We all want to save money. Unfortunately, things just “come up” whenever we get on a roll with putting money into our savings account and before we know it, we’ve whittled it away to nothing. Finding new ways to keep increasing the amount of money that you put into your credit union savings will help you to keep a steady flow of cash going into the account. Learning how to ignore that money and forget that it’s there – that might be a whole other challenge.
However, it has been suggested by financial experts that having a savings account for emergencies – such as heater repair in the middle of winter or an unexpected bill at the auto mechanic’s shop – can prevent you from touching your main savings account and help keep you on track. Find your own method that will help you keep your fingers off your savings and try these five tricks to help you put more money into your credit union in New Bedford each and every month.
Trick #1 – Make Your Savings Deposits a “Bill”
Once you decide how much money you want to put away every month into your savings account, write it down as a part of your monthly bills and make sure to pay into your New Bedford Share savings account, just as you would a utility, credit card or mortgage bill. When you develop the idea that savings is a “must do” bill that just happens every month, it becomes easier to save. Speak with a representative at St Anne Credit Union in New Bedford about other ways to use your savings account to your advantage so you can boost your savings.
Trick #2 – Consider Auto-Savings Options
Your New Bedford CU wants to help you figure out new ways to save money. Consider making an automatic deposit each month into your credit union saving account. Pick the amount of money and the day of the month that you want the money to be transferred from your checking to your savings. Then forget about the money and just ignore it when it disappears into your savings account – as if it never existed.
Trick #3 – Cut Out Things You Don’t Need
There are things that we need, things that are nice to have and things that we could do without. While it is nice to indulge every now and again in an iced coffee from your favorite shop, purchase like these – if done every day – can really add up. A $4 coffee four times a week ends up costing $16 a week or $64 in a month. If you go twice a day, that’s $128 a month just for coffee that you could make for yourself at a fraction of the cost. Going out to lunch is another expense that can be easily cut. If you spend $10 a day for lunches Monday – Friday, that adds up to $50 a week and around $200 or more a month. Cutting that number in half, just going out two to three times each week, can save you $100 or more on bought lunches that could go into your savings instead.
Trick #4 – Look for Discounts on Services
How much are you paying for your car insurance? Sounds like a commercial, right? But the truth is that most Americans are over paying for their car insurance by at least half as much. Contact your insurance company to find out if you are eligible for any discounts that you aren’t already receiving. Cuts on premiums due to safe driving records, age of drivers, safe driving records, change in status of coverage – removed teen drivers, paid off vehicle, etc. – these can all really add up and help save you money. Again, money that could go into your New Bedford Share savings account each month.
Trick #5 – Set a Goal for Your Savings
Why are you saving money? Do you want to buy a car, a house or pay for college tuition? Studies show that people are more willing to press on and keep saving money without spending it on things they don’t really need if they have an important goal in mind. Set a goal and stick with it. You can do it!
It All Starts With a New Bedford CU Savings Account
If you are interested in learning how to put more money away for future purchases or investments, speak with one of the representatives at St Anne Credit Union in New Bedford. Our team of friendly and knowledgeable agents can help you open a credit union savings account and get started on the path toward building up your financial security. Your New Bedford Share savings is all that is required to start a membership, so if you live or work in Bristol or Plymouth counties in Southeastern Massachusetts, come on by St Anne Credit Union and become a member of our local credit union today!