Make Savings a Part of Your 2020 Financial Game | Cleveland Bradley County Teachers Federal Credit Union

While most financial professionals recommend their customers have at least a $1,000 in an emergency fund, many Americans do not have it. As a result, when a financial emergency strikes, people are pushed further and further into debt.

Our team at Cleveland Bradley County Teachers Federal Credit Union wants you to know how you can boost your savings account this year—even if you are beginning at $0.

You Have to Start Saving Somewhere

Let’s take a look at how you can start saving as soon as possible:

First things first, you want to make sure you establish a budget. Without knowing exactly where each dollar is going, it can be hard to know where to start when it comes to how much you can put back into your savings.

Therefore, take some time this week to sit down and write out each of your bills, including how much your bill is each month, or at least how much it averages.

Then, look at where you can cut back and include a savings category so that part of your budget can start going into your savings account.

Second, you want to go ahead and set up a direct deposit for your savings account. Most employers will allow you to set up the direct deposit of your paycheck to deposit partially into two different accounts.

Once you figure out a household budget and how much you can put back in your savings account each month, then change your direct deposit so that your portion of what you can put back for savings goes straight from your paycheck to your savings account. If you don’t see it, then you won’t miss it! And you will be less likely to spend it.

Finally, don’t discount how much your pocket change can benefit your savings! Create a change bucket so that you can put all your change into it and then deposit your change into your savings account on a quarterly basis. You might be surprised just how much small change can actually give your savings account a boost!

Visit the Cleveland Bradley County Teachers Federal Credit Union website today to learn about our savings account options!