People are always looking for new ways to save money. There are some tried and true methods out there that you can use to your advantage. While some will work better for some than others, it is important to keep trying and find the method that works best for you. There are lots of great ways to reduce spending and find opportunities to put money aside into a New Bedford share savings at your local credit union where you can take advantage of interest rates and savings options. Here are some examples of the best methods used by many of our members today!
Reduce or Eliminate Debt – This might sound like a huge undertaking, but it really is a lot easier than you might think. Make a list of all of your debts and the bills that you pay each month. Debts include fixed bills, such as auto loans, home loans and credit cards. Any other debts that you have, such as personal loans or student loans, property taxes or personal tax bills, should also be included in this list. Bills include your monthly insurance costs, utilities and basic living costs. Start chipping away at debt by paying off credit cards and paying extra on loans to get rid of them even faster. You will save money on interest costs and fees, which can be placed into your savings or money market account.
Make a Realistic Savings Goal – It is important to set a goal for your savings so you will be able to measure your progress. Some people like to save for multiple things at once, putting a little money into a New Bedford share savings or money market account to save for a specific expense. A down payment on a new home or vehicle, a family vacation or any other type of large special purchase are all good examples of savings goals. You can even grow your money in a certificate of deposit in New Bedford, depending on the amount of money you need to raise and the amount of time you have to achieve your goals.
Make Savings One of Your Bills – This is one of those “change your mindset” type of tips that can help some people to become better savers. List $20, $50 or $100 and more on your monthly bill list and make sure to “pay” that bill directly to your savings account. You can also pay yourself or your savings on a weekly or bi-monthly basis, depending on when you get paid. This little bit at a time type of savings plan can really help you build your money a lot faster than you might think.
Give Up (Insert Vice Here) – Another great way to save money, and be healthier too, is to give up a particular vice and put the money you would have spent on it directly into your New Bedford share savings account or even into a money market account. What do you need to quit? High priced ice blended drinks at five bucks a pop? A daily pack of cigarettes or six-pack of beer? Think about something that you do daily that you have been wanting to give up and use this savings opportunity as a way to encourage you to quit cold turkey – or at least reduce consumption over time. Other vices could include daily downloads of music via your smartphone, weekly movie theater tickets, fast food purchases and other things that have become bad habits. Treat yourself to fun things every now and again, but when these things become regular habits, you are spending more money on them than you realize.
Reduce Monthly Bills – Take a good look at your monthly bills, such as utility costs, and there are lots of great tips available to help you save there as well. Did you know that you can reduce energy costs by up to five percent just by lowering your thermostat temperature by ten degrees? You can save up to thirty percent by upgrading to a high tech tankless water heater! You can also reduce your heating and cooling costs by keeping the thermostat just a few degrees above or below, depending on the time of year, your normal settings. Look at your cable or satellite bill to see how much you can save by going down a package level, especially if you aren’t watching a lot of TV anymore. Bank all of those savings into your share savings or consider pooling it all into a certificate of deposit in New Bedford.
Contact St Anne Credit Union in New Bedford
If you are interested in learning about even more opportunities for saving and growing your money, stop by St Anne Credit Union in New Bedford to learn about our money market account, higher interest rates savings options, Christmas Club savings, share savings and options for certificate of deposit in New Bedford. Just be a resident or worker in Plymouth and Bristol counties to qualify for membership with a New Bedford share savings account. Give us a call at 508-993-0011 for details!