Spending Less Is Not Saving

So I’ve got a question  … Just because you’re spending less cash does it mean you’re saving more? Not necessarily … you may have changed some of your habits and you’re being thrifty with your spending, but you’re not saving. You may be saving in some areas but spending more in other areas and this really isn’t considered “saving”. You’re just allocating your funds differently. Saving more is stashing your money away so you don’t spend it at all … like in an iSave account.

Recently, we launched the iSave account and we’ve had a great response but often we’re looked at funny when we mention there is a fee for accessing the funds from the iSave account. Yes, we’re going to charge you ONLY because we’re trying to encourage you to save your cash. This is what you told us you wanted. We were told that you wanted a way to be rewarded for saving and discouraged from accessing the funds. We’re not feeing you just because we feel like it. Yes we care and we’re excited when you save. The small fee is just a deterrent. The fee is only $5 if you really need to make that withdrawal for an emergency, a coffee or the shirt on sale you can’t live without. But think wisely before you withdrawal … you don’t want to give up your $25 bonus.

Check out the link about for details on iSave and snoop around www.sfcuilife.org for more ways to save and budget.

Have a question, suggestion or idea? Shout back and share. We’re here to help you live your life with iLife!