The New Year is upon us, and one of the most common resolutions is to save more money. How can you easily save enough money for an emergency fund, while also not feeling restrained by a budget?
Deidre Davis, MSUFCU Chief Marketing Officer, is here today to share some tips on how to get motivated to start and keep this resolution.
Some simple strategies to start to save money throughout the year is to stay on track by automating your savings process. Have a specific amount taken out of your checking account to be automatically deposited into a designated savings account. This allows you to effortlessly grow your savings.
To grow your savings consistently, consider the 52-Week Savings Challenge. The idea is simple: Save $1 in the first week, then gradually increase your savings by one dollar a week throughout the 52 weeks. Contribute $2 to your savings the second week, $3 the third week, and so on, contributing $52 the last week of the challenge. At the end, you’ll have saved $1,378 if you complete the challenge.
MSUFCU offers subsaver accounts you can open and name via the mobile app or ComputerLine, our online account management system. The Credit Union also offers Certificates with a higher interest rate than traditional savings accounts. A great option is our 1-Year Add-On Certificate — you can open one with as little as $50 and add to it throughout the year, up to $10,000.
To learn more or to find a location near you, visit msufcu.org.