Using Your Savings Account to Benefit You

Posted by GO Federal Credit Union on May 27th, 2019

It is so easy to forget about your savings account at your credit union in Texas. Yes, you probably deposit money into the account every so often, but is your savings account really helping you?

How to Use a Savings Account

There are several benefits to using credit unions in Dallas. One of those being the use of your savings account. This is an important account that should be used wisely. Fortunately, there are many reasons why this is such a benefit.

• Automatic Transfers: With automatic transfers, you can set it and forget it!
• Automatic Savings: It is hard to make yourself consistently put money in your savings account. Most credit unions have the option to have your paycheck directly deposited into your checking account.They also allow you to have a portion of that money go into your savings account automatically. This way you get into the habit of paying yourself first.
• Separate Accounts: To help overcome the urge to spend the money that you are trying to save, it might help to open a completely different account. This can keep you from using your savings and checking accounts interchangeably.
• Set Savings Goals: If you don’t set a savings goal, you will not stick to it. Understand what you are saving for; is it a house, car, vacation or just for a rainy day? Add price tags and deadlines to keep you motivated when putting money aside.

Planning is the Key

The key to saving money is to have a plan prepared and ready to put into action. You can make your credit union work for you to help you save the most amount of money possible.

Keeping all of the above-listed tips in mind, you can help you get the most out of your savings account. Having money continually building in your savings account can help you be prepared for any future purchases or needs that might come up.

About Author

Based in Dallas TX, GO Federal Credit Union has committed itself to empowering its members through meeting their various financial needs. Like any other credit union, GOFCU is also a not-for-profit financial institution.

Federally insured by NCUA and Equal Housing Lender