Happy New Year AAGCU!

As we ring in the new year, it’s a great time to reprioritize your finances. Whether you’re looking to build an emergency fund or save for the next holiday season, setting a clear savings goal is a great way to get started.  

Set a Savings Goal 

Saving money is an essential part of life. Goals may vary between large items, like a house or car, or smaller items like your monthly bills or a birthday gift. Wherever you’re starting, the best way to save is through small, realistic steps. Building savings takes time and dedication. A good way to start is by breaking down your saving goal into weekly or monthly targets. This can help you visualize what it takes to achieve your goal and motivate you with each milestone you hit.  

Use this virtual coach to help you determine the amount needed each month to make your savings goals a reality.

Establish emergency savings  

Life can be unpredictable, but having a financial cushion to fall back on can make all the difference. Emergency funds are accessible savings set aside in case of sudden events, like losing your job or a medical emergency. It’s suggested to save between 3-6 months of living expenses, including rent, car payments, utilities, food, etc. This can be a big goal but a necessity to preparing for unexpected events and providing you with peace of mind. The best way to start is small and then work your way up with each paycheck. Setting up a sub-saving account can help you allocate funds to a designated account. Consider using direct deposit from a portion of your paycheck to ensure you contribute consistently. 

AAGCU Accounts for You 

Having a competitive dividend rate on your savings account will help take your savings even farther. Alaska Air Group Credit Union offers a 2.01% Annual Percentage Yield* on our Standard Savings and Save Your Way sub-savings accounts, so you can earn dividends on your money. With only a $5 minimum deposit to open and maintain, our Standard Savings account is a great option to start your savings journey. If you’re looking for a safer investment choice, consider an AAGCU Share Certificate. With terms between 3 months to 3 years, our Share Certificates offer fixed rates higher than regular savings.  

Prepare for next Holiday Season 

Though the holidays are tapering off, it’s important to keep yourself on track for next year. An easy way to start saving is to set up a Christmas Club Savings account. Use direct deposit to effortlessly save money all year. With no minimum balance requirements, you can earn a competitive return on your savings to avoid holiday stress. 

 Saving doesn’t have to be overwhelming. Small and steady make a large impact over time and it’s never too early to start. Start now, and make your savings goals a reality!