Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

What Can You Do to Increase Your Savings?

Saving money is an important practice for people of all ages, from college students to retirees. Though your savings strategies may evolve throughout your life, there are some basic practices that can increase how much money you’re able to save each month. You can also accelerate the growth of your savings by working with your local credit union in Idaho to explore the different types of accounts and investments that will allow your money to work for you. To begin boosting your savings account, try out the following tips:

Allocate a Portion of Each Paycheck to Your Savings Account

Many people receive their paychecks through direct deposit, but you might not realize that you can deposit your paycheck into multiple accounts with your credit union. Instead of sending all your money to your checking account, allocate a section for your savings account. Even 10 dollars a month can add up over time, so dedicate what you can to savings and avoid using these funds as they stack up.

Upgrade Your Savings Account

Not all savings accounts are alike, and some can offer higher interest rates that will increase the value of your money over time. If you have a higher balance in your savings account, you may upgrade to a money market savings account, which pays out higher dividends each statement period.

Cut Out Unnecessary Spending

If you never seem to have money to spare for your savings account, it may be time to evaluate your budget and look for areas where you can cut back. For example, you might cut down on visits to the coffee shop or get rid of costly monthly subscriptions like gym memberships that eat away at your budget. Small changes in your spending habits today might leave you with greater financial freedom in the future, so it’s worth sitting down to take a hard look at your budget.

For help choosing the right type of savings account and managing your money in Idaho, visit your local Westmark Credit Union branch. You can also reach us on our website or by calling (208) 523-1071.

Categories: Savings

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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday