We’ll never dissuade someone from saving his or her money unless it truly needs to be spent. It’s a worthwhile investment that will pay great dividends if handled properly and can get you out of a pressing moment in an instant. Saving money and making it count sounds tricky and might even test your spending willpower, but with the following goals in mind, you’ll be on your way to being a more productive and financially responsible individual.
Pay Your Bills and Loans
We recommend saving just enough for emergencies to avoid spiraling into a big mountain of debt. Try setting aside at least six months’ worth of funds and use it to start paying off student loans, credit cards or other pending bills. You can either tackle credit card debt with higher interest amounts first or go for those with lesser amounts. It’s up to you, but it’s very important to start now. Our checking accounts come coupled with automatic bill pay, e-Statements and Internet banking to help make paying bills and staying on track of your loans a breeze!
The last thing you’ll ever want to do is use your monthly budget to fund a vacation. If so, you’ll find yourself in a very tight spot when it comes time to pay bills. Instead, earmark some of your savings towards traveling with the family, but don’t head off until you’re absolutely sure that you can afford the trip while making your payments on time. Remember, the more you save, the more you’ll be able to splurge during the vacation. If you don’t know where to start, don’t fret! We have a great savings account service coupled with great rates and annual percentage yields!
Donate to a Good Cause
If there’s a cause or charity dear to your heart, then feel free to use a portion of your savings to help others! This can be easier to do if you have the disposable income. You can set aside a portion every week or month for a certain cause and choose another the following month. The point here is that giving back will always be beneficial, even if it costs you a little.
Holidays and Birthdays
Holidays and birthdays always arrive just as soon as they’re over. Saving up a little here and there to cover the costs of expensive or even thoughtful gifts is wise. This is best to do if extra funds don’t usually come out of your regular monthly budget. Remember, saving up for a holiday doesn’t specifically mean spending only on gifts. Think about trips, food and decorations also.
Save the Change
When was the last time you arrived home from work or a trip to the supermarket with a pocket full of spare change? We’re guessing plenty of times. Don’t let that change be forgotten! Set aside a jar where you can collect it all and see it grow as the months go by. It’ll start filling up quickly, and once it’s time to cash it all in, bring it by our credit union in Harlingen!
Helping You Save
Once you’ve saved up enough to accomplish your financial goals, there will be even more inclination to continue saving for emergencies, retirement or to have extra cash to spend on yourself or the kids! Stop by or contact Valley Federal Credit Union today to learn what else you can do to save wisely and be more financially responsible!