Saving Money Made Easy for Generation Y

Credit unions know how hard it is for young adults - and even older adults - to save money. But as a Gen Y-er (those born in the 1980s and early 90s), there's so much out there to do, see, and have - but it all comes at a price. And with the way the government and economy is headed, you can't rely on Uncle Sam to take care of your income during your retirement years. So now is the time to start saving.

Even if you only start saving $25 a week when you're 25 and save it in a non-interest bearing account, by the time you're 50 you'll have accumulated $32,500. While that doesn't sound like a lot, if you start saving at age 40, you'll only have accumulated $13,000.

Here are some additional ideas to help you save faster:

1. Have a Goal, and Stick to It - Whether you want to save $1 million by the time you retire or just want to have enough money so you can pay for the holidays with cash, it's important to have a savings goal. Without a goal, you'll be less motivated to actually start saving, and it will be harder to build healthy savings habits.

2. Pay Yourself First - Have your paycheck directly deposited into your Checking Account. Then contact the Credit Union or instruct your payroll administrator to have a certain amount of your paycheck automatically transferred into your Share Savings Account. The amount can be as much or as little as you'd like. This way, the money is already in your Share Savings Account and you'll be less likely to use it.

3. Emergency Fund - It's important to save some money in an emergency fund for the unexpected. That way, when car repairs or something else comes up, you don't have to take out a loan or tap into other savings accounts. Just remember - it's an EMERGENCY FUND and should not be used otherwise.

4. 401(k) Matching - If your employer matches a portion of your 401(k) contributions, you should definitely be making contributions. This is free money! And, when you leave your job, you can always roll over your 401(k) into a Traditional IRA (Individual Retirement Account) and earn even more money on your funds.

5. Bank that Windfall - Does Grandma still send you $20 for your birthday? Did you sell your old Xbox? Bank the money! You'll be all the more closer to your savings goals.

Your local credit union can help you get started on saving. Give them a call today.