Save it for a Rainy Day!

How to Quickly Build Up Your Rainy Day Fund

Money grows on the tree of patience - Proverb.

Everyone has that one, special container that’s kept in a private place in their home. It holds a few extra dollars that you didn’t spend while you were buying your weekly groceries. It contains a pile of spare change you collected when you were recently cleaned out your car. That’s right; it’s your rainy day fund.

Every rainy day fund naturally means that there’s going to come a day when you’re going to spend that precious, carefully stored money. How did you always envision spending that money? Maybe it’s buying a sleek new laptop. Perhaps there’s a trip you’ve always dreamed of taking, and this saved money will turn that dream into a reality. You might have even had your eye on a brand new car.

But then, the unexpected occurs; your current car needs to be fixed, a repair is needed on your home, a larger-than-planned bill needs to be paid. Soon that rainy day fund is quickly depleted, and you’re saying goodbye to that trip to Florida with kids, or that new car.

But never fear, there are plenty of ways to quickly restore that precious fund so you can spend the money how you want to spend it! Here are a few of our favorite ways that you can be saving money for your next rainy day:

Understand its Purpose

Having a specific definition of what this money will be used for is the best way to ensure you are working towards that goal. Maybe you want to refurnish the basement for the kids to use. What will the costs be to do that? Now picture the outcome and how happy everyone will be. Having a vague outline of how you will spend that money will only encourage your to be more frugal and less impulsive with your purchases.

Be Honest With Yourself

It’s time for some self-exploration—think about your current spending habits and have an honest conversation with yourself on how they can be changed. Make the commitment to yourself to alter how you save; it will let you reach your goal quickly.

Spend Extra Income Wisely

It’s tempting to treat yourself to a night on the town, or splurge on an expensive purchase, but think before you splurge.  If extra income comes your way, put it in your rainy day fund right away, before the temptation to spend it kicks in.

While going on vacation, getting a massage, or buying that golf membership is a fun way to spend that extra money saved, sometimes practicality and responsibility have to take over. That rainy day fund would make a big difference in a Savings Club Account at Fairmont Federal Credit Union. You can save up for something specific, such as auto expenses, home insurance and,  yes, even that dream vacation very easily with an account like this. Not only is there no minimum balance required, but you can earn dividends with regular savings, make unlimited deposits and withdrawals, and you don’t have to follow a payment schedule. It doesn’t get much better than that.

For more information on our Savings Club Accounts and how they can help you save for your rainy day fund, trust your friends and experts at Fairmont FCU. Visit our website for more information on how your rainy day fund container can become an electronic banking account instead.

New Year, New You: Financial Fitness for 2017

2017 is here, and with it, the commercials for gym memberships and fitness clubs. They all proclaim the same basic message: that the new year is the time to fashion a new you. In addition to physical fitness, this year, take the steps to creating your financially-fit self. Taking stock of just what sort of shape you’re in and toning up those areas that need attention will get you on the road to fitness in no time!

Make sure these financial “muscle groups” are given a workout:

• Check your credit report and score. Knowing how attractive your financial situation is to would-be creditors is a valuable guide for what you’re doing right, and what needs improvement. It’s also a necessary tool for making sure all accounts are legitimate and in good standing. Check for any accounts that you don’t recognize, as this could indicate you’ve been a victim of identity theft.
• Set concrete goals. Whether it’s setting aside more of your paycheck for retirement, building your emergency fund, paying down debt, and/or reducing your discretionary spending, having tangible goals to work towards will help you stay on track. Many Americans--even high earners--don’t have $1,000 in savings to cover an emergency, let alone the recommended 6 months of living expenses saved for major life events such as a job loss or health crisis. For more ideas on making New Year’s financial resolutions, check out our Resource Center or look over our "Emergency Financial First Aid Kit".
• Make sure you’re well-insured. Most people think of auto and health insurance, but what about life insurance, homeowner’s or renter’s, disability and long-term care insurance? Many of these forms of overlooked insurance are relatively affordable, and protect you in case of an emergency. To find out more information and how you can save money on insurance check out, TruStage.
• Meet with a financial planner. Despite the myriad online tools and resources, we have today, sitting down with an expert and getting a second opinion is still invaluable. Sometimes, just speaking about the state of your finances and goals  followed by  feedback from a professional puts everything in perspective.

Fairmont Federal Credit Union is here for you to reach your 2017 financial fitness goals! For more financial tips and tools, our online Resource Center contains helpful budgeting calculators, security and fraud awareness information, helpful links, and much more.

Fairmont Federal Credit Union is a non-profit financial institution in West Virginia that serves anyone living or working in Marion, Monongalia, Harrison and Taylor Counties and several select employee groups (SEGs) in Preston County. We are owned and operated by and for our members. Our services extend to savings, checking, IRAs, home mortgage loans, and more. Please visit our website or call (304) 363-5320 today for more information!

Robes for Recovery

Robes for Recovery is a community service project that supports breast cancer patients. The project was started in 2013, and dozens of robes were donated to area hospitals in the first year alone.

Robes for Recovery was founded by Debbie Droppleman, Chief Financial Officer of Fairmont Federal Credit Union, after she was diagnosed with breast cancer in 2007 and subsequently underwent radiation treatment. “When I began radiation treatment several years ago at Allegheny General Hospital in Pittsburgh, I was given a “dignity robe” that was made by volunteers and donated through the hospital. The robe was specially designed with Velcro closures up the center and sides for easy access. That smock has been with me for over 100 radiation treatments and every time I wear it I am grateful for the kind and considerate volunteers who support cancer patients with their love and handiwork. While dignity robes are routinely provided to cancer patients in the Pittsburgh area, they are not generally available in our area hospitals. It is for these reasons that Fairmont Federal Credit Union employees are eager to commit their time and resources to producing radiation robes for breast cancer patients in our communities,” Debbie said of her experience that inspired Robes for Recovery.

After she came up with the idea, she presented it to the Fairmont Federal Credit Union management team. They loved the idea, and Robes for Recovery began as a community service project. Robes for Recovery relies on volunteers to either sew or do fundraising to make the creation of these wonderful robes a possibility. Robes for Recovery has been a great success and has so far created more than 700 robes!

Robes for Recovery Mission Statement:

We Have Hope

Our hope is that by providing specially tailored radiation robes to breast cancer patients, we will help them maintain their pride and dignity during their journey through treatment toward recovery.

We Have Faith

We have faith that we will raise sufficient funds from donations and recruit enough volunteers to sustain our project.

We Have Commitment

We are committed to honoring and supporting breast cancer patients by giving these garments with love, kindness, hope and care.

For questions or to volunteer for this worthwhile community service project, please call Debbie Droppleman, Robes for Recovery Coordinator, at 304.363.5320 ex. 6028 or email her at ddroppleman@ma.rr.com.