Money: What's Your Outlook on Saving?

Hey fellow IECU Members!

I recently volunteered/was nominated to contribute to our new IECU Blog initiative. I’ve always loved to write….and talk, so I figured it would be easy and fun. Learning that it was pretty much an open topic forum only added to my excitement for the opportunity. My only real guideline: Keep it somewhat tied to finance or our Credit Union. Too easy.

So, let’s talk about one of my favorite polarizing topics: MONEY! I am constantly thinking about money and finances. Whether it’s about my current account balance until next payday or my retirement in who knows how many decades, I am always conscience of the subject of money. I grew up in a family that did not have a lot of money, but also never went without any necessities. My mother has always been very frugal, which was influenced by her own childhood. My father worked hard and had no problem spending what he earned! Definitely more of the “you can’t take it with you” mentality. He would splurge every once in a while, on fun things like a big above ground swimming pool, yearly family vacations, and the newest techs/electronics. Looking at myself now, I am a pretty decent mix of the two mentalities. I definitely lean more towards the frugal side, but my wife does a great job of helping me spend money and enjoy what we’ve earned.

No matter what personality you have when it comes to money, its important to put some thought and planning into your personal finances. If you don’t already, make an effort to check your account balance every other day. At the end of every week or month, look through your account history and track exactly what you have spent your money on, and how much. Set up automatic distributions into your savings account, so that right when your paycheck deposits, a portion is saved. A two-income household saving just $20 from each bi-weekly paycheck will have over $1,000 saved in a year. Little actions such as these can help make big differences in your financial outlook! Try it out for yourself, and if you need any guidance, feel free to reach out to any of us here at the Credit Union! We love this stuff.

Talk to you soon,

-Mark Fanale

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