Build your savings nest egg over time

Building up a savings account can be a challenging and tedious task. For many, it is much easier to spend now and figure out how to pay it off later. Making sure you have a powerful savings strategy and faithfully contributing to it is the ultimate way to accumulate cash. Here are a few ways you can slowly build up a healthy nest egg over time.

Pay directly into savings accounts and retirement plans

Moving money from your paycheck directly into a primary savings account is a direct path to saving for your future. For some, the feeling of constantly depositing into savings can feel like another monthly bill to pay. You can avoid feeling that anguish if you don’t do the transaction yourself.

Max-out your employer’s 401k match

Many employers offer 401k matching programs. For instance, Travis Credit Union offers up to a five-percent match on employee 401k contributions. That is free money that you’re leaving on the table if you don’t take advantage of the match. Talk to your employers’ HR department to find out if they do a contribution match, and make sure you contribute enough to take advantage of the full match.

Don’t dip into your savings account, unless you have to

To avoid frivolous purchases, follow stringent criteria for accessing your savings accounts, and don’t forget that retirement plans have built-in early withdrawal penalties which deter you from taking distributions from them.

Our Target Savings Accounts can help you reach your savings goals such as saving for the down payment on a car, a vacation, holiday shopping, school expenses or any other goal you have. Find out more by visiting our website.

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