It seems that many struggle to make their dollars stretch.
If that struggle is real for you, America First has some options to help you manage your money and plan for future expenses.
Dave Nellis, with America First Credit Union, says it's best to have a balanced approach with a variety of options.
This time of year, many of us get a tax return, and we often think that is free money. But Dave says, "It is really your money, and you decide what you do with it. Sometimes we feel the impulse to spend it on extravagant wants. Make sure to consider saving some for essential needs and emergencies as well."
Saving should be more intentional than just hoping there is money left over at the end of the month.
Checking and savings accounts are very fluid and provide you instant access to your funds but may not offer the best return.
For medical expenses, consider opening a Health Savings Account, (HSA), that works in conjunction with a High Deductible Health Insurance Plan (HDHP) and can assist with many of your medical and dental expenses.
Dave says, "I also recommend opening a certificate account to earn a higher interest rate to maximize the return on your money."
Certificate Accounts lock up your money with the intent to earn a much higher interest rate. Certificate Accounts can be opened with as little as $500. The rate of return, or interest rate, is determined by the term. Terms range from 3 months to 5 years.
Funds become available to use upon maturity at the end of the term, or you can choose to renew it for another term.
Whether it is only $500 dollars or $10K, a certificate account is a great way to maximize your return as you save for the future.
Another option Dave loves is Dedicated Savings. Many people may not have $500 to open a certificate account, but really want the higher interest rate. The Dedicated Savings can be opened with an initial zero balance with making at least a $10 transfer every month. It is like paying yourself.
Transfers are set up to be made automatically, so it really takes the discipline out of saving.
The rate is the same based on the term or length of time. You decide when you want that money to mature and be available to use.
It helps you be more intentional with your saving. Use it to pay for school tuition, set one up to pay for tires for the car, your dream vacation, create your annual Christmas fund, and even braces for the kids.
It is a great way to be dedicated to paying yourself and saving for known expenses.
America First knows that many consumers are dealing with high credit card limits and high interest rates.
So they have some relief including:
· Historic offer of a 0% interest VISA credit card for 6 months
· Open a new VISA credit card and get some relief
· Interest free payments for 6 months on all purchases
· Enjoy a lower monthly payment
· Consolidate your debt with balance transfers from other cards
· After the 6-month promotional period ends, enjoy all the benefits of low-rates, rebates, and rewards of our full line of VISA options.
· For a limited time
For full details, go to a branch or visit americafirst.com.
