How to Start Saving Money
Getting started on a path of financial responsibility is a worthy endeavor. Learning how to start saving money early and often will lead to short-term satisfaction and long-term financial freedom. Starting small and building good habits over time can result in a big return and a strong financial safety net. We are here to guide our Redford customers to financial longevity. Learn how to start saving money with the experts at Public Service Credit Union today!
How to Open a Savings Account
Opening a savings account through a credit union is a great first step towards sustainable financial health. Joining a credit union is not nearly as difficult as you may think. You can get started with a savings account in three steps.
Determine Eligibility: To join a credit union, you must be part of the membership field. Membership can be gained through your employer, location, family, or occupation.
Make a Small Deposit: Your initial deposit represents your purchase of a share in the credit union. Usually, a small payment of $5-$25 is all that is required. You will also need to provide the proper information and documentation to get the account up and running.
Start Using Your Account: Once you are a member of our Detroit-area credit union, you can enjoy all of the benefits that saving with a credit union can bring!
Unlike most banks, when you save through a credit union like Public Service Credit Union, you can take advantage of strong interest rates. Our diligent service and advantageous plans make us the perfect place to learn how to open a savings account and start saving money!
Getting Started Saving Money
Even if it is a few dollars here and there, taking the opportunity to save where you can, will pay off in time. Whether you want to save for that dream vacation or set a budget for holiday spending, you can get started with a few simple tips:
Small amounts add up: It can be easy to overspend by a few dollars from time to time. An important financial principle is that $1 today is more valuable than $1 a year from now. This is because money grows over time, so every dollar saved is a victory!
Determine how much to save: Many of us try to save as much as possible without a plan. While this is a good general rule, the lack of boundaries makes it easy to fall off track. A good rule of thumb is to have three to six months of living expenses saved in an easily accessible account.
Pay yourself first: Perhaps the most important savings tip is to pay yourself first. Simply put, this means setting aside a predetermined amount out of every paycheck before you pay any other bills.
Paying debts vs. saving: High-interest debt is a situation where saving every dollar is not prudent. If you have outstanding debt that is charging you a significant interest rate, paying that down as quickly as possible is ideal. Even still, try to set aside a few dollars for savings during that time.
Make it a challenge: Finally, have some fun with saving. Challenge yourself to walk home instead of paying for a ride, search for credit cards with cash-back offers, and find creative ways to reward yourself for meeting goals!
Rely On Public Service Credit Union for Financial Guidance
Now that you know how to open a savings account and how to start saving money, you can start making your way down the path of financial success. Whether you have short or long term budget goals or want to open a savings account for your kids, Public Service Credit Union has the resources you need. Contact us or visit us near Romulus for individualized guidance!