If enduring the COVID-19 pandemic has taught us anything, it’s the importance of having both community and financial support. Although some people may think that it’s incredibly difficult to save money, especially during this difficult period, it’s very doable!
The first step to increasing your finances is by deciding why it needs to be done. Having additional funds on hand can be beneficial to make ends meet, pay for emergencies, or accomplish a financial goal, like having funds for retirement. Read below to learn a few ways you can start saving and investing your money now for a more secure future.
Divide Your Finances
After you’ve decided how you’ll invest your money, consider how much you’ll need to save. Outline the cost of your bills and any debt you owe. Before you start investing, pay for your bi-weekly/monthly needs first. This way, you can minimize the chances of running into trouble.
Focus on the following factors:
- Gas for your vehicle
Create Temporary Savings
VFCU offers a variety of ways to save and invest money. If your goal is small, like saving for a vacation or paying off a small loan, you’ll only need to create temporary savings. Consider opening a Certificate of Deposit (CD). CDs are offered by credit unions and earn dividends for a specific time.
Our CD earnings are tallied daily. We currently offer:
- Shared certificates for up to 36 months with rates as low as .4% APY.
- Jumbo share certificates for up to 60 months with rates as little as .5% APY.
Grow a Long-Term Savings
If your financial goal requires more money, like creating a retirement fund or paying off a car, consider opening a Money Market account with us. These allow you to save money and offer benefits such as:
- The freedom to withdraw money when necessary.
- More competitive rates compared to those offered by banks.
- Easily accessing your account through our Mobile Money App.