Setting short-term savings goals makes good financial sense

Two people in a canoe on a lake
OCCU  -  08.02.2016

Give yourself a high five if you’ve begun to set aside money toward a short-term savings goal such as an adventure vacation, a daughter’s dream wedding or a shiny new vehicle. We’d like to help. OCCU’s 18-month certificate accounts now have a special interest rate of 1.00% APY*, which will help your savings grow faster than a regular savings account. Planning ahead by saving for important events is more important than ever if you want to avoid having to settle for less. Consider these savings scenarios:

Vacations are never cheap, averaging around $4,580 for a family of four. But you can still give your family a 5-star getaway if you start saving for it now. By putting away money for the next 18 to 24 months, you’ll be able to plan a vacation your family will always remember.

You’ll spend less time worrying about “sticker shock” and more time helping your daughter plan for the big day if you start adding to the wedding fund now. Did you know the average wedding last year cost $32,641? That’s an increase of more than $5,000 since 2010, according to the wedding planning website

New Vehicle
You can put the fun and excitement back into new-car shopping by setting up a savings plan ahead of time. According to Kelley Blue Book, the average transaction price of a new car or truck sold in the United States was $33,560 in April of 2015. So before taking out a big loan, give yourself a financial break by setting up an 18-month certificate account, where your savings will earn higher interest.

Short-term savings goals make great financial sense. For more information, check out our Personal Certificate Accounts page.

*Rate accurate as of August 2, 2016. Special offer subject to termination or change at any time and without notice. Minimum opening balance $500.00. Penalty for early withdrawal.