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Money Matters Blog

Monday, August 8, 2011

Save Your Money: Tips from Community Financial

Fewer than half of Americans set aside money for savings on a regular basis. If you’re one of them, you’re headed in the right direction. Saving money is not only rewarding but also important to protect you in emergency situations and cover unforeseen expenses.

As Benjamin Franklin famously said, “A penny saved is a penny earned.” Here are some tips to help you save your money.

Start now. Review your budget and make sure you are able to put away money at least once a month. Saving a little bit now will add up in the long run.

Use savings accounts. You’re better off saving your cash in a savings account rather than leaving it at home or in a deposit box. In an account your money will earn interest. To make saving easy, you can set up automated deposits into your savings account.

Look for good rates when borrowing money. If you’re looking for a loan, mortgage, or line of credit, first take the time to search for good rates. If your current loans or credit cards have high interest rates, try calling the lender to request a lower rate.

Avoid overdraft fees. Monitor your daily expenses to avoid overdraft fees on your bank accounts. Budgeting can help you save money by preventing overdrafts. Also, look for accounts that provide overdraft protection.

Community Financial Credit Union offers a variety of savings accounts to meet your needs and help you make the most of your money. Our accounts include important benefits such as overdraft protection. Click here for more information on these accounts. Stop by one of our branches or call Community Financial at (877) 937-2328 to find out which account is right for you.

Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

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