Improve Savings Planning
The best way to create a strong savings program is to address each month's savings goal as if you are paying bills. In other words, put money aside into savings just as you would put money aside to pay the gas or telephone bill.
You first need to break down your savings needs into three categories…short term, mid-term, and long term. RFCU has all the accounts needed to assist you in accomplishing these goals. Click here to current Savings, CD, Money Market rates, and much more.
Short Term Savings - These are periodic but predictable expenses. Insurance premiums, school clothes, club or association dues, and holiday gifts. Since these expense come only once a year, consider your savings like an escrow account.
Mid-Term Savings - This represents special projects, savings you accumulate for exceptional expenditures such as replacing your car, taking a vacation, putting a down payment on a house. If you want a summer vacation at the beach and figure you'll need $2000, you'll have to save $167 per month.
Long-term savings - These savings would cushion you should you incur an unexpected income disruption. If you don't need to use it, then it's there for your security. Your reserve should be approximately 2-6 months of your living expenses.
Don't forget…Your credit union is a great place to help save for short, mid and long term needs. We have many a variety of terms for certificates of deposits, money market accounts, and budget savings accounts. And remember, your savings are insured up to $250,000. Simply e-mail us to set-p automatic transfers to your Club Accounts or you can make these transfers yourself with Virtual Branch.
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