Have you paid yourself today?
Astonishing trends show that personal savings rates dropped from 8% in the 80’s to negative 0.5% today. Money issues are the number one cause of divorce, and Americans are filing for bankruptcy in record numbers. Here are a few simple tips to help you save:
Choose your savings vehicle: Find the right saving option for you based upon your goals. For instance, if its retirement, use an IRA; for Holiday Savings use a Holiday Club account.
Automate: Set up direct deposit, payroll deduction or automatic transfers so you don’t have to think about making the deposit
Watch your $ grow: If you save on a regular basis, you’ll be surprised how quickly it adds up.
We believe that life is not a race, but a journey to be savored each step of the way. And we know how tough it can be to save, especially in a world filled with ways to spend every last dollar you earn (and then some).
Don't expect any get rich quick schemes here. Just matter of fact, old-fashioned tried and true recipes for success:
Money Market:
If you're tired of the bumpy road of the stock market, park your money with us! Call FCU's money market account offers higher yields than a savings account without sacrificing convenience and liquidity. With a $10,000 minimum balance, you can write up to 3 checks and enjoy higher rates.
Share Certificate::
Looking for a higher rate of return on a short term investment opportunity? Share Certificates may be the right option for you. We offer minimum balances starting at just $1,000 with 7, 12, 24, and 36 month terms.
Traditional IRA:
Individual Retirement Accounts are an excellent way to save for your future. Contributions to this type of IRA may be tax deducible in the year the contributions are made, and taxes due on the earned interest are deferred until the funds are withdrawn. Deductibility for tax purposes depends on active participation in a qualified retirement plan and /or taxable income.
Roth IRA:
Contributions to this type of IRA are not tax deductible. However, since your withdrawals are not reportable income, they won't affect your adjusted gross income during retirement.
Coverdell Savings Account:
Gives flexibility to families saving for college tuition and other related expenses. Earned and withdrawals are tax free if used for educational expenses by age 30.
IRA Certificate:
If you keep over $1,000 in your IRA, you may designate that money to be placed in an IRA Certificate. Same terms and rates as Share Certificates apply.
Rainy Day Savings Account:
Do you find it's hard to save? We designed this account just for you. We can help you automate it each week so you'll see the savings mount up. All it takes to start saving is $10.00. Although we dislike charging fees, some fees can be good to help us stay on track. So, for this special account, if you take your money out before the six months is up, you'll receive a $10 fee. We like to think of it as the "Hey, put that back!" fee. The pouty face as you make the withdrawal, that's free.
Holiday Savings Club:
Want an easy way to save for the holidays? Sign up for a holiday club account. Contributions may either be done manually or thru payroll deduction or automatic transfers. Dividends are posted and funds are deposited into your share savings account on October 31st.
Other Investments / Call Federal Investments & Retirement:
Call Federal Investments and Retirement is a personal financial management program designed exclusively for credit union members, like you. The program makes available a variety of investment and insurance programs to help you maximize your financial potential.
(read the Call Federal Investments and Retirement Disclosure)
