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The phrase’ nest egg’ is believed to come from farmers in the 14th century who laid an egg in a nest to encourage a hen to keep laying in the same place. This analogy has traveled from farm fields to financial fields, encouraging people to do the same with their credit union savings account and make with grow with consistency.
A nest egg can refer to any amount of saving set aside for a specific purpose. Whether for a new car or retirement, that’s entirely up to you. However, not many people know how to quickly and efficiently grow a nest egg. Luckily, we’re here for you; below are four tips to help you along.
Don’t wait to start
Most people wait till they have huge amounts of money to start, but that’s always a bad idea. You can start with a small amount in your credit union savings account. You can continue regularly contributing until you have enough to cover your goal.
Make room for more with a budget
Great! You’ve started. Now you have to make room for more by creating a budget. You can’t cheat on a financial plan like a diet and still expect excellent results. You have to cut your expenses to allow for savings. Find the places you can cut off money from your monthly budget and take it a step further with automatic transfers.
Choose a safe location to ensure the growth of your nest egg
This step is quite important. You have to choose the right place to save your money. A credit union savings account has little to no fees and higher interest. It means your money will be safe, and you’ll make more money by saving.
Determine how big you want your nest egg to be
Once you start saving, you might not have time to calculate how much you need. Luckily for you, you can get to that now. Find out how much you would like to save and compare it with what you have now to determine the gap you need to close.
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