How to Save Money

Family outside hula hooping

Make saving easy on yourself!

Saving money doesn’t have to be hard. Here are five steps to give you a jumpstart on saving money now.

Learn the benefits of saving

If you’re the type (or even if you aren’t) that needs to understand the “why” of something before you act, here are a couple of ways to better understand the benefits and the need for savings.

BENEFIT OF SPENDING LESS CALCULATOR – Reducing your spending can be worth more than you might think. Use this calculator to see just how much your budget reductions may be worth.

EMERGENCY SAVINGS CALCULATOR – This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.

Start small

Many people think it’s not worth saving anything unless you save a lot. (Not true!) Every little bit of savings helps. So keep an eye on your spending and see how little luxuries can really put a dent in your ability to save. By curbing your iTunes downloads or daily double-shot mocha with extra whip, you miiiight be able to take a nicer vacation this year!

SAVINGS CALCULATOR – Find out how consistent investments over a number of years can be an effective strategy to accumulate wealth.

HOW TO MAKE A BUDGET – A budget is the best place to start to get your spending in check.

Make a plan

Once you see where you can save, make a budget to structure your cash flow. Plan to set aside the same amount each month. Remember, this can be just a few bucks!

  • When you save $5 a week, you end up with $260
  • $10 per week equals $520 a year!
  • Another way to boost your savings for larger expenses is to save your tax refund instead of spending it.

SAVINGS GOALS CALCULATOR – What will it take to reach your savings goal? This financial calculator helps you find out.

COOL MILLION CALCULATOR – Find out when your savings plan may make you a millionaire!

Save on a schedule

To turn saving into a habit, set up automatic deductions. (It makes saving money a no-brainer!) It’s super easy, because you can set up a scheduled transfer online, on the phone, or in person at a Linn Area Credit Union branch!

SET UP AN AUTOMATIC DEDUCTION – Have whatever dollar amount you choose automatically transferred from your checking account into your savings account.

Let it grow

Once you have consistent savings in place, let your savings grow! Open a CD or money market account… or ask us about other ways to capitalize on interest rates that will build up your savings over time.

CERTIFICATE OF DEPOSIT CALCULATOR – Use this calculator to find out how much interest you can earn on a Certificate of Deposit (CD).