Savings Tips for Thirty-Somethings

December 30, 2016 | Dawn Virgilio

While many spend their twenties finding themselves, furthering their education and choosing careers, a lot of young professionals are starting to set and realize personal and financial goals in their thirties, such as choosing where to live, buying a home, saving for retirement or buying a new car.

To help you prepare for and excel at those major decisions and purchases, here are some savings tips.

Open a savings account

Putting your money away starts with having a safe and convenient place to put it. Mission Fed has Savings Accounts with a $1 minimum deposit, so you can get started without having to commit to a large opening balance or restricted access to your funds. You can categorize your savings with up to seven uniquely named accounts, too, so you can track your progress toward your savings goals. Every Mission Fed member has the opportunity to open one Summer Saver or Holiday Saver Savings Account, which allows you to earn more dividends than regular Savings Accounts to help you achieve short-term savings goals, like a summer vacation or gifts for the holidays.

We strive to empower our members with helpful tools at Mission Fed because your success is our bottom line. We provide Savings Calculators to help you plan to reach your savings goals, whether you want to purchase a big ticket item or become a millionaire.

It’s never too early to think of your retirement planning with Mission Fed

An Individual Retirement Account, commonly referred to as an IRA Account, might be an important step in planning for your future. At Mission Fed, you’ll find a variety of ways to save, including the Traditional Individual Retirement Account (IRA), Roth IRA and Simplified Employee Pension Plans (SEP IRA).

* Investments could also be a great way to plan for your financial future

To help you prepare your finances for the future you want, Mission Fed has partnered with CUSO Financial Services, L.P. (CFS), a registered broker-dealer. CFS representatives can provide you with investment services, beneficial insurance products and knowledgeable advice. Contact a CFS representative for more information.

Consider a loan when buying a car

Even identical cars don’t always come at identical prices. There are two key financial elements to consider when purchasing a car: the purchase price and the financing cost (the loan interest). Mission Fed helps our members get a great deal in both departments while simplifying the car buying process.

Mission Fed Auto Loans feature our bottom line rates on financing for members, with flexible terms and up to 100% financing. You can apply online, by phone or in any of Mission Fed’s 30 convenient branches. With Mission Skip-A-Pay, you can periodically take a month off of your loan payment to free up extra cash as well, if your loan qualifies.

If you’d really like to make car buying hassle-free, use our partner, Autoland, to get the car you want at a good price. Autoland is exclusive to Credit Union members, providing you with options on cars from a wide network of car dealerships—from luxury to economy. You simply choose the car that you want and your price range, and Autoland goes to work for you—contacting dealers, negotiating on your behalf and even delivering the car to your preferred Mission Fed Branch, so you can purchase a car without ever setting foot on a car lot.

As you get ready to purchase a car, take advantage of our Auto Loan Calculators to help you answer important questions, such as if you should buy or lease your car, how much your loan payments will be, how much you can afford and if you should accelerate your loan payments to pay off your loan quicker and save money on interest.

With the money you save on the purchase price and on your financing from Mission Fed, you can get even closer to your other savings goals, like contributing to your retirement account or buying a house.

Consider your home loan options when buying a home

Buying your first home is an important step in your life, and it often requires saving to achieve. Many people save up for a down payment and finance the rest of the home purchase with a Mortgage Loan. At Mission Fed, we have flexible Home Loan options with competitive rates that you can take advantage of.

To help you prepare for purchasing a home, we have several Home Loan Calculators that you can use to figure out how much house you can afford or how much money you need to earn and save in order to afford the house that you want, or what you can expect your mortgage payments to be based on your home price, down payment and interest rate. And periodically throughout the year, Mission Fed offers first-time homebuyer seminars throughout San Diego County located at our branches. Keep an eye out for more information on that seminar and other offers via your email or on our website.

Build your credit history

A major factor that determines the price of a home or a car is getting approved for a loan and the interest rate that you will receive. Your credit score has a huge influence on loan approval and interest rate. Credit Cards are a great way to build your credit score and credit history, because they are generally easier to get approved for than other loans. Using your credit card regularly and paying your bill on time can have a positive impact on your credit, because it demonstrates to lenders your ability to pay back debt and your responsible use of available credit. Improving your credit score can help you qualify for lower rates if and when you seek out home loans and auto loans.

With Mission Fed’s Classic Credit Card and Platinum Credit Card, you can enroll in Mission Rewards to earn points on eligible purchases that you can redeem for cash back to tuck away in your Savings Account or to save money on travel and everyday purchases.

Your thirties are an exciting time, where you will make big life decisions and purchases. Come into Mission Fed so we can work together to help you achieve your financial goals. We call these “Mission Fed Moments,” and our mission is to help our members realize them. With our great resources and competitive rates on important financial products, your Mission Fed Moments may be more affordable than you know.

Sources:

https://www.missionfed.com/investments

https://www.missionfed.com/savings

https://www.missionfed.com/Auto-Loans

https://www.missionfed.com/rates

https://www.missionfed.com/Autoland

https://www.missionfed.com/home-loans

https://www.culookup.com/IFrame-Calculators/Savings/Save-for-Big-Item

https://www.culookup.com/IFrame-Calculators/Savings/Reach-Savings-Goal

https://www.culookup.com/IFrame-Calculators/Savings/Become-a-Millionaire

https://www.missionfed.com/Calculators/Savings

https://www.missionfed.com/calculators

https://www.missionfed.com/Calculators/Home

https://www.missionfed.com/loans

https://www.missionfed.com/credit-cards

https://www.missionfed.com/classic-credit-card

https://www.missionfed.com/platinum-credit-card

https://www.missionfed.com/mission-rewards

https://www.missionfed.com/mission-skip-a-pay

https://www.missionfed.com/branch-locator

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union.

* Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members.

Dawn Virgilio

Dawn Virgilio

Dawn Virgilio is VP Financial Planning & Analysis at Mission Federal Credit Union. She has enjoyed a long career working for financial institutions, the majority of that time (25 years) dedicated to credit unions. She really likes numbers, especially when they add up and multiply.

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