Get a “Savings First” mentality
Most people have great intentions when it comes to building a savings. You think to yourself; after I pay my bills, I’m going to put money aside for a rainy day, a vacation, for the holidays etc.
Often, emergencies and wants eat into that good intention.
You have the power to change that by learning to Pay Yourself First. PYF, is the simple, yet effective way to make savings your FIRST priority.
Here are a few easy, automated ways NEAFCU offers to set a savings goal and achieve it:
- Piggyback on your direct deposit. Set up a payroll deduction at NEAFCU to have a designated amount transferred automatically to a savings account every time you are paid. It will add up.
- Online Teller users can setup an automatic transfer from checking to savings. Perhaps you’re paid every Friday – setup the transfer to coincide with your cash flow. You can increase or decrease anytime, 24/7.
- Review your bills. Look for savings, and then put that amount away each month.
- Are you paying high interest in credit cards or loans? Shop for a better deal and then put the difference into paying down your debt. Then, when you pay off that debt, keep paying the same amount, only to yourself.
- Plan for holiday expenses with a Christmas Club. This often helps our members avoid large credit card bills at the holidays and offers a systematic way to save.
If your goal is to save more, the staff at NEAFCU want to help you make that goal a reality. Feel free to contact us if we can be of assistance.