3 Easy Ways to Add to Your Savings This Summer
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Date: May 16, 2024
Category:
News; Education; Financial Flexibility and Freedom
Saving money is often easier said than done, especially in the summer months when our schedules and expenses tend to shift into “fun mode."
If you're trying to save more this summer, Wright-Patt Credit Union® (WPCU®) wants to help! Having a solid savings foundation helps you weather financial storms with less stress so you can reach your long-term financial goals.
So, how do you get started? We have three tips to help you add to your savings this summer:
#1: Set a Savings Goal
First, it's important to decide what you're saving for, whether it's a starter $1,000 emergency fund, a vacation or a big purchase like a car or home down payment. Setting a clear goal will help you stay focused and disciplined.
Once you have a goal in mind, determine how much you need to save in total. Then, break that number into manageable chunks to save monthly or weekly throughout the summer. It's a good idea to open a secondary share account to keep these funds separate from your everyday checking and savings accounts.
#2: Pay Yourself First
One of the best savings “hacks" is to pay yourself first. This simply means to add to your savings right away when you receive your paycheck, before paying bills and making other purchases.
Instead of waiting until the end of the month to set aside whatever is left, you know exactly how much you'll save upfront. With this mindset, saving is not an afterthought; it's a mandatory “expense!"
To make paying yourself even easier, set up automatic transfers to your secondary savings account on paydays, or on a monthly or weekly basis. It's easy to schedule recurring transfers using WPCU's Mobile or Online Banking.
#3: Save Your Spare Change
Summer can lead to increased spending on travel, dining out, entertainment, kids' activities and more. What if you could contribute to your savings while you spend money?
With WPCU's EasySaver® round-up account^, it couldn't be easier to add to your savings with every purchase. When you sign up for EasySaver, every purchase you make with your WPCU debit card will be rounded up to the nearest dollar and deposited into your EasySaver account^. Think of it like a digital piggy bank, putting your “spare change" to good use.
To help you reach your savings goals, WPCU will match 50% of your round ups within your first 30 days in the program — plus a 5% match each quarter after.^ You can earn up to $300 a year!^
Quick tip: Add your WPCU debit card to your mobile wallet to make checkout safe, fast and easy!
What's Your Summer Savings Goal?
As your caring financial partner, WPCU is always here to help you Save Better for what matters most. Explore our savings account options or visit your nearest Member Center to talk with a Financial Coach about your summer savings goal —we'd love to help you reach it!
^When you open an EasySaver® account, Wright-Patt Credit Union (WPCU), on a daily basis, will round up the amount of each debit card purchase posted to your checking account to the next whole dollar amount and transfer the total excess amount from your checking account to your EasySaver® account. WPCU will aggregate the rounded-up amounts from purchases that post to your checking account each business day and make a single transfer (“daily round-up transfer”) at the end of the business day. If on a business day you do not have sufficient available funds in your checking account, or if any transaction has overdrawn your checking account, we do not round up purchases posted on that business day and we cancel the daily round-up transfer for that day. If your debit card purchase is subsequently cancelled or reversed, such as a returned purchase, the corresponding daily round-up transfer will remain in the EasySaver® account. Refunded or adjustment transactions will not be rounded-up.
WPCU will match 50% of the daily round-up transfers that post to the EasySaver® account in the first 30 days after enrolling in the program. This 30-day period begins when the first daily round-up transfer posts to the EasySaver® account. After the first 30-day period, WPCU will match 5% of the daily round-up transfers that post to the EasySaver® account. To receive the Credit Union Match (“CU match”), you must have an open EasySaver® account, be enrolled in the EasySaver Debit Card Program and enrolled to receive eStatements, at the time of quarterly match. The CU match amount will be credited to the EasySaver® account at the end of each calendar quarter in an amount based on the applicable percentage of the accumulated daily round-up transfers for that calendar quarter or the actual balance in the account at the end of the calendar quarter, whichever is less. The annual cap on the CU match amount is $300.00. The annual amount of the CU match will be reported to the IRS on Form 1099-MISC. If you close your EasySaver® account before the CU match amount is posted to the savings, you will not receive the CU match for that calendar quarter.
The minimum balance to open an Easysaver® account is $0.00. The minimum balance to open an EasySaver® is in addition to the purchase of one $5.00 membership share required to be maintained in your TrueSaver™. The EasySaver® account is a variable-rate account.
The Credit Union reserves the right to cancel or modify the EasySaver® account at any time, at its sole discretion. Only transactions posted to your account as debit card purchases are eligible. The Credit Union does not control whether a transaction is processed as a debit card transaction and is not responsible for how the merchant or any network processes a transaction.
For additional account information about the EasySaver account, please visit EasySaver Truth-in-Savings Disclosure.
