Studies reveal that the biggest hurdle faced by most Americans has less to do with making more money, and more about learning how to properly manage the money that they already make to pay monthly bills and save for the future. One way to accomplish that is to start by making a budget. Once you know how much you make, how much you spend, and set clear goals for your household, the easier it will be to take control over checking account management and savings at your local credit union in New Bedford.
Start by deciding to become a member of one of the oldest financial institutions in all of Southeastern Massachusetts. Join St Anne Credit Union and take advantage of all the savings opportunities and money management programs available, from the Christmas Club savings account, which helps you to avoid over-spending or using high-interest credit cards during the holidays to IRA Share Savings for retirement and your future. Free yourself from financial worries by taking control of your checking, savings, loans, and investments once and for all.
Step One: Make a Budget
If you have never created a budget before, it can seem like a lot of work. However, once you get started, you will see that it all makes sense. The best way to think about a budget is that it’s a simple plan created to help you keep track of monthly bills to see where your money is going so you can learn how to save it better in the future. Married couples should create a budget together and manage their money as partners to avoid any misunderstandings or miscommunications. This will help you to save smarter and stay on the same financial page. Monthly checking account management and reconciliations help you to avoid common pitfalls associated with money management at banks and credit unions in New Bedford.
Tips to remember for your budget include:
- include all bills, including utilities, mortgages, loans, and credit card payments
- review your budget again each quarter to determine if changes are needed
- revise your budget if you get a pay raise or increase expenses
- employ savings techniques for bills that you can control, such as grocery shopping, cable television costs, car insurance, and utilities
- take advantage of money management apps to control spending
- speak with an advisor at your credit union in New Bedford for more ways to save
- use your Share Savings to create an emergency fund
- create separate savings accounts for specific goals, such as a down payment on a home or to purchase a new car
Step Two: Avoid Common Mistakes
When it comes to learning how to have better savings and checking account management, it can be helpful to learn from the mistakes of others. Not having a budget, not setting goals, not sticking to a budget, and not establishing smart savings plans at the very beginning can derail your savings and checking account management attempts before they even get started. When you join a credit union in New Bedford, make sure to ask about all the ways you can put your money to work for you. Money market savings, in addition to the basic Share Savings account, can help you to grow your money faster. A Christmas Club savings account can help you buy holiday gifts without going into debt. Use all of these tools to your advantage to avoid making common mistakes that could delay your goals or wipe out your savings.
Some of the other common mistakes include:
- cutting out important expenses, such as insurance for home, auto, and life
- not asking for or taking professional advice from your credit union in New Bedford
- allowing yourself to get deep into debt with credit cards and loans
- not saving for essential expenses as well as big purchases
- neglecting to take the time to learn about important financial solutions
- not planning for retirement through an IRA Share account
- ignoring checking account management tools online in monthly statements
Step Three: Take Control of Debt
The best way to save is to make sure that your debts don’t eat up your entire paycheck each month. Take the time to figure out how much you owe to each creditor and make a list of due dates and minimum payments. Vow to never just make the minimum payment and never allow yourself to get more than 20 percent in debt compared to your income. If your debt is starting to get out of control, consider getting a consolidation loan, which can help you to reduce monthly payments and interests. Most of all, join St Anne Credit Union and take advantage of all the tools available from checking account management to savings opportunities that can help you take control of debt and build up your savings for the future.
Call St Anne Credit Union at 508-993-0011 and ask about all of the options available for smart money management at our credit union in New Bedford. Take advantage of all the great tools, tips, specials, and more on our website and help keep your finances on track!