Financial fitness tips you can’t afford to ignore in 2020
Nutmeg helps consumers lower debt, increase savings & plan for future
ROCKY HILL, CT (February 4, 2020) — Experts agree that the best way to achieve an ambitious goal is by dividing it into smaller, manageable goals. If you’re focused on improving your overall financial fitness this year, the money experts at Nutmeg State Financial Credit Union have just the thing: an efficient plan with savings tips to help you get the most out of 2020.
As one of Connecticut’s largest credit unions, Nutmeg strives to help its growing membership not only with their products and services, but also with essential financial education information. President and CEO John Holt continuously stresses the importance of developing good habits to make a positive, lasting impact on one’s annual savings.
“Everyone wants to save, but sometimes we think we’re limited by our monthly budget and necessary expenses,” said Holt. “To solve this, I recommend starting with a minimal savings plan that slowly increases the amount you save over the year.”
Holt went on to explain the 52-week savings challenge, which begins with just one dollar being saved at the start of the year. This amount then increases by one dollar for each week that follows, resulting in 52 dollars being saved during the final week of the year and about $1,400 in total savings. This method has helped many members of the credit union and Nutmeg employees alike.
With these extra funds to spare, Nutmeg recommends their Save For a Purpose account for easy deposit access and flexible organization options. As one of the credit union’s most versatile products, the account can be opened more than once and for any reason. Holt cites birthdays, holidays, vacations and more as great reasons to open a Save For a Purpose account with Nutmeg.
“Our members find this account very useful because it helps them stay organized and lets them open more than one for different needs,” Holt said. “Save For a Purpose also works well with automatic deposits, which give members an option to save without the stress of making manual deposits with each paycheck.”
In addition to its placement as a standalone Nutmeg product, Save For a Purpose is also grouped with the credit union’s Fresh Start Services package. This program was developed by the credit union throughout 2019 and includes various credit-building opportunities for those seeking to regain a financial foothold. Nutmeg financial advisors are available to discuss these services to any members as well as prospective members looking to improve their finances in the New Year. Some elements of the program also include a required financial education component to ensure its applicants are getting the best experience possible.
“One thing we are all very proud of is our Fresh Start Program,” said Holt. “Introducing it to our members was another great step in our mission of providing opportunities for our members to save and learn more about responsible money management.”
About Nutmeg State Financial Credit Union (NSFCU)
Chartered in 1936 and headquartered in Rocky Hill, Nutmeg State Financial Credit Union is open to anyone who lives, works, worships, attends school or volunteers in the Hartford, New Haven, Middlesex or Tolland Counties as well as the Fairfield County cities of Shelton, Stratford, Bridgeport, Trumbull, Fairfield, Norwalk and Westport, Connecticut. They offer members a friendly banking environment and take pride in educating consumers about the advantages of joining a credit union. Visit them at www.nutmegstatefcu.org for more information.