Almost a year ago you promised yourself that you would put more into your credit union savings account than you did the year before. How did you New Year’s resolution work out for you? It is possible to take advantage of credit union online banking and your credit union checking account to help boost your New Bedford share savings before the year is over. This article will feature five top tips that you can use right now to help boost your savings in the last days of the year. Who knows, you might be successful enough to try and up the ante for next year’s resolution to see if you can top this year’s efforts?
Method #1 – Pay Property Taxes Early
One way to save some money is to use the excess cash that you have in your credit union savings account to pay off your annual property taxes before the year is done. Why would you pay this money early? So you can claim the property taxes on your tax return in April, giving you an extra deduction when you need it most. Don’t take out a loan to do this or extend yourself in any way. This method should only be used if you have the money in your New Bedford share savings or credit union checking account, or if you receive a windfall, such as a big bonus or an unexpected commission.
Method #2 – Meet With a Representative
If you are interested in finding new ways to invest your money, increase your savings or better structure your accounts at St Anne Credit Union in New Bedford, the best way to do that is to meet with a customer service representative. Learn more about the different options available at St Anne Credit Union with regard to our New Bedford share savings, checking, certificates of deposit, money market accounts and credit union online banking opportunities. Find the savings tools that work best for you, your spending habits and your saving interests. There may be some ideas for increasing your savings that you haven’t thought of yet that might be perfect for your unique needs.
Method #3 – Save on High Interest Accounts
Another great way to increase your savings, even at this late date, is to learn how to save money on high interest accounts like credit cards and other loans. Automatic payments will help you to reduce your overall debt, but will also help you to avoid late fees, increased interest charges and other costs associated with carrying a balance on your credit card. Schedule your auto pay according to your payday schedule to ensure that you never have money go out of your credit union checking account before you are ready. If you need to adjust your due date, contact the credit card company or lien holder to find out if that option is available.
Method #4 – Pay Your Car Loan Off Early
You can save a lot of money on interest – and pop those savings into your credit union savings account – just by paying your car loan off early. Make sure to speak with your lender to find out if there are any restrictions or guidelines to paying off your loan early, or if there are any other advantages. Paying off a “chunk” of your loan ahead of time can save you money on interest, allow you to skip payments or just help you to pay it off faster. Each loan and each lender is different, so before you assume anything about your loan, make sure to speak with an account representative. You can also use your credit union online banking to make your payments ahead of time to ensure that your payments are received even faster.
Method #5 – Make Early Mortgage Payments
If paying off your car early can help you increase your New Bedford share savings through reduced interest payments, just imagine what you can do with your mortgage. There are advantages to making early mortgage payments that you can reap all year long, but if you make the January payment by the 31st of December, you can deduct the mortgage interest that you paid on your taxes in April. You can also save even more by increasing your mortgage payments to every four weeks instead of each month by the calendar. It will help you fit in 13 payments instead of 12, giving you that extra month of interest payment advantage every year. In addition, early payments will impact your mortgage over the term of your loan. Speak with an account representative on how you can use your credit union checking account to pay down your mortgage and reduce costs, fees and interest paid throughout your 15, 20 or 30 year mortgage loan.
Call St Anne Credit Union for More Savings!
If you are interested in boosting your credit union savings account or want to learn how you can use credit union online banking and credit union checking account tools to increase your savings, contact St Anne Credit Union at 508-993-0011. Our team can show you how to put your New Bedford share savings account to work for you!