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Smart Saving and Spending

STEPS TO SMART SAVING
AND SPENDING

1. Get a true picture of how you spend your money. Save all your receipts when you buy something for at least two weeks. Then add them up and figure out how much you’re spending each week, month and year.
2. Make a list of your income. Write down what you earn from allowances, jobs, and gifts as soon as you get it. Then calculate how much you make each week, month and year.
3. Evaluate your situation. Are your income and expenses the same? Are you spending more than you are making? Or do you have some money to spare?
4. Create a spending plan. Figure out how much you need to save each month to reach your goals. Then decide how you will come up with this money. You probably need to figure you’ll spend a little more and make a little less than you think. Look for some ways to save and remember even saving $1 per day will give you $365 in a year’s time.
5. Put your plan into action. Try to make your spending match your plan for a month. Do you have some money left for saving? If not, maybe you need to start over and make some adjustments. You might have to work more or spend less.

After you have put your plan into action, you’re ready to start saving. the big advantage of a savings account is that your money is working for you by earning interest. No matter now much you can afford to save each month, it adds up. For example, if you save $25 per month at 3% interest compounded monthly, you’ll have about $305 after one year, $1,620 after five years and $3,500 after ten years.

There are several ways to keep your money. Savings accounts are safe and more readily available than some other accounts. Other account types are money market accounts and certificates of deposit. ALL credit union accounts are insured by the federal government and pay dividends that is usually better than the interest paid on savings accounts elsewhere. (Look for more tips in next quarter’s newsletter.)

Win A
Gift Certificate
If you find your name hidden
in this issue of Newsline,
bring it by the credit union
office at 407 S. First Street to
receive your certificate
for 2 lunch buffets
at Overpass Steakhouse.

Community Action News

Your credit union staff participated in the American Heart Association’s annual Walk on the Wild Side in February. A total of $472 was collected for this worthy cause by selling hearts, heart bears and staging a Gospel Sing in November of last year. Brenda Davidson served as chairperson.

Holiday Closings

Memorial Day
Monday, May 26

Independence Day
Friday, July 4