Have you ever heard the phrase, “Pay yourself first”? Put simply, it means to set aside a portion of your paycheck each week, before you pay your bills and purchase necessities like groceries or gas for your car. The purpose? To create a savings strategy that could help you weather the storm if a financial emergency arises.
Develop Good Financial Habits
Regular, consistent contributions to a savings account can go a long way toward building a nest egg over time, providing you with financial freedom in the long term.
The easiest way to accomplish that goal is to do so automatically by splitting your direct deposit so that a portion goes directly into your savings account – without you having to think about it.
First, determine how much of your salary you would like to set aside to meet your financial goals. If you know you can only afford to pay yourself a small amount now, look for opportunities to change your spending habits, such as bringing lunch to work instead of ordering out each day. This little bit adds up over time and would allow you to increase payments to yourself.
Once you’ve identified how much you would like to save, set up a direct deposit into your LUSO Federal Credit Union savings account. To do so, you’ll need to fill out a form to submit to your company’s human resources department. This form includes LUSO’s routing number (211883922), your account number, and the amount you wish to deposit.
Out of Sight, Out of Mind
Once you have set up a direct deposit into your LUSO savings account, remember that it’s important to treat it as if it’s off-limits. If you can avoid the temptation to withdraw from that account – except in the case of a true financial emergency – you’ll be amazed at how quickly it grows.
If you’re ready to start saving with direct deposit, and you don’t currently have a savings account, or you’re looking for one at a credit union outside of your primary financial institution, consider opening a Basic Statement Share Account with LUSO. With a $5.00 minimum deposit at account opening, you’ll receive Online Banking and Bill Payer Access, eStatement processing, and ATM Card or Debit Card through SUM Program with REWARDS Scorecard, plus access to all the products and services LUSO offers.
A Local Source for Direct Deposit Savings
LUSO Federal Credit Union is a member-owned, not-for-profit financial cooperative dedicated to providing its members with quality financial services and products. We at LUSO pride ourselves on serving the financial needs of those who live, work, worship, do business, or attend school throughout Western Massachusetts, regardless of economic status.
For more information, or to open a savings account, contact our Ludlow or Wilbraham branch toll free at 1-844-LUSO-FCU.
