Save Automatically – Sometimes it’s difficult to make a conscious effort to put money away into your savings account. That’s why it’s best to save automatically so you don’t have to think about it. Taking advantage of direct deposit is a great way to make sure you’re keeping your budget on track. Maspeth Federal Savings (MFS) is happy to offer this service to our employees – speak to your employer to find out if they do too.
Save with a Plan – It’s great to have a savings goal but make sure you have a plan in place to reach that goal. How much are you going to set aside for your savings? How often? Will you have enough leftover to cover your necessary expenses? Check out our financial calculator to find out how long it will take to reach your goal: https://www.maspethfederal.com/help-center/financial-calculators/sav04/
Save for the Unexpected –Emergencies happen – car breaks down, boiler stops working, a serious health condition arises. You must be prepared to cover the expenses of these types of occurrences. You can start small by saving loose change or saving on small costs like making your coffee at home instead of buying it. If you make an effort to start saving now, you will put yourself in a better position if an unfortunate event occurs.
Save to Retire – For some, it may seem far away but saving for retirement is so important. It’s a good idea to start early, even if you start contributing a minimal amount to your 401K. MFS also offers options for long term savings such as two types of IRA accounts – Traditional & ROTH. Check out the advantages of both here: https://www.maspethfederal.com/personal/cds-and-iras/
Save by Reducing Debt – You may not think so but paying down your debt is actually considered saving. You can save on interest when reducing your debt and when you pay your bills on time, you’ll save on late fees. This will also improve your credit score.
Save as a Family – It is so important to teach your children about saving at an early age so they develop good financial habits as they grow older. Be a good example to your children and incorporate lessons in your everyday activities such as grocery shopping or going to the bank. At MFS we even have a Young Savers Club account, where children under 18 can have their own account to have hands on experience with money & saving. You can find more details here: https://www.maspethfederal.com/personal/savings/