If you only have 3-6 months in savings to cover emergencies, you are not alone. Nearly 1 out of 2 people are in this situation. And 1 out of 4 Americans have absolutely no savings.* The two biggest reasons that people don’t save money are 1) because they don’t have much extra money to set aside, or 2) because they have not taken the time to set up automatic savings.
If either of these reasons is what stops you from saving, don’t worry, we have the products to help you, and tips to make it happen.
First of all, realize that you don’t have to save a large amount. If you set aside just $50 per month, you will save $600 in one year. That could cover the cost of an unexpected doctor bill, an appliance, a car repair, or a trip to your cousin’s wedding.
When to start saving money
You’ve heard the expression, “The best time to plant a tree was 20 years ago. The second best time is now”. We believe the same could be said about saving money – the sooner, the better! And if you haven’t started yet, don’t put it off any longer.
Decide to start saving
January is a perfect time to start saving, because many of us are in the “New Year’s Resolution” mood. So take advantage, and make a plan – right now! The great thing about this New Year’s Resolution is that you only have to do it once, then it’s done – and you’ll be saving all year long!
Making it happen
Choose a day in January and write it on your calendar and setup a reminder on your phone. Take a look at these popular savings options, then give us a call or stop in to get started. It will be worth your time!
| Ways to Save | Description | How much will I be saving? | Learn more |
| Payroll Distribution on Direct Deposit | You can have part of your direct deposit setup to automatically go into your Savings account. | You can choose how much you want to save. | Give us a call. |
| Round-up | A new feature added to our checking accounts. It will round-up each debit card purchase to the next dollar, and the difference is deposited into your FNCU savings account. | Between .01 and .99 on each transaction. 20 purchases in a month will average between $5-$15 of savings. | Visit https://firstnebraska.org/round-up |
| Christmas, Vacation or Savings Account | Set money aside for something special, such as Christmas or a vacation. | You can save as much or as little as you want, and you’ll earn interest on $100 or more. |
Apply online by visiting https://firstnebraska.org/savings |
| Transfer money into Savings | If your paycheck or other funds are deposited into another account, you can transfer money automatically into your Savings each month. | Use online/mobile banking to set up a transfer into your Savings account. |
Give us a call. |
| Term Share Certificates (CDs) and IRAs | If you have more than $500 that you don’t need access to, consider a Certificate or IRA to earn more interest. | It depends on how much you set aside. Certificates and IRAs generally offer a bigger return on your money than most savings or Checking accounts. |
https://firstnebraska.org/rates-certificate or |
No matter which option you choose, once it’s set up, it’s automatic! You won’t have to touch it again until you want to make a change.
* Source: Bankrate Emergency Savings Survey, June 22-27, 2021. https://www.bankrate.com/banking/savings/emergency-savings-survey-july-2021
