Whether you are saving for your own education or putting money away for a child, it is crucial to identify your needs and start saving funds as soon as possible to meet your goals. Studies show that students in America often share responsibility for paying college tuition and other costs with their parents equally. In addition to putting money away in a savings account or other savings program at St Anne Credit Union in New Bedford via traditional or credit union online banking options, there are different ways to meet the demands of higher education. Scholarships, grants, and student loans can help, but the best way to reduce the stress that can come with having to pay for college is to start saving right away.
Open a New Bedford Share Savings
When it comes to joining a credit union, it all starts with a simple share savings account. Unlike a bank where you open an account and become a customer when you join a credit union, you become a member. Members all have an equal vote and voice in how credit unions operate, electing board members who make financial decisions on behalf of the membership. When those decisions pay off, the not-for-profit credit union disburses the increase among the members in the form of discounted or eliminated fees, higher earning interest rates for investments, and other advantages.
It only takes $25 to open a New Bedford share savings account at St Anne Credit Union. Once you become a member, you have access to other financial opportunities, including money market accounts and personal loans. You could even grow your money even faster by investing in a certificate of deposit in New Bedford, which requires terms that range from six months to five years, depending on your needs and situation. A certificate of deposit (CD) requires a minimum balance of $1,000, and interest is paid either by monthly check or by leaving it in the account to continue compounding monthly.
How to Beat 11 Percent
College finance studies reveal that savings only make up 11 percent of the cost for a typical college education, requiring the student to take on employment, rely on student loans, or scramble to get scholarships and grants to make ends meet. Individuals who can increase savings opportunities before starting college, either as high school students with after-school employment or through investments made by parents, can focus more on their studies and less on their finances. Start by creating a college savings plan and use your credit union online banking tools to keep tabs on your savings. The more you can put away in your New Bedford share savings for your child or your own education, the easier it will be.
- Start Saving Early – Some parents get a jump on savings by starting a college fund at the baby shower. Instead of spoiling a child with too many toys or a vast wardrobe of clothing, ask for college fund contributions that can be put away in a savings plan or invested into a certificate of deposit in New Bedford. Even when money is tight while purchasing all of those diapers, just a $20 a week investment can result in over $18,500 by the time the child is 18 years of age – not counting earned interest!
- Work With a Professional – Stop by St Anne Credit Union in New Bedford and speak with one of our financial representatives about all of the ways that you can save and invest your money wisely for college. Whether you decide to take advantage of a money market account or just want to use your New Bedford share savings to put some money aside, our team can help you make smart decisions with our credit union online banking tools.
- Find New Ways to Save – Learn how to make saving money fun and interactive for everyone involved. Your child should know that you are working to save money for their future. Reducing household costs and putting the money into your New Bedford share savings account should be a family affair. Making pizzas at home on a Friday night instead of ordering out or renting a $1 movie instead of spending $50 at the theater can help families find new ways to save. Invite children to make suggestions as well and get them actively participating in their own future savings.
- It’s Never Too Late to Start – While we advocate saving for a college education as soon as possible, it is never too late to start setting money aside. High school students who realize that they will not be able to afford college can start earning money after school or over summer vacations and begin putting something away. Studies show that even small savings accounts can help students achieve their goals and help them get the education that they desire. Take time to learn about grants and loan opportunities that you can use to fill in the gaps if a scholarship is not available.
Visit St Anne Credit Union in New Bedford
For over 100 years, St Anne Credit Union has proudly served the people of Bristol and Plymouth Counties in Southeastern Massachusetts. We currently serve over 2,000 members and are the oldest credit union in the local region. We are a member-owned, non-profit financial institution with all of the financial tools and options as a traditional banking facility. Start your membership with a simple New Bedford share savings account and then expand to include checking, money market accounts, and opportunities for a certificate of deposit in New Bedford at our local branch. Take advantage of credit union online banking and ATM access at thousands of SUM ATM locations nationwide. Give us a call at 508-993-0011 to speak with a representative or stop by our branch on Union Street in New Bedford, MA.