Knowing how a money market account works can help you decide whether the saving strategy is right for you. Here’s what you should consider.
What are your hopes and dreams?
It might be hard to believe, but life won’t always feel so … on hold.
Imagine brighter days ahead and think about your goals for the future. Maybe you’d like to buy a new car. Renovate your home. Or go back to school to get your dream job.
Naming your dreams—and saving for them—can help you reach your goals.
Here’s why: You begin to visualize what you’re working toward. Having that visualization can motivate you to keep saving and protect your hard-earned money for its intended purpose.
And saving automatically and systematically makes it even easier to pay yourself first, letting the savings tools do the work for you.
Whether you have leftover stimulus money to help you start saving today or you need to put your goals on hold for now, know that several tools can help you reach your hopes and dreams when you’re ready:
Tools to help you reach your hopes and dreams
You-Name-It Savings accounts
Create as many separate savings accounts as you’d like—for expenses, projects, purchases, you name it!
You can open the accounts within Shine Online and Mobile Banking.
Use Savings Goal to create a customized plan to reach your goals.
Set up the feature in Shine, and create as many as you want. Name your goal amount and completion date, and Savings Goal will calculate a plan to reach it, using a new or existing You-Name-It Savings account.
Save year-round for holiday gift purchases, and receive your funds in time for holiday spending.
In 2019, Dupaco members saved $5.2 million in their Holiday Club accounts. That’s an average of $1,003 per participating member!
This retirement savings account can help you prepare to open an Individual Retirement Account.
Start small, opening a Launchpad account with as little as $5. Once you’ve saved $1,000, you can transition to an IRA.
Pay yourself first. Send a portion of your paycheck directly to your savings accounts before you even see the money.
Another option: Set up automatic transfers between your checking account and savings accounts.