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Are you wondering about our resolution for 2025? We want to do everything we can to help our members build a financially stable future!
A better future calls for financial planning. That's why we want to help you focus on money management this year — more specifically, saving money. Every penny you put aside in 2025 will bring you closer to your financial goals, whether big or small.
Where do you envision yourself in a year? Are you driving to work in a brand-new car, looking for your first home, or taking your family on a well-deserved vacation? Let’s turn these dreams into achievable goals with these five financial resolutions!
Before you start growing your nest egg, you should figure out the best way to stash your eggs. Here are your options:
Credit unions are a great option — their Certificates of Deposit rates consistently outshine traditional banks!
The one thing that will change your finances in 2025 is this simple piece of advice.
Pay yourself first.
What does this mean? As soon as your direct deposit hits your account, put some money aside to grow your savings.
There are two ways to do this:
Saving first will transform your finances in 2025, but it gets even better. There is an easy way to grow your savings: automated transfers.
Once you have set a monthly savings goal, create an automated transfer from your checking to your savings account.
As soon as you get paid, a portion of your money will go to your savings. You won’t even have to think about it; the money gets put aside before you can spend it. Sit back and watch the savings grow!
Don’t get us wrong — any savings are better than no savings at all. A common mistake we see though, is members putting all their savings into a single fund.
Why is this bad? Financial goals don’t all happen at once. Some take a month to reach, others a decade. Your savings strategy should reflect this. Plus, when saving for the long term, it’s perfectly acceptable to sacrifice accessibility in favor of higher returns.
Here’s how you can create dedicated savings funds:
Savings products allow you to earn interest without taking any risk. This is great because your money is highly accessible, and there is no risk of losing any of it.
That same money could grow faster if you took a few risks and invested instead. Your last resolution for 2025 should be to find the right balance between saving and investing, which is something we can help you with.
Saving money is easy with these resolutions! The best part? You can get started with only $5. That’s all it takes to open a savings account with Power Financial Credit Union.
Explore our savings products or locate the nearest PFCU branch to meet with an advisor and talk about your savings goals!
Are you wondering about our resolution for 2025? We want to do everything we can to help our members build a financially stable future!
A better future calls for financial planning. That's why we want to help you focus on money management this year — more specifically, saving money. Every penny you put aside in 2025 will bring you closer to your financial goals, whether big or small.
Where do you envision yourself in a year? Are you driving to work in a brand-new car, looking for your first home, or taking your family on a well-deserved vacation? Let’s turn these dreams into achievable goals with these five financial resolutions!
1. Saving Money With the Right Products
Before you start growing your nest egg, you should figure out the best way to stash your eggs. Here are your options:- Think of Savings accounts as ground zero for your financial success. Your money grows steadily through interest while remaining easy to access.
- Want to see more returns? That's what Certificates of Deposit (CD) are for. With a CD, your money will grow over a set time period and earn a fixed interest. You can’t access the money until the end of the term, but the interest can be higher compared to savings accounts.
- For those who want more flexibility, Money Market accounts offer a premium growing environment for your money while making your money easy to withdraw.
- Don’t overlook Club Savings accounts. These specialized accounts are great for saving toward a specific goal — think a trip, a major purchase, or that big Christmas gift your kids have been talking about.
Credit unions are a great option — their Certificates of Deposit rates consistently outshine traditional banks!
2. Set a Monthly Saving Target
The one thing that will change your finances in 2025 is this simple piece of advice.Pay yourself first.
What does this mean? As soon as your direct deposit hits your account, put some money aside to grow your savings.
There are two ways to do this:
- Save a percentage of your paycheck. This is great for long-term goals and generally growing your nest egg. Saving 20% is ideal, but you should adjust based on your budget. Even 5% can quickly add up!
- Set a specific amount aside. We like this method for short-term goals. For instance, you can take the price tag of an upcoming purchase and divide it by 12. You'll have the money you need for that purchase by the end of the year.
3. Automate Savings
Saving first will transform your finances in 2025, but it gets even better. There is an easy way to grow your savings: automated transfers.Once you have set a monthly savings goal, create an automated transfer from your checking to your savings account.
As soon as you get paid, a portion of your money will go to your savings. You won’t even have to think about it; the money gets put aside before you can spend it. Sit back and watch the savings grow!
4. Create Dedicated Savings Funds
Don’t get us wrong — any savings are better than no savings at all. A common mistake we see though, is members putting all their savings into a single fund.Why is this bad? Financial goals don’t all happen at once. Some take a month to reach, others a decade. Your savings strategy should reflect this. Plus, when saving for the long term, it’s perfectly acceptable to sacrifice accessibility in favor of higher returns.
Here’s how you can create dedicated savings funds:
- Start with your emergency fund. Try to start by having at least $1,000 in an account you can easily access. Then work towards saving enough to cover 3-6 months of essential expenses.
- Next, let’s think about upcoming purchases. Are you thinking about a new car or a home renovation? Give yourself a year to save up and let these savings grow in a separate account.
- Why not dream big? Make 2025 the year you start saving for a down payment on a home. Look into using a mix of CDs and other products to let your money grow for a few years and earn as much as possible.
5. Find the Right Balance Between Saving and Investing
Savings are a stable foundation for a better financial future. However, putting all your money in savings funds isn’t the only way to make your money work for you.Savings products allow you to earn interest without taking any risk. This is great because your money is highly accessible, and there is no risk of losing any of it.
That same money could grow faster if you took a few risks and invested instead. Your last resolution for 2025 should be to find the right balance between saving and investing, which is something we can help you with.
Save More With Power Financial Credit Union
Saving money is easy with these resolutions! The best part? You can get started with only $5. That’s all it takes to open a savings account with Power Financial Credit Union.Explore our savings products or locate the nearest PFCU branch to meet with an advisor and talk about your savings goals!