Saving for the future can seem like a difficult task. Fortunately, even if you don’t have much extra cash at the end of the month, you can start building up a safety net without even realizing it. After opening a savings account with a credit union, you can take some steps to accumulate money automatically. To help you put away more for your future, here are some tips for saving money effortlessly.

4 Tips for Tricking Yourself Into Saving

1. Set Automatic Transfers

Most credit unions allow you to set up automatic transfers from your checking to your savings account. This lets you build up your savings without realizing it. Over time, even small quantities add up. For example, if you automate transfers of $20 a month, you’ll have $1,200 after five years.

2. Collect Spare Change

This is a tried-and-true method for putting away cash. At the end of the day, toss any spare change in your purse, wallet, or pockets into a jar or piggy bank. Once the container is full, take it to a coin counter to exchange the value into cash that you can deposit into your savings account. 

3. Use an Investment App

A variety of apps automatically withdraw small amounts from your checking account and invest it, often with very low fees. Withdraw the amount every few months or leave it invested to watch the value fluctuate. Don’t forget to collect the money when you’re comfortable with how much it reached.

4. Visit a Credit Union

Credit unions are owned by their members, allowing them to offer much higher interest rates and lower fees than major banks. They might also offer money market accounts or other high-interest options. This gives you a sum at the end of a cycle that you can move to your savings account.
 

For over 80 years, North Jersey Federal Credit Union has helped members throughout Passaic County, NJ, achieve their dreams. This credit union proudly offers savings accounts with high interest rates and the personalized service you deserve. Learn more about their savings options online, or call (973) 785-9200 to discuss your needs.