News & Updates

April is Credit Union Youth Month and Financial Literacy Month.
How can I hit my savings goals?

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With school, socializing, and perhaps a part-time job, the concept of saving money towards a specific goal might seem distant or even irrelevant. However, understanding the importance of savings and adopting the habit of paying yourself first can lay a strong foundation for financial independence and security in the future.

Let's delve into why you should prioritize savings and how "paying yourself first" can be a game-changer.

Paying Yourself First

The concept of paying yourself first involves setting aside a portion of your income for savings before allocating any of your money to expenses.

Rather than saving what is left over after spending, you should make saving a non-negotiable priority, treating it as an expense that must be paid first.

This approach ensures that saving becomes a regular and integral part of your financial routine, increasing the likelihood of long-term success.

Achieving Goals

Whether it's funding higher education, traveling the world, or buying your first car, saving money is the key to turning your dreams into reality.

By setting specific goals and allocating a portion of your income towards savings, you can work towards achieving your ambitions.

Each dollar saved brings you one step closer to fulfilling your dreams and benefiting from the results of your efforts.

Compound Interest Magic

One of the most powerful tools in the realm of personal finance is compound interest. By saving early on, you can benefit from the magic of compounding, when your money earns interest not only on the initial amount saved but also on the interest generated over time.

This snowball effect can significantly increase savings growth, allowing you to accumulate wealth over the long term with relatively modest contributions.

Cultivating Financial Discipline

Learning to save money requires discipline and self-control, valuable life skills that extend far beyond the realm of finance.

By making saving a priority and consistently setting aside a portion of their income, you will develop habits that promote responsible financial behavior.

These habits will serve you well in adulthood, helping you manage your finances wisely and achieve greater financial stability.

In a world filled with endless temptations and immediate gratification, the habit of saving money and paying yourself first may seem challenging at first, but the long-term benefits far outweigh short-term sacrifices.

By prioritizing savings, you can build financial resilience, achieve your goals, and lay the groundwork for a secure and prosperous future. Start today and watch your savings grow. Your future self will thank you!

Ready to start saving? Evergreen Credit Union’s Certified Financial Counselors are ready to help. Call (207) 221-5000 or visit your nearest branch to start your 1-on-1 financial counseling session.