Saving and Budgeting
Know your finances. Grow your money.
Saving and budgeting help you take control of your money instead of reacting to it. A strong plan allows you to pay bills, prepare for the unexpected, and make progress toward your goals – whether that’s building savings, reducing stress, or planning for what’s next.
Saving and budgeting 101
Best practices
Here are some important saving and budgeting best practices that you can use in your daily life.
Pay yourself first
Set aside money for savings when you’re paid, not after you spend. Automating savings makes this habit easier to maintain.
Build an emergency fund
Work toward saving three-to-six months of basic expenses, so unexpected costs don’t turn into debt or financial setbacks.
Track where your money goes
Reviewing your spending shows patterns, highlights problem areas, and helps you make intentional decisions.
Cancel what you don’t use
Subscriptions and small recurring charges quietly drain money over time and often go unnoticed.
Plan before you spend
A budget gives every dollar a purpose and helps you prepare for both regular bills and irregular expenses.
Separate savings by purpose
Keeping emergency, short-term, and goal-based savings separate makes progress clearer and prevents accidental spending.
Expect your budget to change
Budgets are living tools. Reviewing and adjusting monthly is part of success, not failure.
Terms & definitions
You need to know what things are before you can make sense of them. Here are some basic terms and definitions to help you better understand saving and budgeting.
Term |
Definition |
|---|---|
Interest |
Money you earn on savings or pay when you borrow |
Break even |
When the money coming in equals the money going out |
Gross income |
Your total pay before taxes and deductions |
Net income |
Your take-home pay after taxes and deductions |
Money market account |
A savings account that often earns higher interest and offers limited access |
Certificate of deposit (CD) |
A savings account where money is set aside for a fixed time and earns a guaranteed rate |
50/30/20 rule |
A budgeting method: 50% needs, 30% wants, 20% saving or debt |
Essential vs. nonessential spending |
Needs are essential (rent, food, utilities). Wants are nonessential (entertainment, eating out). |
Emergency fund |
Savings set aside for unexpected expenses like car repairs, medical bills, or job changes |
Fixed expenses |
Bills that are usually the same each month (rent, car payment, insurance) |
Variable expenses |
Costs that change month to month (food, gas, utilities, entertainment) |
APY (annual percentage yield) |
The amount of interest you earn on savings in one year |
Additional resources
Connect with SECU
In person or virtual. Connect with us when it’s convenient for you.
VISIT THE VIRTUAL FINANCIAL CENTER
SCHEDULE IN-PERSON APPOINTMENT
SCHEDULE VIRTUAL APPOINTMENT
Saving & budgeting FAQs
Find the answers you’re looking for in our saving and budgeting FAQs.
Your account balance is the total amount of money that is currently in your account, including all funds engaged in holds and pending transactions.
Your available balance is the total amount of money in your account that is accessible for purchases and withdrawals. This number does not include held or pending funds, checks that have not been cashed, or deposits that have yet to post.
Overdraft fees are determined using your available balance.
Savings accounts are a great way to save money for the future. Unlike saving in a certificate account or IRA, you have access to your money anytime.
Visit our savings accounts page for more information.
A certificate of deposit (CD) is a special type of savings account that offers higher rates than traditional savings or money market accounts based on the term, which ranges from three months to five years.
Visit our CDs page to learn more.
SECU does not offer holiday savings accounts at this time. However, we do offer savings accounts to fit any of our members’ needs.
SECU requires you to meet one of the following criteria in order to avoid fees on a Share Savings account.
- Maintain a $200 average monthly balance
- Have another SECU deposit or loan account
- Age 70 or older
- Age 25 or younger
Refer to our fee schedule for more information on fees.
Saving & budgeting insights
Saving & budgeting videos
External resources
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