DCU Member's Monthly - December 2007

Tips for Smart Saving

It's challenging in today's world to save money, especially during the holiday season. Spending money on gifts and traveling to visit family can really put a dent in your wallet. Knowing when to set aside money for yourself can seem like a tall order during these festive times. In reality, it is not as hard as it seems. Just follow these easy steps:

1. Set a Goal – Whatever your reason for saving, you should always set a goal. For an "in-case-of-emergency" fund, you should work toward three to six months of reserves. A goal also serves as your savings inspiration. It is easier to save when you have an objective.

2. Pay Yourself First – Each pay period, set aside $20 to $50 to your savings account. An easy way to do this is with Direct Deposit. Ask your employer to deposit a percentage of your pay to a savings account and the rest in your DCU Checking so you gain the extra benefits it entails. You won't miss what you've saved because it is taken directly out of your paycheck before you can spend it.

3. Systematic Savings – Besides using Direct Deposit, you can also set up weekly, biweekly, monthly, twice-monthly, quarterly, semi-annually, and annual automatic transfers to your savings account with PC Branch. Letting PC Branch make these transfers decreases the temptation to spend and puts your savings on "auto-pilot."

Let DCU help you reach your savings goals. To find out about our wide variety of savings options, visit dcu.org, stop by any DCU branch, or call our Information Center.

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