New Year, New Beginnings: Ways to Refresh Your Financial Savings Plan

The first month of 2017 is almost over, and now is the time New Year’s resolutions begin to fade. For those in need of a boost, PFCU has put together a few easy ways to refresh your financial resolutions in order to meet your 2017 financial savings goals.

Refreshing Your Financial Savings Plan

Increase your 401(k) contribution

Saving for retirement can seem overwhelming, especially if you’re just starting a career. The good news is a small increase in your contribution rate can make a big difference in the long run. Increasing your contribution by just 1 percent can result in thousands of dollars saved when it’s time to retire. Also be sure to verify if your company matches your contributions, and make it a goal to reach the maximum. Your future self will thank you, and you’ll feel great seeing the increase in your savings at the end of the year.

Sign up for automatic savings

When it comes to saving money, staying disciplined can be tough. Make it easier by signing up for automatic savings. Opening a savings account with PFCU is easy. You can easily submit an application online, and a savings account only requires $5 to open the account once approved. Once a savings account has been opened, work with your employer to set up a percentage of your regular paycheck to be directly deposited into a savings account.

Make an extra payment

Paying down debt is a crucial part of building a healthy savings. Whether it’s a car loan or credit card bill, making an additional payment, no matter how small, will make a difference. Challenge yourself to cut back on your regular monthly spending to make room for an additional payment. Work with your lender to have the additional payment applied to the principal balance to make the greatest impact on the debt.

Saving in 2017

Like physical exercise, saving gets easier with time and practice. Push yourself to save a little more each month, and use the tips above to make the process easy.

PFCU has a variety of savings options suited for all of our members’ needs. Check out our Personal Savings Accounts for details on which savings accounts are best for you.

Erin Ellis
Accredited Financial Counselor
Philadelphia Federal Credit Union
eellis@pfcu.com