Saving for Life
It is possible for you to save money even if you feel as though you live paycheck to paycheck and your wages are totally committed to paying your bills. Saving money is a matter of habit not finances.
If you allow yourself to believe that saving money is a habit and that habits are derived from your own mindset, you will overcome the main obstacle you face in beginning to accumulate a savings account. If you continue to believe that your ability to save is only a product of the amount of your income, you are thinking like a victim and not like someone who makes your own choices and takes charge of your own financial destiny.
Remember that stress, particularly stress associated with your finances, is only created from what you do not understand or what you cannot control. You can absolutely take steps to better understand and control your finances and become a saver.
There are multiple ways that you can begin effective saving habits regardless of your level of income and without necessarily needing to make more money. They include, but are not limited to direct deposit, proper withholding alignment, contributions to employer sponsored saving plans, and Roth IRA’s.
The most basic form of saving is the establishment of a regular savings account at your local credit union or bank. Credit Unions will typically provide you with an easier route to a savings account because they very rarely charge fees or impose limitations, whereas most banks will require minimum balances and/or restrict usage and charge fees if you do not meet those requirements.
To read on, please visit: Make Saving a Habit.
Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union
Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.
