We have put together our Top 5 Tips to help you save! Often, it may seem like a challenge to get savings started, especially with rising costs everywhere we turn. In an effort to help make savings easier, here are the Top 5 Savings Tips from Minnequa Works Credit Union:
Tip #1 – Save Tax Refunds and Windfalls
When you receive unexpected deposits, such as an annual work bonus, tax refund, or inheritance, our recommendation is to put aside a portion into savings. By using a higher earning savings option, such as a Certificate of Deposit, you will be able to build long-term savings above and beyond your normal budget.
Tip #2 – Save Automatically
One of the easiest and most effective ways to build savings quickly is by establishing an automatic savings plan. Within your Minnequa Works Credit Union account, you can set up automatic transfers weekly, bi-weekly, monthly, or at any frequency you determine that transfer money from your checking to savings. This helps to build budgeted savings amounts at a pace that is most convenient for you.
In addition to setting up transfers from checking to savings automatically, you can also elect to round-up debit card transactions and “Keep the Change” in any savings account of your choice! This means that every time you make a purchase, you can also save, helping to build out-of-mind savings. You can even combine both the automatic savings transfer, as well as round-up from your debit card, and will be able to watch your savings grow even faster!
Tip #3 – Establish Your Budget
Utilize resources such as mobile banking, online banking, and your monthly statement to identify personal spending habits. After reviewing where you spend every month, you will be able to set goals and personal limits to categories such as eating out at restaurants, entertainment, and groceries. By focusing on the details of spending habits, you can reduce non-budgeted expenses and will be able to put more toward savings every month for your top priorities.
Tip #4 – Put Your Change To Work
It’s amazing to see how much of a difference spare change can make! The next time you do a deep clean of your car or house, take a few moments along the way to collect the spare change that you find in the cup holders and between the cushions. You can then bring the piggy bank into your local Minnequa Works branch and put that savings to work by earning interest! Every dollar adds up and counts toward helping you to achieve your savings goals, especially when that dollar is earning interest in a certificate of deposit or money market savings at a higher rate!
Tip #5 – Save With The Mindset Of The Future
Don’t just save to save…. save for a specific goal for the future! By establishing a purpose that is important to you, such as retirement, education, or your next dream vacation, the money you are putting aside begins to create value. When savings have value to you, it means that you will then have a higher personal priority to build the savings toward that goal and will be less likely to withdraw for other purposes that you had not intended. You can even nickname your accounts with Minnequa Works to identify what you are saving for and to show that you are building more than savings, you are building a foundation for the future!
We are here to help support you on your personal savings goals and here to make savings easier! Let us know if you would like to review additional and tips and ways to help you build savings for the future.
“Helping People Through Their Financial Life”