Savings Tips

ESSENTIAL SAVINGS TIPS!

First Regional offers several savings products that are designed to help you achieve your financial goals. Below you will find some savings tips that can help you in your journey towards achieving financial freedom:

An emergency fund will help you in the event that you suffer any unexpected financial blow and will help to prevent you from going into debt. Also, if you are working towards a goal, your emergency fund can stop you from having to take money from your savings when unexpected expenses arise. It is recommended that you should have at least three (3) to six (6) months of living expenses in your Emergency Fund. You can begin saving your emergency fund by opening a Solid Saver Account. When you have saved enough money you can convert it to a Fixed Deposit.

No matter how much money you earn, creating a budget is of utmost importance. Keeping track of your spending will enable you to achieve your financial goals.

Do not simply save because you can – save with a purpose. Set different goals and save towards achieving them. These goals may be the deposit for a new house or car, college expenses, retirement, family vacation etc.

Set up a Salary Deduction or Standing Order and send money from your salary directly to your First Regional Account. If you depend on yourself to personally withdraw monies from your salary and deposit to your Credit Union account, you may not be consistent in doing so as you may not have the time to conduct the transaction or unexpected things may keep coming up that require money. According to Financial Psychologist, Dr. Brad Klontz “When you automate, it takes a conscious effort on your part to sabotage your achievement of your savings or investing goal.” In other words, if you automate your savings, you are more likely to stick to your savings plan as you will find it cumbersome to take the steps required to cancel your deductions.

You can utilize our First Regional Paadna Plan or Wealth Master Gold savings products to assist you in achieving your short-term savings goals.

Taking the necessary steps to maintain good health can save you thousands of dollars in medical expenses. Simple things such as eating well balanced nutritious meals, exercising, drinking adequate water, getting adequate sunshine, being temperate in all things, breathing in fresh air, getting adequate rest and trusting in a Higher Being will undoubtedly help you in achieving good health. If you suffer from chronic illnesses/conditions such as diabetes, hypertension, asthma, arthritis etc., please ensure that you consistently follow the treatment regime stipulated by your health care provider. This will reduce the number of flare ups and hospitalizations and will reduce your medical expenses.

Utilizing energy conservation methods will serve to reduce your monthly utility bills.

Learn to repair things, cook, make things for yourself etc.

Aside from being the cheaper option, preparing your own meals enables you to choose fresher and healthier ingredients, which should translate to better health.

Buy fewer things and pay attention to quality, versatility and usefulness.

Every once in a while you should splurge a little.

If you have finally settled your loan, do not rush to discontinue your salary deduction so that you can start spending the additional disposal income. Save that extra amount by pretending you are still repaying your loan and watch your savings grow. If you do need to increase your disposable income, reduce your salary deduction and save a lesser amount.

Try to stick to your Savings Plan most of the time. Occasionally, a need may arise, which will necessitate your deviating from your plan. This is okay, provided you get back on track as quickly as possible.