Lots of people get around to opening up a savings account, but there are few who really use it to their advantage. A basic Share Savings Account is required to opening up a membership at the St Anne Credit Union in New Bedford. Like most credit unions, helping our members learn how to save money is our goal. From reduced fees on baking and investment accounts to lowered interest on home loans and auto loans, a credit union savings account can be your ticket to big savings over a period of many years. Credit union online banking makes it even easier to monitor your accounts, increase deposits and watch your money grow.
Getting Started: The Hardest Part
One of the most difficult steps associated with building a savings account is getting started in the first place. Most people open a savings account with the minimum deposit and keep just the minimum required balance intact based upon the type of account or benefits they want to maintain. Deciding to actively put money into your credit union savings account involves making a commitment to yourself. Unlike a bill that comes due with all the associated pressures of making the payment on-time, there’s really nothing urging you to put money in your savings. You have to put that personal pressure on yourself and change the way that you think about putting money into your Share Savings Account once and for all.
Keeping It Going: Deposit on a Regular Basis
If you are able to think about the money that you put each month or each payday into your savings at St Anne Credit Union in New Bedford as a bill, chances are you will stick with it. When you figure out your monthly bills, don’t separate the credit union savings account deposit from your electric, gas and cable bills – put it right in there in the same section. If you get it into your head that this is a bill that must be paid, whether it is $25, $50 or $100 each time, you will be more likely to pay it. You can always add more money to your savings if you end up with extra money after your bills are paid or you come into an extra sum, but the base amount each month or payday should be put in when you deposit or cash your check.
Leave It Alone: Don’t Withdraw Unless You Need It
Another difficult part of maintaining a savings account is leaving the money alone. This especially true when it is easy to load up your browser and check out your credit union online banking account, transfer funds to your checking or withdraw it from an ATM while out shopping. All of these modern conveniences make it way too easy to spend that money instead of saving it. Keeping better track of your bills and monthly budget will help make it easier to avoid over-spending and having to dip into your savings. While emergencies will happen, like a washing machine breaking down or a car needing repairs, it is important to keep up with the savings even after you have had to take some out so you can continue your progress.
Don’t Get Defeated: Saving is a Process
When you do need to take money out of your Share Savings Account, don’t beat yourself up about it. Putting money aside for emergency reasons or saving money for a specific purpose is a process that can take time. Don’t allow a tiny setback to cause you to abandon your credit union savings account plan and goals. Some people pressure themselves into thinking that they have to put all the money back that they took out right away and forget that it took them weeks or months to save it up in the first place. Just get back on schedule, putting away the same amount of money into your account at St Anne Credit Union in New Bedford as you did before and you’ll see your credit union online banking account numbers begin to grow again.
Have a Plan: Save Money with a Goal In-Mind
When you begin to put money into your credit union savings account, it is important to have a goal. Whether your plan is to save money for a new car, a down payment on a house, to pay off credit card debt or to go on a special trip, it is important to know why you are putting that money aside. People who have a goal when they invest money into a Share Savings Account are more likely to keep putting money into the account and refrain from taking it out for frivolous reasons. When you have a long term goal in-mind, it becomes easier to keep your eye on the prize and not allow yourself to be distracted by smaller, short term spending.
Stop by and visit St Anne Credit Union in New Bedford to open your first Share Savings Account and get on your way to growing and building your money. From our basic credit union savings account to checking accounts, money market accounts, retirement savings, auto loans, home loans and more, St Anne Credit Union in New Bedford has all of the tools and opportunities you need to put your money to work for you!