas account after the first of the year and start saving for next year’s holiday season. Stop wasting money on credit card fees, banking fees and other costs that you could be saving instead! Find out how your New Bedford credit union can help!