3 Tips To Help You Become A Super-Saver

by Lauren Beichner

Marketing Specialist

7.6.2021
|
Member Tips
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In honor of July being national savings month, we want to share why saving extra cash should be one of your top financial goals. Even better, see how you can make your savings automatic with Coastal in the video below!

Did You Know?

Only about 40% of families have liquid savings equal to three or more months of expenses, and just 28% have more than six months.1 Let's face it, saving money, in addition to paying for your regular monthly expenses can be challenging from time-to-time. With that being said, no matter where you are in your financial journey, you should be aiming to set aside some money to put in your savings. 

Learn The Impact Of Saving More

How Much Should You Save A Month?

A common method of figuring out how to budget and save is the 50-30-20 rule, which recommends that you spend 50% of income on needs, 30% on wants, and 20% on savings or debts.2

Not Sure How Much You Can Afford To Save?

 

Try Our Savings Calculator

3 Tips To Help You Build Your Savings

1. Know Your Saving Options

The kind of savings accounts you use are determined by what savings needs you have. Do you need to save and have access to those funds at anytime? Do you need an account with a low minimum balance? Make sure you explore what makes the most sense for you.  There are a variety of saving options to choose from including: 

  • Certificates: ideal for someone who is looking to save for long-term goals since they keep your money saved for a set period of time.

  • Money Market Accounts: a good option for someone who is looking for more flexibility as to when/how often they can access their funds. 

  • Bonds: in general, a less riskier option of investing and saving than stocks. 

  • Savings Accounts: perfect for someone who isn't 100% sure what they need out of their savings account yet, but they know they want to start somewhere. 

Have Questions About Coastal's Saving Options?

You need a plan and we have the resources to help you! Coastal Wealth Management, *available through CUSO Financial Services, L.P., will provide you with a free and personalized financial review to help you decide which saving options align with your financial goals. 

Get Your Free Financial Review

2. Set Short-Term And Long-Term Savings Goals 

Savings accounts are useful for putting money aside for wants, emergencies, or a rainy day because they generally have higher interest rates than checking accounts. Make sure you set short- and long-term goals for yourself so that you know what you are saving toward. Are you saving for retirement? A house? A new car? A home renovation? Whatever it is, keep that goal on your mind to keep you motivated!

Try our Save Towards a Goal Calculator to help you see how much you need to put away to make your dream a reality! 

3. Interest Is Key

With a savings account, you take on the role of the lender and the financial institution becomes the borrower. The higher the interest rate and the longer the time period you leave your money in an account, the more compound interest you earn. Make sure you shop around to find the perfect interest rate for you. 

Explore Coastal's Saving Rates

Want To Learn More About Saving Accounts?

Check out our EverFi article to learn everything and more about savings accounts!

Read The Article

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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Coastal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.

1. According to Everfi.com

2. According to https://www.investopedia.com