Money talks…but all mine ever says is, “Goodbye.” Well, it doesn’t have to be like that. 121 Financial Credit Union offers multiple electronic services and resources you can take advantage of now to keep track of your money, as well as saving for the future. You don’t even have to step foot in the Credit Union. There must be a reason people always stress the importance of saving money, right? And let’s face it, it’s really not as hard as we make it out to be, especially if we start young.

Wouldn’t you like to have about $80,000 in a savings account when you’re 50*? All you have to do is set aside a little money each year starting in your twenties!


You can never start too early on a serious saving strategy. Your 20s are the most critical decade for your financial future, even though your income is low and your debts are high. Establishing good habits when you’re young can make all the difference. The secret to securing your financial future is to start a goal-orientated savings plan today, and stick with it.

Create a budget

Start with three simple categories: Essential expenses (taxes, housing, utilities, transportation, debt-loan payments, food), savings (short term, emergency savings, retirement, long term goals), optional purchases (entertainment, gifts, personal indulgences).

Savings Tips

• Don’t have a lot of money? 121 Financial offers an “add-to” Certificate of Deposit. Most CDs offered are a one-time deposit, but to help our younger members start saving, we created a special CD that you can add money to at anytime during the term.

• Cash Graduation Gifts total $2,500? If you’re really serious about saving, you can deposit this cash into a Money Market Account, which typically earns higher dividends than other savings. You’ll have limited access to your funds, but they’ll grow at a faster rate.

• If you’re already in the workforce and your employer offers a 401k match, DO IT. For example, if your employer will match your own contributions, it’s like getting a raise that you’ll benefit from when you retire.

• On top of your retirement savings, emergency funds are always necessary. Take a portion of your paychecks and send it via direct deposit into a separate, special account. The money you don’t see, you won’t miss, but it will be there in the event of an emergency.

•Time is your biggest asset right now. Take advantage of it and do not wait to begin saving.

With all the electronic resources available to help you save money, there’s really no excuse not to do so. You’ll be glad you did!

You can find helpful budget guides online at

Did you know?

  • If you save $1,000 year from age 26-50, it could equal $78,954*?
  • Be cautious of your credit card. That $1,000 designer bag you couldn’t wait to get your hands on, when paid off with the minimum payments, at 18.9% APR (a typical first time credit card rate), will take about 9 years to pay it off and it will total a whopping $2035.
  • If you save $1 a day in a cookie jar, in ten years you will have $3,650.
  • Now, take that $7 a week investment and put it in your credit union. In ten years with compound interest, it would gain $419 — giving you a balance of $4,069.*

* Savings rates vary over the years. These are examples only which assume an average savings rate of 8% Annual Percentage Yield.