One of the most difficult things to do is save money. Whether you are a single person out on your own, a newly married couple, or a family struggling to pay bills, putting money away for a big purchase, vacation, or just to have a cushion in times of financial trouble, can be a real struggle. The best thing you can do is to take advantages of all the perks that come with being a member of St Anne Credit Union in New Bedford.
When you join, you start by opening up a credit union savings account called a Main Share Account. Then you can expand your abilities with a credit union checking account, which we call NOW Checking. Other savings and investment opportunities are also available to members, including a New Bedford money market account or a certificate of deposit. Both have a minimum deposit and balance requirements, but allow the member to earn interest and grow their money even faster.
Insider Tips for Boosting Savings
It pays to take the time to read up on tips that will help you to increase the amount of money you have available to put away into your credit union savings account every month. How often do you get paid? Some people get paid weekly, twice a month, or just once a month. Depending on your pay schedule and the bills that are due, you might be able to sock away a few dollars every week or a couple of times a month. Just find a schedule and process that is right for you, and before you know it, you’ll have enough money to invest in a money market or certificate of deposit in New Bedford to boost your savings even further.
- Create a Budget – The best way to spot extra cash is to have a budget. Once your budget is established, including a budget for savings. Even if it’s just $25 a month, in the beginning, you can always add more money if you have some leftover after all your bills are paid, and the grocery shopping is done.
- Create an Emergency Fund – Save at least $500 and put it into separate savings account apart from your credit union checking account and Main Share account savings. While experts recommend that you save at least two to three months’ worth of bills to ensure you would survive a job loss or serious illness that results in missed wages, even a $500 emergency fund is better than nothing. It can cover unexpected car repairs, doctor bills, home repairs, and other essential services.
- Have a Goal – What are you saving for? Establishing goals, such as a downpayment on a house or a car, a special vacation, a wedding, college education, or anything else, can help you keep your eye on the prize!
- Auto Savings – Ask your representative about automatic savings transfers from your credit union checking account into your Main Share or New Bedford money market account.
- Keep It Simple – Don’t overwhelm yourself by thinking you need to save a huge amount each month. Instead, create small and attainable goals, while allowing yourself to deposit extra funds into your credit union savings account when available.
- Retirement Savings – Learn more about the IRA Share Account options at St Anne Credit Union to start saving for your retirement. It’s never too early – or late – to start!
- Save for Holidays – Take advantage of the Christmas Club account at St Anne, which allows you continuous savings throughout the year, automatically transferred to your Main Share Account in October, just in time for the holidays.
- Bonuses and Refunds – Whenever you get an unexpected bonus, tax refund or some other type of windfall, put at least 50 percent of it into your savings, money market, or certificate of deposit in New Bedford.
- Change Your Attitude – Start saving your change and add it to your savings. Just a dollar in change each day can add up to $365 by the end of the year. What are you doing with all those pennies, nickels, dimes, and quarters anyway?
- Get Rid of Impulses – One of the fastest ways to spend money is through impulse buys. Do you need a new coffee maker, seasonal doormat or set of towels? Just because it’s a “good deal” doesn’t mean it’s worth spending your hard-earned money.
- Check Your Spending – How much do you spend a week on lattes, smoothies, and other treats? A daily $5 coffee habit on the way to work can cost you $25 a week or $100 a month. Consider making your own at home or nixing the habit altogether.
- Other Bad Habits – Have you always wanted to quit smoking, reduce weekend drinking or cut down on fast food? How much do you spend on these unhealthy habits and how much more could you put into your credit union savings account if you quit?
- Switch Your Thinking – Calculate how much money you make in an hour and then use that figure to determine how many hours you would have to work to make a particular purchase. If you make $10 an hour and want a $100 pair of shoes, that’s 10 hours of working at your job to pay for those new shoes. Is it worth it?
- Television Services – Another way that people can save is by looking at their television services, such as cable, satellite or Internet-based services. Many have saved by simply cutting down the package or switching to a more budget-friendly option.
- Reduce Interest – If you get in the habit of paying off credit cards each month, you can save a bundle in annual interest costs, which can be put into your savings accounts or added to a New Bedford money market account.
Join St Anne Credit Union to Boost Savings
If you are looking for some simple ways to increase your ability to save, visit St Anne Credit Union and open up a credit union savings account. Take advantage of all the great tools and opportunities, including a credit union savings account or certificate of deposit in New Bedford, Massachusetts. Give us a call at 508-993-0011 or stop by our location on Union Street and speak with one of our friendly representatives.