Be ready for life's unexpected expenses
Saving money for a rainy day isn’t easy. There’s always some emergency expense that comes along to dwindle all or part of your hard work. In a recent Bankrate poll, they found that 56% of Americans cannot cover an unexpected $1,000 bill with their savings, meaning they end up using credit or a payday lender. To help you build you emergency savings, we have some helpful advice.
Start with a Savings Account: As a Central Willamette CU member, your first account was a share draft. Open a second share draft account and use it as emergency savings. If you can, start it with a $100 deposit.
Make Automatic Deposits: If you already have direct deposit of your paycheck, we can help you set aside a small portion of that to your emergency savings every payday or month. Or simply ask about pulling $10 from checking every month. After one year, you’ll have an additional $120. Just $5 a week adds up to $260 after 12 months.
Boost Your Savings with Extra Work: Whether it’s a side hustle like DoorDash or a part-time job at Walmart, making some extra money can help boost your emergency savings. Once you reach your emergency savings goal, you can cut back on hours.
Never Trust a Payday Lender: Those companies appear to be on your side, offering quick cash for a low fee. But if you cannot pay the full amount of the loan in the specified timeframe, those fees quickly add up to unbelievably high interest rates. Instead, come to Central Willamette CU and ask about our No-Delay Payday Loan. It works just like a payday loan, but without the high fees or borderline-illegal interest rate hikes. Plus, we’re on your side. We want to see you succeed.
Central Willamette CU is Here for You
Whether you have questions about direct deposit, want to talk about a No-Delay Payday Loan, or apply for a personal loan to consolidate debt and work your way to a better financial future, we have the expertise to help. Stop by any branch or give us a call at (541) 928-4536.