DALLAS -- Neighborhood Credit Union stopped by the Eye Opener studio to offer tips to boost your savings -- small steps that put you way ahead in your financial game.
Write down your saving goal, no matter how small
Start asking yourself questions like “what do you want to save for?”, “How much do you want to have saved by a certain date?” so you can have a goal in mind when you start saving. Having those goals will help get you in a habit of contributing every week, two weeks, or how ever often you want.
1. Know where your money is going
Saving more money starts with self-awareness. This is where a monthly budget comes in handy. If you know that you’re going to spend a certain amount on groceries, eating out, and for fun, it makes it a lot easier to keep yourself in check.
2. Expect the unexpected
It is very important to have an emergency fund. These things will happen and we need to be as prepared as possible. Too many people aren’t saving up for a rainy day and it’s putting them in deep debt and other financial trouble. The rule of thumb is to have 3 to 6 months of expenses saved up in case something happens.
3. Stick with it
Give yourself a regular “financial checkup” to make sure you’re on track with the goals you set beforehand. A study showed that only about 20% of young adults check their account balance every day. Holding yourself accountable can really help you achieve your goals and put you where you want to be!
Neighborhood Credit Union, the oldest credit union in Dallas, was chartered April 18, 1930. It's a not-for-profit financial organization serving Dallas, Denton and Ellis counties, as well as the cities of Arlington and Midland.
With branches in Oak Cliff, North Dallas, Richardson, Arlington, Mesquite, Duncanville, Waxahachie, Lancaster, Grand Prairie, Coppell and Midland and assets topping $590 million, Neighborhood Credit Union has a membership of 47,000 and continues to welcome new members daily.
Opening a Prize Savings Account pays to save! With this account, you are automatically entered into their annual drawing for $25,000 -- just for saving your own money! The more money you have saved up, the more times your name are in the drawing. So either way, you win!