Pay Yourself First


5 colorful piggy banks from smallest to largest

Hello 2019!

New Year Resolutions – Eat Healthy, Work Out and Start Saving Money!

For many, the new year feels like a fresh start for life. “I’m going to eat healthy, I’m going to work out, I’m going to be more mindful.” These are all resolutions we see blowing up on social media. But did you know, in 2018 more people had saving money as their top resolution than those wanting to lose weight or get in shape? It’s true! A reason for this may be because saving money requires discipline and a plan, and both can be difficult to do. Granite CU offers products and services to help you meet your 2019 resolution to save money.

First Step – Granite CU can Help!

The first step towards saving money is having a savings, or as we call it, a shares account. If you already have a Granite CU shares account pat yourself on the back, you are one step closer to your goal. If you qualify for membership and haven’t opened an account with Granite here is how you do it. Stop by any of Granite’s locations and meet with a Member Service Representative. They will need a valid government issued ID and $25 for your membership share. What is a membership share? It is your buy-in to the credit union and makes you a part owner of Granite Credit Union! Your information will be taken by the Member Service Representative, they will pull credit history and run check systems. The major goal of this is making sure you are who you say you are. Granite is always on the look out to protect individuals’ identities. After everything checks out the Member Service Representative will open your shares account and get you on your way towards your savings goal!

Next Step – Pay Yourself First

The next and very important step is making your plan to save. There are many different plans that will get you to your goal, but let’s focus on what “It’s A Money Thing” idea presented: Pay Yourself First. What this means is you budget the payment to yourself first. What a concept, you make yourself the most important bill to pay! Now it’s time to decide the goal, the amount you are wanting to save. If you want to save $1,200 by December 31st you want to divide $1,200 by the number of paychecks between now and then. A person who is paid bi-weekly will receive 26 paychecks in a 12-month period. This will break down to paying yourself $47 per paycheck.

Granite can Help!

Let Granite help you stay disciplined and keep things easy on your end. Set up direct deposit and automatic transfers with Granite. When your payroll is deposited Granite will transfer the amount you’ve specified into your savings. Each paycheck that savings will continue to grow!

Keep it in There!

Are you still with me? Good! This is the hardest part of saving… keep the money in your savings! Savings don’t happen if withdrawals do. Yes, life happens and yes, that is what a savings can be used for. If you must use your savings due to something unexpected, build your savings back up as fast as you can. Without discipline you will find yourself on December 31st without a savings.

Granite is here to help you get to and celebrate your financial goals. For more information on the services mentioned give us a call at 801-288-3000.

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