Category Archives: Savings

Saving for the Future – Start Early

Kids Calculating

The information in this post is provided by our partner Accel Financial Counseling. Accel’s counseling services and educational programs are available free to all Consumers members. The earlier you start saving, the more you will benefit from compounding interest. This is the interest earned on interest payments already built up in an investment fund. The earlier you begin, the larger your nest egg will grow. Here’s an example of two friends, Grace and Drew, who had different savings strategies. Grace saved $1,000 a year for 10 years, starting at age 25. Drew saved $1,000 a year for 25 years, starting at age 40. Both earned the same 8 percent return. Who ended up with more money at age 65? It had to be Drew, right? Wrong. Grace benefited from her head start and the power of compounding. Here’s the breakdown: Grace Drew Began saving at 25 Began saving at 40 … …continue

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In Case You Missed It: A Recap of Our Ask Tim Anything ConnectU Facebook Savings Chat

Tim Kosak 2

As part of our Consumers ConnectU financial education series, Tim Kosak, our Consumer Lending Manager, will be hosting monthly “Ask Tim Anything” chats on our Facebook page. In February, he took your savings questions. In case you missed it, here’s the play by play. Not coincidentally, this is America Saves Week! Many additional savings resources are available on their website. Q: Can the credit union help me save for retirement? A: Absolutely! Your retirement savings needs depend on many factors unique to you. Our retirement experts offer complimentary consultations to all members to uncover the best option for you. Q: If you need to make a large purchase and have the funds now, should you purchase it (depleting your savings) or look to finance it at the lowest possible rate and keep your nest egg? A: Cash is king. Depending on your situation, you may look at a balance between … …continue

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5 Easy Ways to Get Involved in America Saves Week and Save Successfully

America Saves Week

America Saves Week begins continues through March 1. The week is a chance for individuals to assess their own saving status and take financial action. Studies reveal that having a savings plan with specific goals can have beneficial financial effects, no matter your income level. Join us in setting and sharing your savings goals! Katie Bryan, Communications Manager with America Saves, encourages you to take time this week to select a savings goal and create a plan to save for it. Here are her tips, with links to extra resources:  1. Pledge to Save Those with a savings plan are twice as likely to save for emergencies and retirement than those without a plan. Join over 350,000 people who have already committed to save. When you take the pledge you can also choose to receive text message tips and reminders to help you save for your goal. 2. Assess Your … …continue

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This America Saves Week: Take Action to Improve Your Financial Situation

America Saves Week 2014

America Saves Week begins today and continues through March 1. The week is a chance for individuals to assess their own saving status and take financial action. Studies reveal that having a savings plan with specific goals can have beneficial financial effects, no matter your income level. Join us in setting and sharing your savings goals! To help us get started, Katie Bryan, Communications Manager with America Saves, presents simple action items you can take to jump start your savings efforts. America Saves Week, February 24 – March 1, 2014, is a time to review your finances, decide what you want to save for, and set up a system that will allow you to save automatically. That’s why the America Saves Week theme is Set a Goal. Make a Plan. Save Automatically. Did you know that only half of Americans report having good savings habits? Even if you are already … …continue

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Tips to Get the Most Value from Your Tax Refund

Tax Savings iStock_000010937375XSmall

America Saves Week is coming up February 24 through March 1. To get us thinking about saving, Katie Bryan, Communications Manager with America Saves, shares some tips for using your tax refund to set the foundation for your savings efforts. Still need to file your taxes? Remember that Consumers Credit Union members save on TurboTax federal products. Tax time is one of the few opportunities when many households receive a sizable amount of money – especially if they take advantage of the earned-income tax credit. While it may be tempting to spend that money on wants vs. needs, saving your tax refund can protect you from needing to turn to payday loans or high-cost credit later in the year, and can serve as the foundation to grow your savings. Here are four ways to get the most value from your tax refund next year: 1. Pay down your debt. Use … …continue

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I Feel Like I’m Number One

Jacob M

Jacob M., who joined Consumers in 2006, is into saving. He has multiple special savings accounts, which he descirbes as, “like an envelope system that happens naturally. I have savings for emergency funds, vacation, tuition, car repairs, all divided up.” For Jacob, it’s all about having peace of mind when it comes to his finances, and he knows you can’t find that just anywhere. “We’re not taught at a very early age how to manage money,” he says. “I believe the credit union does a great job of promoting advice and financial classes.” Even his checking account helps him save money. “I don’t pay anything for it,” he says. “And as a member, you get local discounts.” But banking with Consumers provides more than just savings. “What’s the point of having an account somewhere I’m not number one? I think that the biggest thing about being here is that I … …continue

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Why You Should Save Money in Times of Prosperity

Piggy Bank with savings message

Recently, featured our Homerun Rates 60 month CD, to highlight the benefit of the penalty-free withdrawal option as CD rates begin to rise. These rising rates should encourage those looking to rebuild savings from the recent recession. Guest writer Patrick Russo of explains. Consumers Credit Union is offering deposit account specials with increased interest rates across several offerings, including competitive Money Market and CD accounts. These and other rate bumps are a good sign for the economy and offer encouragement to consumers trying to rebuild their savings from the recent recession. These enticing rates may even motivate consumers to buck a surprising trend: the fact that, historically, savings have not increased as the economy has improved. An economic data graph from the Federal Reserve shows that periods of recession in the United States cause increases in personal savings among consumers. In fact, with only one exception in the … …continue

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