Start Small, Think Big

This article first appeared in the Mountain America Credit Union Newsletter—Fall 2018 issue.

We all have financial goals. Some of us dream of buying a car, traveling or starting a business. Others want to get out of debt or retire comfortably. The trick is determining the steps necessary to get you there.

It’s actually not as hard as you might think. By taking these four steps, you’ll be on your way to achieving
your goals.

1. Open a savings account. Mountain America has a variety of savings options, but two that you may not be aware of are our Growth certificate account and youth certificate account. Both accounts give you the freedom to start with a small initial deposit (as little as $5), and then add to the balance whenever you want. They also earn a higher dividend rate than traditional savings accounts, which means your money can grow faster.




2. Treat savings as a bill. Figure out what you can afford to save each month and stash away $75, $50, $25 or even $10 a month. No matter the amount, you’ll be forming a worthwhile habit. As your financial situation improves, increase the amount.




3. Live one raise behind. When you get a raise, don’t start spending more. Instead, apply the extra income to your savings account.




4. Automate it. Have a portion of your paycheck deposited into savings, or schedule regular transfers from checking to savings. With this “out of sight, out of mind” approach, you’re less likely to feel the pinch.

When you start small like this, it’s easier to change a few habits and adjust your mindset. For more savings tips, check out the Must Reads section of our website.