Saving money can seem like a huge feat, but when you put your mind to it, it’s really easy to get started in little ways. Whether you want to save for something big like a new car, or you simply want to ensure you have enough money saved in case of a job loss or illness, it’s never been easier to get started saving money as a credit union member.
With banking technology improving every day, we’ve come up with a number of tips on how to start saving money in a stress-free way. Here are a few of our favorites:
Open a savings account.
This sounds like it can be an extremely basic answer, but it’s the crucial first step in saving money. Polam’s Savings accounts are designed to give you the advantage, with a low opening balance, no monthly or annual service fees, access to our online banking and mobile app, and access to our rewards program. Polam’s Savings accounts are a popular choice with many of our members.
Take advantage of direct deposit.
If you use direct deposit with your employer, you can allocate a certain percentage of your paycheck to go into your Savings account. This way, you don’t even have to think about it – in a few months, you’ll have a good amount of money saved in your account.
Look into IRAs for more in-depth savings.
If you’re saving for something big, such as retirement, an IRA is a good option once you’ve gotten the ball rolling with your savings account. Polam offers a wide range of IRAs with flexible term options, no monthly or annual fees, competitive interest rates, and your interest is compounded daily.
Start an emergency fund.
Financial experts suggest starting an emergency savings fund that equals roughly three months’ salary. Whether it’s for an unexpected medical emergency or car repairs, or if you unfortunately lose your job, having that money set aside can make the difference between financial security and financial dire straits.