1. Great Rates. Personal Service.
Saving Strategies
Great Rates. Personal Service.
spectrumcu.org 
Federally insured by NCUA

2. Chevron Federal Credit Union
Saving is Smart
Many people say they’re working towards a new home or a new car. If you’re one of them, how do you know you’re doing so effectively?
To begin with, you’ll need to save up some money in order to make your goal a reality.
Let’s start with that new car…

3. So, You Want a New Car?
Maybe it’s an exotic performance machine you’ve got your eye on. Or maybe you’re more the minivan type.
Regardless, you want to make sure you can comfortably afford the monthly payments and insurance for as long as you own the car.
So how do you know you can swing it?

4. So, You Want a New Car?
Practice makes perfect. Spend a few months saving what the new monthly car and insurance payments will be. (Tip: If you’re paying off a car soon, keep stashing your payment amount in savings until you’re ready to buy your new car.)

5. So, You Want a New Car?
Now that you’re comfortable with the monthly payments, it’s time to save up for the down payment. BONUS – the practice payments can go towards your down payment! Now let’s look at some other ways you can save up.

6. First, Lose the Pumpkin Spice Latte
Let’s say a large pumpkin spice costs $4, and you drink five a week. That’s $1,300 a year.
In two years, that’ll be $2,600 spent. Remember that car you wanted? If it costs $20,000, and the recommended down payment is $4,000 (20%), you’ve only got $1,400 to go!
Pretty easy, right? Here are some more ways to save... =

7. Don’t Touch!
Pay Yourself First Set aside 10 – 15% each paycheck into a savings account such as one of our Primary or Sub Savings accounts. Or, if you are under the age of 22, you can open a MySavings account which offers an even higher interest rate. Your employer can directly deposit this amount into your savings, or you can set automatic scheduled transfers from your checking to savings with your financial institution. Refrain from touching this money.

8. Don’t Touch! (cont.)
Scenario: Let’s say you make $10 an hour and work 20 hours a week. That’s a gross income of $400 a month. 15% of that is $60 a month, or $720 a year. In two years, that’ll be $1,440. Add that to the money (and calories) you saved from not ordering that latte, and now you’ve saved up $4,040. Now you can afford the down payment for that car! Freedom!

9. Cool, Right?
Pat yourself on the back. Now, you might be thinking: “Two years is a long time.” Keep in mind, buying a car (and especially a house) won’t happen overnight. So let’s take a look at a couple more money-saving tips to get you there even faster.

10. Chill
Have a Night In Instead of going out every weekend, invite your friends over for a movie night. This could save you more than $25 a night on dinner and a movie ticket. Take a Hike Instead of hanging out at the mall or downtown where you might be tempted by window-shopping, get outside for a hike or bike ride. Your body and wallet will thank you.

11. Be Smart
Pay with Cash Consider making most of your purchases in cash rather than with a card. You may be less inclined to spend once you see how much physical money you’re spending. Think First Analyze your purchases and avoid impulsive shopping. Sleep on it. Prioritize needs over wants. “Do I really need the latest iPhone?” Sell Stuff Have a cell phone, game console, or purse you’re not using? Selling them could be an easy way to make a few extra bucks.

12. You’re Ready
Follow these tips to the best of your ability, and you’ll be raking in the cash in no time. Now let’s take a look at a few of the services we offer to help you save.

13. Primary Savings Accounts
With Spectrum’s Primary Savings Accounts, all you need is $25 to open up an account ($50 for a joint account), and you’ll reap the benefits of daily compounding dividends paying out monthly!
You’ll also receive an ATM/Debit card which can be used at more than 76,000 surcharge-free ATMs around the world. Which means you’ll never worry about being stranded without cash again.

14. Sub-Savings Accounts
Once you’ve opened up a Primary Savings Account with Spectrum, you’ll be able to open up separate accounts called “Sub-Savings Accounts.”
These accounts do not have a minimum balance and can be renamed to keep track of where you’re saving your money. For example: “Future Car Fund.” ;-)
Again, Primary and Sub-Savings Accounts both earn dividends. Free money!

15. MarketEdge
Our MarketEdge money market account is like a hybrid checking/savings account that earns dividends.
With a MarketEdge account, you’ll get unlimited withdrawals and transfers as long as they are done face-to-face in one of our branches or via an ATM. You can also do up to six automated or electronic withdrawals or transfers per month.

16. Chevron Federal Credit Union
MarketEdge
With MarketEdge, higher balances earn higher dividends.
Balance
APY*
$0 – $2,499
0.10% APY
$2,500 – $249,999
0.80% APY
$250,000+
0.90% APY
* APY = Annual Percentage Yield. Rates as of 12/20/14 and subject to change without notice.

17. Get Started!
To join, stop by a branch or apply at spectrumcu.org. If you are an existing member and would like to open another account, stop by a branch or use PC Access Online Banking.
Feel free to give us a call at or toll-free at
for help or more info.
Happy saving!

18. Great Rates. Personal Service.
spectrumcu.org 
Federally insured by NCUA