Anyone who has ever tried to save money knows how challenging it can be. In fact, one in five working Americans isn’t saving any money for retirement, emergencies or other financial goals, according to Bankrate. A recent survey by the same organization showed that 69% of Americans have less than $1,000 in savings, so when the car needs to be repaired or there’s a surprise medical expense, they typically end up borrowing money.
Bellco Credit Union is participating in America Saves Week, February 24-29, which focuses on a different savings theme each day, and offers several tips to help get you started on creating financial security for you and your family.
1.Save Automatically – Saving automatically is the easiest and most effective way to save. One way to do this is through a round-up savings program, which many credit unions and banks offer. When you use your debit card to make a purchase, it rounds up your purchase to the nearest dollar and adds the difference to your savings account. If you purchase a large, flavored latte for $5.50, your debit card will be charged $6—$5.50 to pay for the drink, while the extra $.50 will go into your savings account.
2.Save with a Plan – While having a savings goal is important, putting a savings plan in place is even more powerful. That’s because people who have a savings plan are twice as likely to save successfully. MoneySmarts is a free online financial education program, brought to you by Bellco, where you can start with a financial health check-in, and then you can put a plan in place to help you reach your savings goals.
3.Save for Retirement – Putting money away for retirement is one of those things that can easily be pushed into the “someday” category, as you focus on present needs and expenses. Depending on where you work, your employer may offer a retirement plan, which is a simple way to begin saving. Your employer may even match your contribution up to a certain amount so be sure to take advantage of this free money. The Social Security Administration also offers numerous tools to see what your current estimated monthly benefits will be at the age you retire.
4.Save by Reducing Debt – Paying down your debt IS saving! There are numerous ways to reduce debt, including consolidating it by transferring credit card balances to one card with a lower interest rate.
Bellco Credit Union offers a multitude of products and accounts to help people with their savings goals. It also provides educational tools, as well as experts you can meet with to assess your situation and put a plan into motion that provides financial health and security for you and your family.
Bellco Credit Union is Federally Insured by NCUA.