Financial Tips

Reading  finance tips is a great way to start thinking about your budget and saving for the future.

Financial Safety

Do not reveal too much about yourself.

Revealing too much personal information on social networks can put you at risk of fraud and identity theft that can negatively affect you financially. Be cautious in sharing personal information on social networks and with whom you are sharing the information.

Practice good password management. Use a strong mix of characters, and do not use the same password for multiple sites. Do not share your password with others, do not write down, and definitely do not write it on a post-it note attached to your monitor. 

Sensitive browsing, such as banking or shopping, should only be done on a device that belongs to you, on a network that you trust. 

Saving & Budgeting

Plan a menu ahead of time.

To save at the supermarket, make a menu for the week before you go shopping. Knowing what you will need to purchase will not only save you money by reducing impulse purchases but will also save you time and make your supermarket experience less stressful.

In addition, it could help you eat healthier, while also reduce waste on fresh food and produce since you will be prepared to use it.

Unplug your appliances.

Unplugging your appliances when you are not using them could help reduce your energy costs. Even when your appliances are plugged in and you are not using them, they are still draining electricity and costing you. Between 5 – 10% of residential electricity is used by devices that are plugged in 24 hours a day.1 To get in the habit of unplugging them when you are not using them, put reminders by your appliances. Soon it will be second nature and you could end up seeing significant reductions in your monthly electric bills.

Furture Savings & Money Security

Planning your retirement.

Look into all your retirement savings options at work. If your employer does not have a retirement savings program, consider establishing your own Individual Retirement Account with your credit union and make regular transfers into it. Remember that you can set up an automatic transfer from a checking/share draft account into a savings/investment account for retirement or any purpose.

It is important to have a will.

The thought of writing a will can be morbid, but it is important to have one because it is a gift you leave your family or loved ones. Having a will means you are being organized about your finances and preparing yourself and family for any scenario whether you are married or single.

Decide where to keep the money intended for certain purposes.

For example: 

  • Consider keeping emergency savings in a separate savings account instead of a checking/share draft account so that you can better resist the urge to raid the funds for everyday expenses. Be sure to develop a plan to replenish any withdrawals from your emergency fund. 
  • For large purchases you hope to make years from now, consider fixed certificates also known as certificate of deposits which generally earn more in interest than a basic savings account because you agree to keep the funds untouched for a minimum period.

To keep up to date with the SPCCU look at our publications:

St. Patrick's Co-Operative Credit Union Christmas Club Notice

Members of the St. Patrick's Co-Operative Credit Union Ltd are asked to note that the current Christmas Club savings program closes on Wednesday November 3Oth, 2022, and payments will begin on Monday December 5th, 2022.
Members are also asked to note that the new Christmas Club savings program will open from Thursday December 1st, 2022.
All members and potential members are asked to note that the business hours of the Credit Union are:
8:00am - 3:00pm Monday, Tuesday, Thursday and Friday
8:00am - 2:00pm Wednesday
Thank you for your usual kind co-operation.

Dated the 25th day of November 2022.

PETER D.A. QUEELEY

GENERAL MANAGER