Learning how to set money aside to pay for a big purchase or finance a special event is definitely a skill that we should all strive to obtain. Having a goal can be helpful in staying focused and remembering to put money away each month into a New Bedford Share Savings account at St Anne Credit Union. There are lots of great ways to encourage yourself to put away more money out of every paycheck and plenty of excellent tips that can be used to eliminate wasteful spending and funnel that money into your account as well. If you have ever tried to save money for a significant expense, but were unsuccessful; take a look at these helpful hints that you can use to your advantage. Credit union bank accounts, including savings, checking, money market, and CD accounts, are all great ways to manage your money and it all starts when you join St Anne Credit Union in New Bedford, MA.
Step One: Create an Emergency Savings
The number one reason why people dip into their special New Bedford Share Savings account and never meet their goals is that things happen that cause them to spend it on something else. Your washing machine dies suddenly; your kid breaks his leg on the playground; your car needs an expensive repair – there are lots of things that can go wrong that will cost you your savings account.
While some financial advisors tell you that you should have enough money to cover three to six months’ living expenses in case you lose your job or experience some other type of setback, that is not reasonable for many of today’s working families. Try to have at least one month’s worth of bills saved up including utilities, gas, food, rent or mortgage, insurance, and anything else that you pay regularly. Anything extra you can put into savings at your credit union in New Bedford will reduce the chances that you would have to dip into your goal-oriented savings account.
Step Two: Establish a Goal and a Timeline
What do you want to do with your money and when would you like to do it? Let’s say you want to buy a new car next year. Beginning April 1st that would give you ten months or more to set aside money for a down payment to help reduce your monthly payments on a new car. You could also start saving to buy a used car cash outright. Make sure you know how much you will need, when you want to have it, and what you would like to do with it. The more specific you are with your goals, the more likely you will be to stick with your saving plan and set money aside each month in your credit union bank accounts.
Step Three: Examine Your Spending Habits
One of the most common methods used to save more money each month is to reduce spending habits for wasteful expenses. A daily $5 coffee on the way to the office can be replaced with a custom recipe for your favorite drink made at home instead. A daily $10 lunch with your coworkers can add up and increase your waistline while reducing your bank account. Maybe you go out to the movies every weekend, or you go out with friends for fancy dinners.
Whatever it is that you do regularly that is not a required expense can either be eliminated, cut back on, or reduced in some way to free up some cash for savings. Instead of going out, talk with friends about taking turns hosting a backyard BBQ or dinner party at home. Instead of going out to the movies, consider renting movies online and “do it up” with fresh popped popcorn and movie quality snacks. You don’t need to stop doing all of the things you enjoy, but when you’re trying to save, it can pay off to at least cut back.
Step Four: Treat Your Savings Like a Bill
As you put money away into your New Bedford Share Savings account, treat it like any other monthly bill. When you make out your list of bills for utilities, cable, internet, car payment, insurance, and other expenses, include a line for savings. Try to save at least $50 or $100 – whatever it is that you can afford to put away. This is your minimum deposit for the month. Anything you are able to save by cutting down on entertainment or non-vital expenses can be added on top of that at another time.
Contact a representative at St Anne Credit Union in New Bedford to learn more about all of our savings opportunities. Give us a call at 508-993-0011 or stop by our local branch on Union Street in New Bedford, Massachusetts. As long as you live or work in Plymouth or Bristol counties in Southeastern Massachusetts, you could be eligible to become a member of our long-standing, popular credit union.