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News & Notes

Pay Yourself First

Sep 06, 2019

Some people are better at saving money than others. If you fall into the “others” 100s in pocketcategory, never fear. RCU can help with a thing called automatic transfers. You choose the sum that you’d like pulled from your checking account and placed into a savings or money market account. It can be as little as $10 transferred on the day(s) of your choice.

You may find, as so many have, that once the funds are in the savings account, you’re more liable to let them stick there awhile. And of course, if you need to pull the funds out, there’s no charge to do that.  

Take the holidays, for instance. If you know you need $300 to cover gifts, set up an automatic transfer for $50, twice a month. That covers this year. For next year’s holiday savings, you can adjust the automatic transfer down. Even if you save just $50 per month, that’s $600 by December 2020!

The same goes for any financial goal you have. Need a new car? The downpayment on a house? Figure the amount, the date by which you need it, divide by the weeks or months in between, and set up an automatic transfer to get it done. You can even create your own name for an earmarked account called “new car” or anything you like. And while you’re building the money, it’s working for you, earning interest.

Savings Tips:

  • Save when you get paid. Schedule a transfer to savings whenever a paycheck is deposited.
  • Save gradually. Transferring just $10 a week can help you save over $500 a year!

Follow these steps to customize your savings plan:

  1. Log in to online or mobile banking.
  2. Go to the Transfers & Payments tab and select Transfers.
  3. Customize your savings plan and watch your savings grow!

Visit redwoodcu.org/AutomaticSavings to learn more.

 

CATEGORIES:
  • Deposits
  • Savings
  • Automatic Savings Transfer
  • Money Market
  • Personal Certificates
  • Savings Accounts
  • Ways you can save
  • Blog

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