Skip To Main Content
As the world continues to recover from COVID-19, we are beginning to see some of the lasting impacts from the global pandemic. One specifically being the psychological shift in how Americans spend money post-pandemic. According to the Wall Street Journal, Americans are spending more money now than ever before. This is most likely due to FOMO (fear of missing out) and the need to make up for the “Covid lost years.” The majority of American consumers would now prefer to spend their hard earned money on experiences, rather than physical products. With this living-in-the-now mentality, consumers are saving less money. At ORNL Federal Credit Union, we believe there is an importance in balance when it comes to creating a healthy, thriving financial lifestyle. Which is why we still believe setting money back will help you in the long run. Here are four ways that you can start saving money today! 

Create a budget that works for YOU 

The first step to getting your finances on track is to create a budget—specifically a budget that works for you! To get started, you will need to monitor your spending for the month. First, identify your fixed expenses: the items that you must absolutely pay for each month. Second, look at the non-essentials you’re paying for. Where are you spending money that could be cut back on? Yes, unfortunately we are talking about those $6.00 daily coffee runs. While those coffees may feel essential, small things add up quickly and they are likely eating into your budget. Create a list of these items and see how much you are spending versus money  coming in. Creating a budget will immediately help you identify your spending habits. 

Open a Savings Account 

Once a budget is created, you will be able to see where there is room for paying yourself first. Opening a savings account will easily help with this. It’s never too early to start setting money back for the future or even for an emergency fund. Like most financial institutions, at ORNL FCU, members are able to set up automatic transfers from their checking account to their savings account. Even if it’s just transferring $10 a week, you’re still saving money! 

Open a Money Market Savings Account 

If you’re ready to take your savings up a notch, opening a Money Market Savings account might be the move for you. A Money Market account is a savings account that usually has a higher interest rate than a normal savings account. The more you have in your Money Market account, the higher the dividend rate you earn.  You can learn more information about Money Market accounts here

Open a Share Certificate (CD) 

A Share Certificate, otherwise known as a Certificate of Deposit (or CD), is another type of savings account with a higher interest rate. This type of account has a fixed term length and fixed date of withdrawal. When opening this account, members are locking in funds for a term generally ranging from three months to five years, etc. A great way to look at CDs is that you are investing without the risk. You can expect a return without the great amount of risk that is typically associated with the stock market. Now, should you decide to withdraw from your CD before the maturity date, there is a penalty fee. You can learn more about Certificate of Deposit accounts, or at ORNL FCU we call them Share Certificates, here.

At ORNL Federal Credit Union, all savings account products are insured by the NCUA for up to $250,000. Saving money today can help create stability as well as protect your financial well-being in the future. If you have any questions about our financial services, please do not hesitate to contact us. We would be happy to help! 

­ ­