Previously, we mentioned the importance of opening a savings account. This account is beneficial if you want to save for your future goals, such as getting a new car or enjoying a comfortable retirement. However, when life throws us curveballs, we may need to dip into our savings account from time to time. This can deplete your money fast! Our credit union wants to share three ways you can build your savings.
Create an Emergency Fund
Having an emergency fund can help you pay for unexpected purchases without dipping into your savings account.
Consider the following:
- Is an emergency credit card right for you?
- How much money do you want to save in your emergency fund?
- What are your short and long-term goals for this emergency fund?
Track Your Money Wisely
Another way to build a savings account is to pay yourself first every pay period. Doing so ensures you slowly rebuild your savings every month. Our app can help you track this!
The app helps you to:
- Send money to others using Zelle®.
- Pay your bills on time with Bill Pay.
- Use Apple Pay for contactless shopping.
- Easily upload your checks through Mobile Check Deposit.
- Earn points on every dollar spent on your debit card with UChoose Rewards.
Invest your Savings
Another great way to protect your money is to invest it! Our credit union in Harlingen offers:
- Money market accounts that earn interest over a long-term period.
- IRAs (investment retirement accounts) to improve your future financial security.
- Access to a private financial advisor to make suggestions on how to save more money.