One of the biggest struggles faced by Americans these days is figuring out how to increase their savings to secure their financial future. Whether your goal is to save for a down payment or if you want to finance your retirement, finding extra cash can be a challenge. The best way to get started is to create a budget. We all think that we have a budget – a list of bills that are due each month; but the truth is that budgets should keep you on track. Include savings in your budget, as though it were a monthly bill. This can help you to put a set amount of money away each month. Then, use your budget and actual spending each month to determine areas where you can cut costs.
Examine Credit Card Interest
How much do you spend each month on interest rates in New Bedford? Your credit cards might come at a higher cost than you think. A $3000 credit card that is maxed out could cost you $70 or more each month in interest. That’s money that you could be putting away in a credit union savings account. Get on a path to pay down your debt and eliminate credit card interest. Speak with your credit union in New Bedford about possible credit card options that may have lower interest rates than your current cards. In some cases, you can transfer the debt from high-interest rate cards to lower interest rate opportunities and then pay down the debt without worry of climbing rates each month.
Consider Luxury Items
Do you have any items that you buy each month that you could do without for the sake of your savings? Are there any daily or weekly purchases that you could cut in half or eliminate? Sometimes we are unaware of how much we spend on certain things. You could put more money in a money market account or certificate of deposit in New Bedford if you reduce these monthly charges. For example, a $4 fancy coffee each day before work equals $20 a week. That might not sound like a lot, but in a month that could be an extra $80-88 in your savings and over $1,040 in a year. Consider investing in a quality coffee maker and quality beans to make your own at home instead. Even if you spend $200 on a top-rated machine, grinder, and syrups to make your special frothy drink, you’re still ahead by $800 or more by the end of the year.
Establish Savings Goals
How much do you want to save? If you are planning for retirement, find out how much you can put away into your credit union savings account or Share IRA. Be careful about limitations or penalties that can come from investing too much, too fast. Check on interest rates in New Bedford to find out whether you will make more from dropping some money into Share savings or a certificate of deposit. Your local representative at St Anne Credit Union in New Bedford can help you find the best options. Figure out how much you want to save, when you need the money, and find new ways to make that money grow. The more interest you can earn, the faster you will reach your goals.
Auto Savings Options
Speak with your representative about automatic savings options. You can schedule a set amount of money to come out of your checking and having it put into your credit union savings account each month. This will help you get in a better habit of paying your savings first and spending on other items second. Ask your representative at St Anne Credit Union in New Bedford about automatic savings deposits and other opportunities to help you increase your savings. Studies show that the less time people spend thinking about saving, the more likely they will be to keep the money in savings. There’s no point in putting money into a credit union savings account just to take it right back out again.
Visit St Anne Credit Union in New Bedford
If you are looking for ways to boost your savings this year, visit St Anne Credit Union. To become a member, all you need to do is live or work in Plymouth or Bristol counties in Southeastern Massachusetts. Our team can answer any questions that you might have about checking, savings, and interest rates in New Bedford at our popular credit union. Give us a call at 508-993-0011. Join today to take advantage of all our savings and investment opportunities, including money market accounts and certificate of deposits in New Bedford and the surrounding area.