How to be Successful at Saving

You start fresh each year, and every year you promise yourself you WILL SAVE this year. Saying it is one thing, but taking action is another. Obstacles, deadlines, and outside factors are all things that can sometimes steer you away from your goals. As your trusted financial partner, we want you to succeed in knocking out your financial goals this year! With that in mind, here are a few tips on succeeding at saving.

• Prepare a goal for every month. If you know the end goal but aren't sure of how much to put away each month, take a look at our financial calculators to help you figure out how much to save each month so you can reach your target.
• Open a savings account, so you have a place to grow your money by setting up automatic monthly deposits. Even if it's just $20, it's better than $0!
• Don't panic if you miss a month. You can add a little more in a later month, but don't make it a habit to pile on more while skipping. Save money in increments. Otherwise, you won't be as motivated to keep it in there.
• Check your status frequently through mobile banking to see your progress and motivate yourself to keep going. There's a certain thrill in seeing how far you have come and how much your savings has grown.
• Consider a Flex Certificate of Deposit. Not only does it have competitive rates that help build savings in 12 months, but you can also set up direct deposit straight from your paycheck to grow your CD throughout the term. With only a $100 minimum deposit, this is a win-win!
• Use the Card Management feature in the Texas Bay mobile banking app and set spending limits on your card so you can stick with your budget.

A few things to keep in mind are that while you are still saving money, it is not forbidden to spend a little. Sometimes, debt can be helpful to build your credit and overall financial health. Of course, it is never good to have too much of something, but debt can remind you that your savings are valuable and that while you are working to build your savings, you still have responsibilities.

What Kind of Debt is Good?

• Not only do credit cards help build your credit the more you pay on a regular routine basis, but they also show how healthy your finances are.
• Paying high-interest rates on your credit cards? Transfer those balances to our lower-interest rate card so more of your payment goes to paying off your balances and not interest. With the Texas Bay Platinum Rewards Mastercard^® you can transfer balances and receive 0% APR* for the next 6 months.¹
• Need help building or rebuilding your credit? A share secured credit card helps build credit positively by securing money in your savings in the event of non-payment.

• Consolidate your bad debt into a personal loan at a low interest rate so you can pay it back in low monthly payments with more money going to paying off balances and not interest
• Personal loans can be used for more than just big purchases. Use a personal loan instead of high-interest credit cards to pay for tuition, house renovations, tax payments, or even that dream vacation.

• This type of installment loan, paid on time, is a great way to build and improve your credit.

• Mortgages are great credit improvement loans. Regular payments over time go a long way to enhancing your credit score.
• Texas Bay offers a First Time Homebuyer Mortgage for those who need a little help getting into their first home.

At Texas Bay Credit Union our members' goals are our goals, so if you want to succeed in saving, believe we will be here with you every step of the way. Don't hesitate to stop by a branch and ask our team how you can build your nest egg for your future. If you can't stop by, contact us! We are here for you, so take advantage of it. Let us help you knock out your financial goals.

¹ 0% introductory rate on balance transfers and 5.80% intro rate on purchases for 6 months from the date your account is opened. After that, a standard variable APR will be 13.24%  to 18.00% based on your creditworthiness. Cash Advance Fee of $10 or 4.99% of the amount of each transaction, whichever is greater. Balance Transfer Fee of $10 or 4.99% of the amount of each transaction, whichever is greater. Minimum $500 balance transfer amount. Maximum balance transfer amount is 25% of available credit at the time of the request. Foreign Transaction Fee of up to 1% of each transaction in U.S. dollars in addition to any other applicable fee. No annual fee. Terms and conditions are subject to change without notice.