Put Your Savings Plan into Action!
Posted on December 28, 2017
Topic Categories: Consumer Help
By Kasey Ibrahim - Cinfed Branch Manager, Western Hills Office
The start of the year means new beginnings, complete with resolutions. One that we hear often is, “This year, I will put more money in savings.”
This is always a great concept but, like most New Year’s resolutions, it’s usually long forgotten by Valentine’s Day. To start the year right and get better results, here are some very “do-able” steps:
- Go Past a Resolution - Make An Action Plan. Wishful thinking can only get you so far when saving money. Make a list of specific, reachable goals, then strategize how to make them happen. The more specific you are, the more reachable that end goal will feel and will raise the likelihood of you sticking with it.
- Automate Your Savings. Your money will go directly into a specified account before you have the chance to spend it. Just set it, forget it and watch that money steadily grow to the goal you have set.
- Separate your accounts. Wanting to finish your basement? Start a fund for that project in a separate account. Need to start saving for your child’s tuition? Open a separate account for that. This will help you prioritize where your money goes and prevent you from going over budget. Plus, the longer you work to save that money, the more you appreciate the results – like that finished basement!
- Choose High Interest Yielding Accounts. When you’re choosing a place to store your money, consider ones that will give you a higher rate of return while helping you reach that goal a little faster. Try a Kasasa® checking account where you earn money on things that you’re already doing, or a Smart30—a twist on a traditional certificate, with a one time penalty-free withdrawal in case an emergency arises.
While it requires a little extra time and work, we can guarantee that it will definitely be worth it! Need help getting started? Visit your nearest Cinfed branch and a representative will be more than happy to help you with any financial assistance that you might need.