Here are some tips and tricks to help stay within your budget this summer. Enjoy warm-weather fun without the financial stress of a vacation by keeping your summer funds separate from everyday spending. With a little planning and smart financial tools from Nusenda Credit Union, you can organize your money, track your spending, and start saving to reach your summer fund goal today!
Primary Savings
You can’t argue with this classic way to save money! Simply direct-deposit what you can into your savings account. A good rule of thumb is the 50/30/20 rule: put up to 50% of your after-tax income toward things you need, 30% toward things you want, and 20% toward savings. Take this strategy one step further by streamlining your savings with automatic payroll transfers.
Nusenda also offers another easy way to build up your savings. The Power of Change allows you to round up your debit card transactions to the nearest dollar, then places that change into your savings account.
Holiday and Club Savings accounts are another easy way to save money for that vacation. You only need $5 to start an account, and from there your automated deposits will earn simple-interest dividends. The Holiday Club Account matures on October 31, and the Vacation Club Account matures on April 30 – just in time to use for your next trip!
Money Market Accounts
A Money Market Account combines the ease of a checking account with the earning potential of a Share Certificate. A Money Market Account at Nusenda can help you earn more interest on the same amount of deposited money. Benefits include easy access to your funds while you enjoy higher dividends. Plus, there is no early withdrawal penalty, which means more flexibility for you.
Share Certificates
You may have heard of Share Certificates, which banks refer to as Certificates of Deposit. This type of savings account provides a safe place to keep your money for a fixed amount of time, because it is immune to fluctuations in interest rates. You do need a minimum deposit of $1,000, and from there you choose a term of 3, 6, or 12 months. Usually, the longer the term, the higher the return (also known as “dividend rate” and the associated “Annual Percentage Yield,” which includes the effect of compounding). Check out our current rates and fees here.
Points-earning credit card
You might want to consider getting a Nusenda Visa® Credit Card to meet your summer fund's goal. Explore the options we have available and start earning bonus points or 5% cash back. With no annual or balance transfer fees, you can be assured that your money is in a safe place.
Finally, make sure to take advantage of programs that put cash back in your pocket. Earn Your Return and Community Rewards allow you to earn cash back and The Power of Change lets you round up your Nusenda Visa debit card purchases to the nearest dollar and use the change to boost your savings, pay down debt, or donate to your favorite cause!
At Nusenda Credit Union, we’re dedicated to improving our members’ financial well-being and supporting them through affordable products, friendly service, community involvement, and financial education. We'd love to find other ways to help you reach your goals. Stop by a branch or make an appointment to meet with us today. With these steps, you’ll be setting yourself up for a stress-free summer vacation!