3 Ways to Give Your Savings Account a Little Boost
What does “saving the extra” mean to you? Whether it is putting change in a piggy bank or moving everything not in the budget into savings, those three little words can mean big money down the road. This America Saves Week, try one (or all) of these three ways to save the extra:
- Add a savings line to your budget. Rent, utilities, internet. Every important piece of your financial picture gets a designated spot in your budget each month, so why not your savings? We don’t always consider our savings goals a priority in our short term savings and spending plan, but it ought to be. Prioritize your goals by adding a “savings” line with an affordable amount to your budget; pay yourself with each paycheck. San Francisco Federal Credit Union members can easily set up automatic "saving" transfers using online banking.
- Stow away the windfall. Did you receive notice of a raise for 2018? Maybe you have a bonus coming your way for a job well done. Whatever the bounty may be, allocate any unexpected funds to your savings goals. You won’t miss the percentage raise you receive when you divert it into your savings account. You weren’t expecting that bonus; tuck it away for a rainy day, or better yet, make your bonus work for you! Certificate of Deposits (CDs) are an effective vehicle of investment for those who are looking for stability and protection of their principle over a period of time.
- Split and save your refund. It’s a universal truth: saving at tax time can be a big step toward meeting your savings goals. This tax season, opt to split a portion of your tax refund into your savings account. For many of us, the tax refund is the largest check we will receive all year, which provides the perfect opportunity to start or grow your savings goal. Do you want to get your biggest possible tax refund? San Francisco Federal Credit Union members save up to $15 on TurboTax products.
Saving the extra is an easy and quick way to jumpstart your savings!
By Tammy Bruzon, America Saves Digital Engagement Strategist