Monday, April 25, 2016
Money smart begins with healthy habits
Being money smart starts with saving.
In honor of Money Smart Week—a campaign that places a priority on managing personal finances—we offer some timeless tips on making your money work for you.
Kerri Trecker, community outreach and educational representative at Dupaco’s Carroll, Iowa, branch, says successful savers practice many healthy habits, including:
How to hone these saving strategies
Want to fine-tune your saving habits?
Start small, Trecker advises. If you don’t take advantage of payroll deduction to a savings account, start setting aside as little as $5 a paycheck. In the beginning, it’s really about establishing the healthy habit. Then, increase your deduction over time or with every bonus or raise you receive.
It’s also important to set realistic goals and make concrete plans to achieve those goals. The goal could be as simple as: I want to save $20 more in May.
“Plan for how you can do that,” Trecker says. “Maybe you drink one less latte a week. There’s $20 right there. Then put that money into a savings account.”
And your credit union can help. While Money Smart Week happens once a year, Dupaco aims to helps its members achieve a brighter financial future every day.
During a free Dupaco Money Makeover, you might be alerted to potential budget leaks and savings opportunities. Let Dupaco help you practice systematic savings through automatic transfers and payroll deductions. You also can use Dupaco’s You Name It Savings accounts to help you save for special purchases.
“We realize that everyone is unique in their own way, and we take the time to get to know the member and set up a savings plan unique to that member,” Trecker says. “We want our members to be in their best financial position possible.”
By Emily Kittle