Do you know that saying about the best time to plant a tree? It's a perfect analogy for the best time to start building your savings. While yesterday was the best time to start saving, right now is the second-best time to get started.
Whether you're saving for your next big vacation, holiday spending, a new vehicle or building some savings for your soon-to-be college student, pairing one of Marine Bank's Club Savings Accounts with our Common Cents program is an easy and convenient way to save for those large planned expenses.
Here are a couple of easy things you can do right now to get your budget set on the right track and start meeting your savings goals.
Large expenses can cause quite a bit of anxiety when it comes to your budget which can ruin moments that are supposed to be fun and memorable. You can easily avoid the stress by planning ahead and opening a Club Savings Account now. This gives you more time to save for all of your expenses.
There are two big advantages of a Club Savings account.
The first is that you can get started with just $1 and there is no minimum balance required to keep the account open. A typical savings account may require $100 or more to open with a minimum balance of $100 in the account. The second is that there's a payout date, which may keep you focused on saving and deter you from dipping into the account for one reason or another. Of course, if you're facing a financial emergency, your money is still available to you.
Club Savings Accounts can be opened any time during the year, but depending on which account, Summer or Holiday, you will have a different payout date. The Summer Savings Account payout date is in April and the Holiday Savings Account payout date is in October.
To make things even easier, set up an automatic transfer through Digital Banking or have your employer split your direct deposit paycheck, so a portion goes into your Club Savings Account. This allows the money to be transferred directly into your savings before you get a chance to spend it on something else you didn’t plan on buying or have budgeted.
Once the payout date for your account rolls around, your money is then deposited into either your regular savings or checking account, whichever you choose. If you’d like to keep saving for another year, simply make another deposit into the account. This savings strategy is so convenient that once you get it set up, you may not even think about it until the payout date.
Now that you know about the benefits of our Club Savings Accounts, we have another tool you can use with it to save even more.
Do you have a Marine Bank debit card? Then our Common Cents program is perfect for you. Every time you swipe your debit card and use your PIN, this program automatically rounds up your transaction total to the next whole dollar amount and transfers the difference to your preferred savings account. For example, if you spend $55.17 on groceries, .83 cents will automatically transfer into your specified account.
Your virtual change is then “dumped” into the account of your choosing, like a Club Savings Account. This tool gives you the chance to build up your savings without having to think about it a little at a time.
People, on average, use their debit card at least 70 times a month.* Think about all the times you swipe your debit card on things like coffee, groceries, restaurants, gas, and household essentials. The change from each of these transactions adds up to make a big impact on your savings. Who knows, you might find yourself stopping the gas pump at $25.02 so you can “pocket” that extra .98 cents into your savings.
You have plenty of things on your to-do list. Saving up for your large planned expenses doesn’t need to be on that list. Save your future self some unnecessary stress. Ready to start saving now? Open your Club Savings account online, through the Marine Bank app or stop by a local Marine Bank branch. Get started using Common Cents online or by visiting any branch to keep your budget on track and reach your savings goals!