Mother’s Day is just around the corner (May 8th) and we know you’re already conjuring up ideas on what to give her as a gift. She more than likely won’t object to flowers, jewelry or an all-day pass to her favorite spa, but here’s a thought: Why not help her open up a savings account to make sure her financials are well taken care of?
Most of us Americans are all for immediate gratification. We’re more inclined to want things now according to a study from American Scholar. While a box of chocolates or a nice bracelet will most likely be pleasing to her, the long-term value of setting her up on a savings account will allow the IRA to be appreciated over time. Just helping her sort through her financials will save time to spend with her loved ones. Below are some helpful ideas.
Whether you’re looking to open a savings account or invest in a ROTH, Valley Federal Credit Union can help you celebrate Mother’s Day with our various services.
Help Her Save with a Savings Account
Opening up a savings account is essential and lays a good foundation for a secure future. Help your mom accumulate money, which will slowly build up a nice nest egg for her retirement. It’s one of the most popular reasons to get a Valley Federal Credit Union savings account. As time goes by, the deposited funds will accrue interest and will further increase its amount. Keep in mind that the rate depends on the balance within the savings.
Medical expenses, car repairs and home maintenance are some unexpected expenses that can spur up at any moment. By depositing funds into a savings account, your mom won’t have to rely on credit cards with high interest rates to cover the costs.
Every time she deposits cash into her savings, her safety net gets stronger in order to sustain unexpected costs. Many financial experts recommend having four to six months worth of living expenses saved up just in case some kind of economic hardship should present itself.
She’ll Love Our Rates
Valley Federal Credit Union’s online access offers many advantages. Who doesn’t enjoy the convenience of 24-hour banking? We know we do. We’re also sure Mom will as well. Valley Federal Credit Union also offers great competitive rates on our savings accounts.
Having a savings account can also help Mom make big purchases in the future. She might be in the market for a new living room furniture set, a washer or dryer, or maybe she’s just saving up for that trip to Europe that she keeps talking about. With a Valley Federal Credit Union savings account, she’ll enjoy the benefit of seeing her savings grow with competitive dividends and annual percentage rates.
Savings accounts also help build healthy money-spending habits. We know mothers. When presented with the notion of spending for their children or grandchildren, many tend to spend impulsively. Yet, as the amount of money continues to grow in a savings account, an account holder will be enticed to contribute as the balance rises.
Managing Her Account
In today’s tech-heavy world, youngsters have grown up with technology at their fingertips. It’s almost become a natural extension of their lives. Digital tablets, smart watches, smartphones and applications, which now simplify the most cumbersome of tasks, are some of the new benefits. Most adults (moms included) were not brought up with an iPad or some form of technology at their fingertips.
All Valley Federal Credit Union representatives love to sit down with parents to show them the ins and outs of online banking. Mom might appreciate it if a son/daughter took the task of showing her how some of these applications work. The fact that you care enough to show her how to navigate the complicated musings of the World Wide Web will score you some extra points and will show her how much you’re willing to take care of her.
Up-to-Date Spending Habits and Transactions
With a Valley Federal Credit Union checking or savings account, access to online balances and activity logs is easier than ever. Showing Mom how to stay aware of her online balances will keep spending on track and help her catch any fraudulent activity.
By making it a habit of regularly checking their account online, adults will also be able to figure out where their money is going. Valley Federal Credit Union offers up-to-the-minute transaction information. Mom will also be able to see how much money she’s spending on coffee at Starbucks or at her favorite clothing store throughout the week.
If you’re the kind who has trouble discussing financial matters, the Social Security website has a great page which provides details on disability and retirement in English and Spanish specifically aimed at women. They also have a nifty “Retirement Estimator” which helps figure out Social Security benefits depending on the scenario you choose (age or retirement, future earnings, etc.)
Heinz Family Philanthropies, the Women’s Institute for a Secure Retirement (WISER) and Visa Inc. also a have program called the Women’s Saving Initiative. The program features a free book called What Women Need to Know About Retirement, available on CD, audio file or PDF.
Give the Gift of Financial Security
Whatever her savings goals are, nothing beats a Mother’s Day gift like the peace of mind of financial security. A Valley Federal Credit Union savings account will help Mom do just that. We have a way to help her get there through easy 24-hour banking, online banking, Roths or our certificate of deposits (CDs). Visit our credit union in Brownsville or call us at 956.546.3108 to get started.