Top 4 ways to make your savings grow

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Building savings is always a challenge. You can start your account with just $5 at Painesville Credit Union.

“We have started many people on their savings journey with only $5 per pay. Once they see it adding up, they increase it on their own!” said credit union CEO Lori Guzzi.

Here are few little things you can do to make a big difference in building your savings account.

  1. Feed that piggy (bank). A pig, an old jug, an old peanut butter jar – keep your spare change and deposit it into your savings account every month or so. All that loose change really adds up, and can pad your savings with money you didn’t really know you had.
  2. Keep your debit card in your wallet. It’s emotionally easier to swipe a card than it is to hand over cash. If you’re using a card, you’re likely to spend more than if you had to count out the bills. Plus, if you’re limited to using the cash you have on hand, you won’t go over budget.
  3. Call out your vendors! Call up your cable, cell phone, insurance, and internet providers and ask about discounts. Shop around. Can you get a better deal? Haggle on your monthly rate and see if you can get any amount of money off your bill. Then take the amount of your savings on each bill and apply it to your savings account. Do the same thing if you get a great deal or use a coupon on an item. Save the savings!
  4. Open a savings account and have a certain amount of money automatically deposited in that account with each paycheck. It doesn’t have to be a huge amount, even $5 will grow your savings. Having a separate savings account makes that money “special” to you emotionally because it takes effort to save it, which means you’ll think twice (or more) about spending it.

We’re always here to help you reach your financial goals! Call us at Painesville Credit Union at 440-352-8974 to set up a financial counseling session, open a savings account, or finance your dream car or house!

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Making Life a Little Better is a blog by Painesville Community Credit Union. We're here to help you borrow and save money, plan for your family's future, and find the best chili recipe in Ohio (and maybe the world). Learn more about Painesville Community Credit Union here: www.painesvillecu.org.

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