America Saves Week was established in 2007 as a call for everyday Americans to commit to developing a habit of saving. It’s an initiative where credit unions can help members develop better financial habits. Compass Community Credit Union is proud to participate and provide financial resources to our members.
Each day of the week focuses on a different area of finances to help individuals and families address savings goals to achieve better financial stability, along with strategies for how they might get there. Here are the themes for each day during America Saves Week:
It doesn’t matter how much or what you’re saving for, when you make the smart decision to have a portion of your paycheck automatically transferred into a savings account, you have increased your chance for success. First, set up a direct deposit to your Compass account if you haven’t already. You will need to provide your employer with your account number and our routing number – 321172219.
Next, you’ll want to designate a portion to a savings account. You can set a transfer in Online Banking (see instructions below). This will allow you to make changes instantly, at any time.
Don’t have Online Banking? It’s easy & free – click here to enroll.
ACCOUNT TRANSFERS IN ONLINE BANKING: You can set up an ongoing transfer by clicking 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.
2020 has taught us that we have to be prepared for the unexpected. It’s never too late to start building an emergency savings fund to cover a major repair or a medical bill.
But where will all that extra money come from? First, write down where all your money is going every week. Then look to see how much is spent on things like that five-dollar cup of coffee. It may seem like nothing at first, but it can add up over time.
Do the same with bigger purchases like clothes (do I need it right now?) or electronics (do you really need the latest version of that smartphone?). Now take what you would spend on these items and add that to your emergency fund.
Click here to open your Secondary (Emergency) Savings Account.
It’s never too soon to start saving for retirement. Can’t seem to find any extra money to save? Reduce using credit cards for anything but an emergency. Go out to eat less often and avoid impulse purchases. Most of all, put yourself on a budget.
Here are a few simple ways to start saving for retirement:
Before you run out and buy that new pair of shoes or that big screen TV, don’t just ask how much it’s going to cost. Ask yourself how much will it cost after payments, including interest?
Establish a budget. Most financial experts recommend the 50/30/20 budget.
Tracking expenses and living on a budget may take some getting used to in the beginning, but over time it will give you a better financial future.
As a parent, you instill good moral values and financial guidance in your children. Guide your son or daughter toward a secure future by teaching financial responsibility early with a savings account with Compass. Then, when they get to be a teenager, establish a checking account. Teaching good money and savings habits at a young age will guide them as they mature into a young adult.
Click here to start a Savings and/or Checking Account for your kids.