fbpx
 

Simple Steps to Start Saving

man and woman looking at computer

If you’re ready to start saving but you don’t know where to begin, Ideal CU can help.

Step 1: Set a goal

What’s your secret (or not-so-secret) financial dream? Do you want to open your own business? Explore the Australian Outback? Buy a boat?

What are your long-term financial goals? Do you want to make your friends jealous and retire before you hit 50? Do you dream of sending your child to college?

Choose your goals and assign a target dollar value to each one.

When you really start saving, first prioritize building an emergency fund that has three to six months’ of living expenses. Thinking of your bigger personal goals now will help keep you focused.

Step 2: Start tracking your expenses and income

For three months, keep a record of your expenses and all income. At the end of the three months, tally up your totals to figure out the average of each.

Step 3: Trim your expenses

If you find that your income exceeds your expenses by a fair amount, give yourself a high-five and skip to the next step.

If you spend more than you earn, or your numbers are too close for comfort, look for ways to trim your expenses, and save that extra cash.

Step 4: Create a budget

Don’t freak out — this isn’t as hard as it sounds. Just take your averages from step 2 and use them to designate a specific dollar amount for each monthly expense. Don’t forget to include savings in your budget!

Step 5: Choose your savings tools

It’s time to choose a place for your savings to call home. For long-term savings, look for an option that offers an attractive earnings rate, like a share certificate at Ideal CU.

Keep that emergency fund and other short-term savings in an account that allows you to make withdrawals without asking too many questions, like a checking account at Ideal CU.

Step 6: Make it automatic

Is this the first time you decided to start saving? Make it the time you actually carry out your plans by setting up an automatic monthly transfer from your checking account to your savings account.

Now, go make your savings goals a reality!

Related Posts

By accepting you will be accessing a service provided by a third-party external to https://www.idealcu.com/

2021 - 22 Holiday Hours

Martin Luther King, Jr. Day

Monday, January 18th
All locations closed.


President's Day
Monday, February 15th
All locations closed.


Good Friday
Friday, April 12th
All locations open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.


Memorial Day
Monday, May 31st
All locations closed.


Independence Day
Sunday, July 4th
All locations closed.


Labor Day
Monday, September 6th
All locations closed.


Columbus Day
Monday, October 11th
All locations closed.


Veterans Day
Thursday, November 11th
All locations closed


Thanksgiving Day
Thursday, November 25th
All locations closed.


Day after Thanksgiving
All locations are open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.


Christmas Eve
Friday, December 24th
All locations open until 1:00 p.m.
Lobby - 9:00 a.m. to 1:00 p.m.
Drive-thru - 9:00 a.m. to 1:00 p.m.


Christmas Day
Saturday, December 25th
All locations closed.


New Year's Eve
Friday, December 31st
All locations open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.


New Years Day (2021)
Saturday, January 1st
All locations closed