Putting money away each month for your child’s college savings can be very challenging. When your kids are very young there are so many expenses, from diapers to formula and everything in between – it seems impossible to find even a couple of dollars extra each month to put into your credit union bank accounts. When you join a Massachusetts credit union, there are a lot of tools available that you can use at your disposal. Try not to think about your local credit union in New Bedford as “just another bank,” there’s a lot more to it. For those who live or work in Bristol or Plymouth counties in Southeastern Massachusetts, deciding to join St Anne Credit Union can help to boost your savings options and increase your money management abilities overall.
Step One – Open a Share Savings Account
The Main Share account is how you join St Anne Credit Union. A minimum of $25 is required to open the account, which is how you establish your membership in our Massachusetts credit union. Once you open a basic savings account, you can then open a checking account, apply for a loan, and open other types of savings accounts.
Step Two – Explore Your Options
In addition to basic savings and checking credit union bank accounts, members of St Anne Credit Union also have access to Certificate of Deposit (CD), Money Market Deposit, and IRA Share accounts. So whether you are saving for your child’s college tuition, putting money away for a down payment on a new home, or looking forward to retirement, our credit union in New Bedford can help you achieve your goals.
Step Three – Reduce Unnecessary Expenses
Take a look at what you spend your paycheck on every month and see areas where costs can be reduced or eliminated. Of course, many of these changes will require a sacrifice on your part, but if your goal is to save money for a future expense, it will be worth it. Reducing your cable or satellite TV package, as well as switching to a low-cost internet-based television package might be one way; and packing your lunch or making fancy coffees at home instead of going out could be another.
Step Four – Separate Your Savings
You can open an additional savings account when you join St Anne Credit Union, even if you aren’t ready for long-term, high-interest savings programs like CD accounts or Money Market Deposit programs. Keeping the money you are saving for college separate from your emergency fund account or checking account will reduce the chance that you will spend it without thinking or dip into your funds for big purchases.
Step Five – Create a Money Challenge
Short-term challenges that help keep you focused on savings can be beneficial for some people. Try to go 30-days, 60-days, 90-days or more without spending money on anything outside of monthly bills and basic living expenses. That means no $50 trips to the movies, Saturday night dinner splurges, or trips to a major league baseball game. Just focus focus focus on your savings and enjoy the rewards!
Step Six – Automatic Savings Transfers
The best way to increase the amount of money in your credit union bank accounts is to think about your savings as a monthly bill. Create a set amount that you want to save, such as $50 or $100 a month, and have it automatically transferred from your checking into the savings account at your Southeastern Massachusetts credit union.
Step Seven – Sell Items to Boost Savings
Go through your home and identify things that you do not use that might be worth some money. You can sell them on eBay, LetGo, or some other web-based selling program and make quick cash for your efforts. Take a look at popular items online and see what you might be willing to part with for some extra money in your credit union bank accounts.
Step Eight – Get a Side Hustle
Consider a part-time job or creative venture that might yield some extra money that you can tuck away in your accounts when you join St Anne Credit Union. There are lots of great opportunities for those who want to delivery groceries, passengers, and restaurant orders in their own vehicle. Look at the options in your area and see what options might suit you best.
Step Nine – Self Discipline
The hardest part of any savings program is learning how to stay focused on the result and be disciplined in your monthly savings. Figure out what works best for you and stick with it. That’s the best way to achieve your goals.
Join St Anne Credit Union
Ready to start saving? Join our Southeastern Massachusetts credit union and take care of all the tools, opportunities, programs, and options available at our credit union in New Bedford. Call today at 508-993-0011 or browse our website to learn more about all of our credit union bank accounts and savings services.