Whether you’re saving for educational expenses, retirement, or for a rainy day, we have the accounts and the resources to help you achieve your goals, and make your dreams come true.
Got your eye on a new car? What about that must-have computer or a big TV for the upcoming game? No doubt, you've got your heart set on something special, but how are you going to pay for it?
Rather than purchasing on credit, consider planning ahead and paying for the item outright. There are numerous ways to save. A good place to start is with a basic savings account
Savings accounts are the beginning of a great relationship with GENCO FCU. A savings account allows you to save for the future, a rainy day, a college tuition or that new car. Plus, you’ll earn competitive dividends on average daily balances. Your dividend is calculated based on average daily balance and paid quarterly.
In addition, you can use our home banking to set up automatic drafts each month so you can save without even having to think about it.
Christmas Club account
Our popular holiday savings account is a great way to put money aside for holiday shopping! You can put in as little as $10 per month and right before holiday shopping time, all your saved funds, plus your earned dividends, will be swept into your Primary Savings Account in early November. Contact us today to set up your Christmas Savings Account.
Savings Safari Account
When your children join the Savings Safari Club, their account will begin to immediately earn interest and they will be able to participate in fun and adventurous club activities throughout the year! Teaching your child to save at a young age is a priceless lesson they will carry with them for the rest of their life. We make it easy to learn to save and reward your child with an annual Easter Party and Halloween Party.
Save with a Direct Deposit - It Gets You There Faster
One tried-and-true way to save money is to use Direct Deposit to send a portion of your pay directly into a savings account. This out-of-sight, out-of-mind approach helps keep you from feeling tempted to spend the money. And if the budget's tight, it's okay to start small. Even $5 each week is a perfect start. The point is to start saving—now!
At some point, you're probably going to want to get a better return on your savings. You'll want to start thinking about certificates and IRA's, which provide advantages that a savings account does not.
Share Certificate of Deposit
- Generally pays higher interest or dividend rates than regular savings accounts.
- Requires you to open or "purchase" a certificate for a specific amount of time. You cannot withdraw the money during that time without paying a fee.
- Often requires a minimum deposit to open.
- Money is able to be withdrawn or moved into another certificate once it matures.
- Generally provides tax advantages.
- Does not require a minimum deposit to open.
- Excellent approach for retirement, as you cannot withdraw money until age 59½
Start Small. Start Saving.
One tried-and-true way to save money is to use Direct Deposit to send a portion of your pay directly into a savings account. This out-of-sight, out-of-mind approach helps keep you from feeling tempted to spend the money. And if the budget's tight, it's OK to start small. Even $5 each week is a perfect start. The point is to start saving—now!
Experts recommend establishing an emergency fund that equals a minimum of three months' salary. This fund can be used for unexpected auto repairs, medical expenses, or living expenses should there be a disruption in your regular income. (Just remember to replenish the fund if you ever borrow from it!) And remember, if you come into a large sum of money like a bonus or tax return, consider saving the majority rather than spending it.
Getting your financial situation in order doesn't have to be difficult. A bit of patience and careful planning goes a long way. Dollar discipline is about smart budgeting. The better you budget, the better off you'll be.
Developing a good budget and personal money management skills consist of identifying your goals, setting priorities, making a plan and keeping a record of your expenses so you can review and evaluate your goals. Remember, a budget is not just a tool to help you live within your income. It is also a way to help you get what you want out of life.
Setting Up Your Budget
- You can create a budget in four easy steps.
- Identify how much money comes in each month. Smart Tip: If you're Active Duty, don't include military housing or food allowances in the income portion of your budget since they can disappear if you're deployed.
- Write down the amount that goes out each month.
- Divide your expenses into two categories: fixed and variable. Fixed expenses include payments that don't vary from month to month, like rent, car payments, and internet bills. Variable expenses include expenses that change from month to month, like groceries, dining out, and clothing purposes.
- Total the income and the expenses columns and make a plan for how you'll spend money this month. Smart Tip: To help simplify the process, consider using a basic computer program like Excel or using a specialized program like Quicken.
Keeping To Your Budget
Now that you've set up a budget, it's time to put it to use. During the first few months, continue to track expenses and compare them to your spending plan.
Remember, this is your plan, so spend a few minutes thinking about what you want. The following questions may help you hone your budget into a spending plan that complements your goals:
- Does the budget match your financial reality, or does it need to be tweaked?
- Are you staying on track with your spending plan? If not, what needs to be changed? If so, what was easy?
- Are there areas of spending that can be trimmed?
- How can you make the budget work for you?
- What are your short-term financial goals? What are your long-term financial goals?
- Is the budget set up to help you reach them?
Update Your Budget
A budget that works today won't necessarily work in five years. The following life changes often mean it's time to rework your budget, so don't hesitate to modify it as needed:
- Getting a new job, promotion, or raise
- Changing your marital status
- Having a baby
- Making (or planning to make) a large purchase, such as a new car or house
- Moving to a more (or less) expensive location