Did you make a resolution for this year? Did you already break it? It’s tough to stay on track.
If your resolution was to lose weight, eat healthier or start a new hobby, we can’t really help you out there. But, if your goal for this year is to save money, you have a bunch of tools at your disposal.
Keep reading to learn how you can get started saving no matter your income level or budget. If you have questions about any of these tips to save money, feel free to contact us using the live chat tool in the bottom-right corner of your screen.
Tips for saving money quick links:
Stop paying fees with a Free Checking account
How do you use your checking account? Do you just need it to pay bills and make transactions using your debit card? A lot of financial institutions charge you for this basic service. We don’t.
If you’re tired of paying monthly maintenance fees or meeting minimum balance requirements, make the switch to Free Checking. You can set up your direct deposit in just a few minutes using online + mobile banking.
More about Free Checking
Earn more money with Premier Checking
Free Checking is great, but what if you want to keep a little bit more in your account? A Premier Checking account lets you earn CD-level interest while keeping the flexibility of traditional checking.
Unlike other interest-bearing checking accounts, you don’t have to jump through a bunch of hoops to earn a great annual percentage yield and boost your savings. If you don’t meet all the requirements, there’s only a small $5.00 fee per month.
Is Premier Checking is right for you?
Set aside some cash for a CD
One of the most traditional ways to earn money on your savings is with a certificate of deposit. Usually, these accounts require you to set money aside for a longer time period to earn. You can take advantage of fast three- and six-month terms that let you earn more faster. Plus, you can earn a rate bump if you open a CD with money that’s not already on deposit at the credit union.
View your CD options
Get more saving flexibility with a money market account
Locking up money into a CD of any length comes with a commitment. What if you want to earn money on your savings while keeping more flexibility? A money market account lets you earn slightly less than a CD, but with the option of withdrawing money if/when you need it.
Is a money market account right for me?
Help your kids save money with a Tracker Kids Club account
Resolutions to save money aren’t just for adults. Learning good money-saving habits early is one of the best financial education tools in your Arsenal.
Kids 12 and under are eligible to start saving early with a Tracker Kids Club account. A parent or guardian must open the account for them in person, either at a branch or through a live video chat.
Tracker Kids Club details
Make saving automatic with the Spend to Save program
Are you having a tough time sticking to a savings plan? Why not make your savings automatic? When you make a transaction using your Arsenal debit card, Spend to Save rounds up to the nearest dollar amount. This “spare change” is then deposited into your savings account. You’ve effectively taken all of the thinking out of starting a savings plan.
More about Spend to Save
Set up a savings goal in online + mobile banking
Did you know that you can use online + mobile banking to create custom savings goals? You can set up automatic deductions from your paycheck that go directly into your savings account. Once you hit your goal, you’ll receive a notification that lets you know.
Plus, you can connect outside accounts to your Arsenal online + mobile banking to see your complete financial picture in one place.
What else can I do?
Consolidate credit card debt with a home equity loan
Did you rack up a lot of holiday debt? You’re not alone. More and more Americans are relying on credit cards, not just for holiday spending, but for everyday purchases. If the amount of debt is getting out of hand, consider a home equity loan or line of credit.
A home equity loan lets you consolidate your high-interest debt into a lower-rate loan that’s more manageable than a bunch of credit cards. Apply for a home equity loan online or see how you can save big bucks when you choose Arsenal.
More about home equity loans
Save for a special occasion
Help yourself avoid last-minute credit card spending with a special savings account. Open a Christmas Club account, deposit money throughout the year, and your funds will be distributed to you in early October. Open a Vacation Club account, deposit money throughout the year, and your funds will be distributed to you in early May.
Stop paying so many ATM fees
Did you know that credit union members have access to one of the largest free ATM networks in the country? Just look for CO-OP Network ATMs the next time you need cash. There are over 30,000 of them nationwide, with 250+ in the St. Louis area.
How do I find a free ATM?
