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| Money Troubles? Here are Some Tips for Saving With Your Credit Union. |
| By Lauren Capo |
 Being a freshman at university is not as easy as it sounds. Dad and mom no longer feed you twenty dollar bills whenever your strapped for cash, school schedules get in the way of a normal job, and living with a roommate who is getting a free ride through university is not a lot of fun when you are in are in need of a friend who “understands”.
Nevertheless, life is not fair and you just have to “keep on truckin’!” I work part-time making barely eight dollars an hour and most of the time money is tight. Since I started working two years ago I have had a love-hate relationship with my credit union account. I feed it hundreds of dollars a month, yet somehow it always seems to disappear. Money moves through my account like sand in a cupped hand: the harder you try to hold onto it the faster it slips away. Between car insurance, phone bills, food, gas and other necessities it is no wonder I spend some of my hard earned cash every week, but where does the rest of it go?
Apparently a lot goes to meaningless things that are only a few dollars, but over time add up to become big dents in my pocket. For example: Soda at the convenience store, nail polish, a movie here, a movie there – you get the idea. I decided to try a little experiment. Instead of promising myself that this week will be different, I tracked what I spent every day whether it was cash or check or debit. I found that carrying cash is the easiest way to hold onto money for me. The bigger the bill the better. I found if you limit the number of bills you have you feel like you are losing more in the long run by breaking that $100. It really is working for me! I only take cash and leave my checks and card at home now. I also found that if you have direct deposit at your credit union it is easy to request that a certain amount be taken from each check deposited and put into a savings account. You don’t notice ten or twenty dollars missing, but over time it really adds up. Think about it. If you save $20 a check, and you’re paid bi-weekly, that is $40 a month and $480 a year! Plus, a savings account has a higher interest rate so you make money just for saving money! This is a great idea, especially when you are like me and can’t afford not to save. |
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