Tips & Advice


Five Secrets to Help You Save Now

Presented by the Financial Advisors at Apple Financial Services LLC, through CFS*

If you've been meaning to save more for the future, but aren't sure how to begin, don't panic. You're in good company. Many Americans (even those in higher income brackets) live paycheck to paycheck with little or nothing "put away" for emergencies or retirement.

But here's some good news…
There are many ways to start saving, even if you start small, that can increase your net worth without significantly altering your current quality of life.

In general, when it comes to a lack of savings, it is often not a question of low income, but a matter of high spending.

Many people would like to reduce their spending and increase their savings, but it seems like such a monumental task that they simply give up and don't take any steps in the right direction. Sound familiar? If so, don't shrug it off any longer. Here are a few savings secrets you can use today.

Secret #1: Hide and Think
When you're considering an expensive purchase (like a car or a pair of designer shoes), try setting the money aside or hiding it, even for just a week or two. Allow yourself time to think about the purchase. If, after taking pause, you still feel it's a good idea, proceed… knowing it's not just an impulse buy. If not, don't.

Secret #2: Pay yourself first
Start by putting money into your savings account FIRST. Take care of YOU before anyone else, so there are no excuses at the end of the month. Unless your monthly bills are higher than your monthly income, you should be able to determine a comfortable amount that goes into savings every month.

Secret #3: Shop smarter.
According to a reports from Acorns Money Matters, the average American spends about $1,100 a year – $3 per day – on coffee. That's a lot of money! What if you bought a $40 coffee maker for your office and purchased your coffee grounds in bulk instead? Start paying more attention to those "little" expenditures because they can really add up.

Secret #4: See your destination
Think about this: if 10 years ago you began saving just $200 per month in a shoe box under your bed, then today that shoe box would have $24,000 in it! Unfortunately, you can't go back in time. But you CAN look ahead. Use a financial calculator and start plugging in numbers. Calculate where you could be in 20 to 30 years depending on how much you're willing to save today. Once you know what you COULD achieve, saving money could become your favorite pastime.

Secret #5: Ditch the shoebox
Take a moment to consider WHERE and HOW you save your money. While a traditional savings account can earn you interest, there are other options available to you that could potentially earn you more like money market accounts or CDs. If you're not sure what they are or if they're right for you, it's a good idea to speak with a financial professional.

If you need help reviewing your savings plan, schedule no cost, no obligation consultation with an Apple Financial Services Financial Advisor through CFS* to review your options.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer, (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Apple FCU has contracted with CFS to make non-deposit investment products and services available to credit union members. Apple Financial Services LLC is a subsidiary of Apple FCU and is not directly affiliated with CFS.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.