3 Essential Questions To Ask Yourself About Your Savings
You may have seen these questions before, and you may have a plan for them.
If so, you are doing great and keep up the excellent work! If not, now is a good time to reconsider your savings.
In fact, it’s always a good time to reconsider your savings (okay, there’s no need to do it every day).
But yes – saving is that important to your financial health.
Three of the Most Important Questions To Ask Yourself About Your Savings:
- How much liquid emergency savings do you have right now, ready to use in case of an urgent need?
- How much of each paycheck do you put to savings?
- At your current rate of saving, will you have enough to live securely throughout retirement? You may think it’s too far off to consider, but it’s closer than you think and that kind of thinking can leave you in a dangerous position if left unchecked.
Why Is Saving So Important?
Engage Community and Achieve Goals
Savings can help individuals find creative new ways to engage with their community, and help families achieve their travel goals while responsibly minding their budget. Saving during these summer months can be especially trying, but not impossible.
Savings can help members of a generation facing significant financial burden to gain stability, and even build toward big goals using compound interest.
(That’s why it’s so important for young professionals to save early and often.)
Clarify Long-term Goals
The act of saving can help you clarify your long-term goals and take steps toward making them real. (That’s why you are encouraged to set an action plan at the end of this mobile-friendly, interactive video about saving.)
Give Children a Financial Leg Up
Turning savings into a family activity helps parents give their children a financial leg up that will benefit them throughout their lives.
That’s why we host special savings activities for kids at branches, visit elementary schools to teach kids about saving, and offer parents advice on how to help their kids start saving.
As your credit union, our work is to improve your financial well-being.
Every member has a different financial vision for themselves – for some it’s to own a home, for others to start a business, and for others still to build a nest egg their family can live on securely into the future.
No matter what your financial goals are, the common thread that runs through them is regular saving.
How Do You Get Started Saving?
An excellent way to save, for beginner savers and seasoned savers alike, is to open a Go Savings account.
It is the first product of its kind in the Pacific Northwest. With more than 2,000 accounts opened already, it is thrilling to see so many members benefiting from turning old savings rules on their heads.
There are no secrets about Go Savings; it’s simply the math of the interest rate.
We’ve designed it to give members higher returns than they could find anywhere else in our market (featuring a 2.50% APY* on all balances below $2,500), and encourage members to compare their Go Savings rate against other available options.
Since it offers higher returns for lower balances, it’s a great way to reward new savers for building a healthy savings habit.
To get started, use this Go Savings calculator and see how far your hard-earned dollars can go.
What if I already have a Go Savings account?
Share the good news with someone you know! The more you help others, the more they’ll help others too, including you!
- If you know a young professional getting started with saving, let them know they can open a Go Savings account to give them a healthy start.
- If you know a friend or family member who has faced challenges trying to build a savings habit, encourage them to start with Go Savings. Seeing the higher returns may help them stick with the habit for longer.
- If you know someone approaching retirement who needs to make sure their income will last their lifetime, Go Savings can help them earn higher returns.
Saving is the foundation of long-term financial health, and it allows you to achieve more of your dreams. Go Savings can help, but only after you make the decision that you’re going to crush your goals.
You’ve got this, and you can always reach out to us to help reach your financial goals. Opening a Go Savings account is easy. Here’s how to open one in uOnline.
*Annual Percentage Yield
Posted By: Jacob Schnee
About the Author: Jacob joined Unitus as Marketing Specialist in March 2015 and transitioned to Marketing Communications Specialist in March 2017.
His experience has spanned hospitality, business development, consulting, and marketing in various industries along the east coast, west coast and in between.
When he is not developing internal and external communications for Unitus, he is engaging in recreational fitness, studying personality types and exploring the outdoors with his wife, dog, and baby.