Sunday, October 12th marks National Savings Day, a day dedicated to recognizing the importance of saving and helping people develop stronger financial habits. Since 2017, this annual observance has encouraged individuals and families to prioritize their financial wellness through smart saving strategies.
Why Saving Matters
Building a savings habit isn’t just about putting money aside—it’s about creating financial security, preparing for emergencies, and working toward your dreams. Whether you’re saving for a rainy day fund, a down payment on a home, or your retirement, consistent saving is the foundation of financial stability.
How Credit Unions Help You Save More
Credit unions like CENT Credit Union are uniquely positioned to help members maximize their savings. Unlike traditional banks, credit unions are member-owned, not-for-profit financial cooperatives. This fundamental difference means we return profits to our members through better rates and lower fees.
The Credit Union Advantage
Better Savings Rates: Credit unions typically offer more competitive savings rates than traditional banks because we prioritize member benefit over shareholder profit. CENT Credit Union strives to provide the best savings rates possible, which you can find on the deposit rates page of our website.
Lower Fees: With reduced or eliminated fees, more of your money stays in your account where it belongs—growing your savings.
Personalized Service: Credit unions focus on building relationships with members. Our team is here to help you choose the right savings products and develop a savings strategy that fits your unique financial goals.
Community Focus: When you save with a credit union, you’re supporting your local community. Credit unions reinvest in the areas they serve, creating a positive cycle of financial wellness.
Practical Savings Tips for National Savings Day
Ready to strengthen your savings habit? Here are proven strategies to help you save more:
Automate Your Savings: Set up automatic transfers from checking to savings each payday. When saving happens automatically, you’re more likely to stick with it.
Start Small and Build: Don’t let the perfect be the enemy of the good. Even saving a small amount regularly creates momentum and builds the habit.
Use the 50-30-20 Rule: Allocate 50 percent of your income to needs, 30 percent to wants, and 20 percent to savings and debt repayment.
Save Windfalls: Direct tax refunds, bonuses, or unexpected income straight to savings before you’re tempted to spend it.
Track Your Progress: Watching your savings grow is motivating. Check your balance regularly to celebrate your progress.
Reduce Unnecessary Expenses: Review subscriptions and recurring charges. Redirect money from unused services into your savings account.
Make Every Day Savings Day
While National Savings Day provides a perfect opportunity to evaluate your savings strategy, the best approach is making saving a consistent priority throughout the year. At CENT Credit Union, we’re committed to supporting your financial journey with competitive rates, helpful tools, and personalized guidance.
Ready to boost your savings? Visit our website to explore our savings account options and current deposit rates, or contact our team to discuss which savings strategy is right for you.
This article is for educational purposes. Individual circumstances vary, and we recommend consulting with our mortgage specialists to determine the best financing options for your specific situation. All loan applications subject to approval and standard underwriting criteria.
CENT Credit Union is dedicated to empowering our North and Northwest Iowa members with financial know-how. For more tips and resources, check out our Making CENTs blog (https://www.centcu.org/making-cents-blog) or chat with our team at any of our locations.
CENT Credit Union is Federally Insured by NCUA. NMLS# 409396. Equal Housing Lender.