Money is a part of our everyday lives in some way, shape or form. From getting your paycheck, to buying your morning coffee or worrying about how you’re going to make your car payment, the subject of money pops into our minds constantly. Whether you’re struggling to build your wealth or you’re financial stable but would always like to save more, our tips for saving more can help get you started.
- Set it and forget it.
Life keeps us busy so being able to automate your savings is a huge first step. You can choose to have a portion of your paycheck automatically deposited into a savings account, or set up a weekly transfer from your checking account to your savings to help keep you on track. Watch how quickly your savings account will grow when you do this and the best part is, you probably won’t even miss it once you know it’s adding up. You can do this not only with your savings account, but also your IRA other retirement accounts. Talk to your employer about your direct deposit payroll options. If they don’t offer those perks, Westport Federal Credit Union members can have free transfer management set up internally and externally. You can also transfer between your WFCU accounts easily with our EZ Banking and mobile banking app.
- Check in once in a while.
Who doesn’t love being surprised when you find a $10 inside a coat pocket? Why? Because you completely forgot it was there. While it’s nice to let your savings account surprise you too, it’s good to check in every so often to see where you stand financially. Hopefully you’ll be pleasantly surprised, but if you’re not, it might be time to reevaluate how much you’re putting away each month.
- Save more when you can.
Have some extra money coming in from a bonus, reimbursement or maybe cashing in that jar of coins you have at home? If you can do without it, stash it away in your savings account. Those little deposits can add up quickly and even though small, they can have a nice impact on your future financial security.
- Avoid those fees.
A good way to lose money quickly is paying high fees in your accounts. If your financial institution charges a minimum balance fee, you should consider switching to Westport Federal Credit Union’s Totally Free Checking account. There’s no minimum balance fee. You can even bring your balance down to $0 if you need to and won’t be charged a fee.Making sure you stay on top of your checking account balance is just as important. Overdraft fees are a costly mistake that can add up quickly when you have a few transactions clear at once. Use free services such as online banking to keep track of your account.
These small changes can have a big impact on your financial life. To get started, call or visit Member Services for more information on our deposit services. If you’re ready to open a new savings account, you can do it from the comfort of your home 24/7 here. Secure your financial future with us.