America Saves Week

Monday, April 8, 2024 – SAVING AUTOMATICALLY

First, you’ll want to have a clear view of your finances, so you know what you are capable of stashing away. Don’t worry or get discouraged if it’s not as much as you would like at first. Start Small, Think BIG! Even small amounts add up over time.

Start by having a portion of your paycheck automatically transferred into a savings account. If you don’t already have direct deposit, it’s easy to get that started.  You will provide your employer with your account number and our routing number – 321172219.  If you aren’t sure what account number to use, call us at 707-443-8662.

If you already have direct deposit set up to your Compass checking account, you can set up a transfer to your savings account through online or mobile banking (see instructions below). This will allow you to make changes instantly, at any time.

If you don’t have Online Banking, it’s easy – click here to enroll.

SET UP A TRANSFER IN ONLINE BANKING:

• • Click on the green “Transfer” box.
  • Select the “from” account and the “to” account.
  • Enter the amount.
  • Click the “more options” button.  Then select the frequency, date and memo if needed.
  • Click submit.

No matter how you choose to save automatically, the most important thing is building the habit of saving – there is no amount too small to save!

Tuesday, April 9, 2024 – SAVING FOR THE UNEXPECTED

How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially prepared? Most likely A LOT!

For those of us who struggle with saving for the unexpected, our confidence might be shaken because we haven’t met this standard. Instead of focusing on what you haven’t accomplished, here are a few strategies to consider that may help you build your financial confidence and begin or continue on your path to saving for the unexpected.

• Set a goal of saving $500 for unexpected events and once you reach this amount, set a new goal and keep going. Reaching several smaller goals feels good and you’re likely to remain committed to our plan.
• Consistency can help build confidence. Saving automatically every time you get paid is the easiest way to be a consistent saver and consistency builds confidence. When you are saving $10 or some other amount every paycheck, you will see regular progress, building your confidence along the way.
• Instead of only focusing on the negative reasons for having an emergency savings account, think of it as saving for opportunities. Saving in a more positive light may help you feel better about setting money aside.
• Use the three to six months of expenses in a savings account as a guideline but try not to become discouraged if you haven’t met this goal. Instead, focus on what makes the most sense for you at this time and adjust when you can.

Click here to open your Secondary (Opportunity) Savings Account.

Wednesday, April 10, 2024 – SAVING FOR MAJOR MILESTONE

What do homes, education, and retirement all have in common? They are major life milestones that require advanced planning and saving large amounts of money. The good news is that there are ways to plan and save for these major milestones:

• Make a plan for how much you need to save and when you want to have that money saved.
• Whenever you have more than one goal that you are working on at the same time, it’s important to prioritize them.  You just may need to allocate a greater percentage of your available money to save more for one goal over another.
• Decide which goal is the most important to you right now and you can use that decision to guide your plans. You can change this over time.
• When tough times happen, it’s OK to set aside some saving goals. You can return when the time is right.
• For retirement, check with your employer for resources. You can also open individual retirement accounts (IRA) with Compass. Have a reliable calculation for the money you need to save and what the best investment options are for you.

With all these goals, while the sooner you can start saving for them the less you will have to save each month, recognize that your situation will determine when you are able to start saving.

To learn about our Certificate of Deposit Special rate,  click here

To learn more about Individual Retirement Accounts (IRA), click here

Thursday, April 11, 2024 – PAYING DOWN DEBT

Making the decision to pay down debt can be mixed with emotion. You feel good about choosing to take concrete steps to pay off balances. On the other hand, you feel less positive about the amount of money you are directing into a savings account.

As you pay off your debt you are freeing up money, allowing you to direct those funds toward saving for something else that’s important to you – perhaps an opportunity fund, a vacation, a home purchase, or retirement.

Credit is a tool. When used wisely and with purpose, credit can help you achieve your financial goals and build financial confidence. Having a clear view on when and for what purpose you use credit is the foundation for a positive relationship.

Sometimes we’re told that there are good types of debt (home mortgage) and bad debt (credit cards). This type of categorization is based only on the financial aspect and not the personal situation you are dealing with. It may feel better to ask yourself if the type of debt you are taking on is a good decision for you or not.

Making purposeful choices about credit, something that you plan for financially and mentally, can help you build more financial confidence.

If you already have a high-interest rate loan, consider refinancing to lower your monthly payment with our special debt consolidation loan. Click here to learn more.

Friday, April 12, 2024 – SAVE AT ANY AGE

Saving – do you view it as an ongoing journey or do you consider saving as someplace you arrive at? We consider saving a habit, not a destination that can be formed at any age.

Research tells us that children’s money habits are often formed by age seven so starting early to teach them about saving can have a huge impact. Many parents are accustomed to hearing frequent requests from their children about a toy, game, or piece of clothing that they “just have to have.” Sound familiar? Using these wants is a great way to help children learn to save.

You can also give children the opportunity to make some decisions about their money. Empowering children from a young age to make choices about the money they earn or receive as gifts is a great way to build that confidence.

For young adults, as they begin to earn a regular and potentially higher income, a strong foundation begins with a basic understanding of the difference between needs and wants.  The system of automatic saving can set young adults on the path to a lifelong saving habit.

To open a secondary savings account, click here.

To establish a new savings account and/or checking account, click here