Save
Throughout the summer we’ll take a closer look at Community Choice Credit Union’s new Choice Map program, designed to help members achieve their mid- and long-term financial programs.
The first step of the Choice Map journey is an emphasis on Saving. We all know that saving money for a future need – from a new car or a dream vacation to retirement – is important. But it can also be hard. So, Choice Map highlights how members can save for an emergency or future expense by paying yourself first.
So, what does “pay yourself first” mean? Unfortunately, unexpected expenses arise, whether it’s a new appliance needed or an unforeseen healthcare cost. Yet you also want to have a long-term view. By paying yourself first with the help of Choice Map and personal advisors at Community Choice, you can build up the savings you’ll need when you least expect it.
Your path to Saving includes:
- Building 3-6 months of expenses in liquid savings. This will help with those short-term expenses.
- Achieve any potential employer matches in your 401K or related retirement accounts. If this option is available to you through your employer, contributing enough from your paycheck to trigger the employer match is essentially “free money” for your retirement.
- Stay on target for other retirement savings and create a long-term strategy. This can include Roth or Traditional IRAs or other long-term investments on top of employer-provided retirement plans. Work with your Community Choice personal advisor to plan accordingly.
- Meet your short-term savings goals. This is money for planned expenses like that vacation, down payment for a new house or an addition to your residence.