Make Fun Affordable With a Sunny Day Fund
Do you find yourself thinking you can’t afford exciting things like a vacation, a new car, or a hot tub for your backyard? It’s easy to see price tags in the thousands for nice things and think “Boy, that must be nice!” But we’re here to tell you that it’s all possible with something called a Sunny Day Fund.
What’s a Sunny Day Fund? Think a Rainy Day Fund and turn the concept upside down. Instead of saving for an emergency, you’re saving for something to look forward to. This sort of fund can help you save up to afford vacations, new furniture, upgrading your garden set up, and so much more without going into credit card debt or depleting your emergency fund.
It’s best to open a new savings share to get started. Some great, high dividend-yielding options include: a Money Market if you expect you may need the funds quickly, or a Share Certificate if you are saving for something like a wedding that is happening months away. Keep in mind that Money Markets often require a large sum of money to accrue dividends, and Certificates require $500 to start.
If you’re just getting started, consider a Sorteo del ahorrador® cuenta de ahorros1! You can deposit any amount of money you have on hand to earn a higher dividend than a typical savings account. Plus, for every $25 you deposit per month up to $150, you are entered into monthly, quarterly, and yearly money giveaways2. The best part about this account is it is a win no matter what – either you win some extra cash, or you’ve saved for a future expense.
Once you’ve decided what type of savings share works for you, how do you get started? The easiest way to save is to automate! Under “Transfers” in our Online and Mobile Banking app, you can set up automatic transfers at a variety of different time intervals from one share to another. Whether you want to make sure a portion of each paycheck goes into your Sunny Day Fund, or you’d rather wait until the end of the month to transfer, there’s an option tailored for you.
The benefits of a Sunny Day Fund can’t be understated, and it’s never too late to get started. Even $15 a month adds up in time; before you know it, you’ll have that hot tub of your dreams in your backyard!
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1This sweepstakes is open to Wisconsin, Illinois and Minnesota residents only. Entries are tallied for the primary owner on the account. Fiduciary and business accounts are not eligible. Each individual — limited by social security number — can have a maximum of six entries per month, 18 entries per quarter and 72 entries per year in Educators Credit Union drawings. Entries are earned based on month-over-month increases in the Saver’s Sweepstakes account balance. Chances of winning are determined by the number of total entries per drawing. The drawings are conducted on a statewide basis. Account withdrawal could impact your total number of entries. A closed account will result in the forfeiture of all sweepstakes entries. Other restrictions may apply. This disclosure may be updated from time to time, and if it is updated, account holders will receive a notice of the updated disclosure as well as the effective date of the updates as required by law. Only one Saver’s Sweepstakes account can be opened per social security number.
2When any withdrawal is made, the primary account holder forfeits Saver’s Sweepstakes prize drawing entries for that prize pool to the extent that the account balance decreases month-over-month. For example, if a member deposits $25 in a month, but then withdraws $5, the balance won’t increase enough to earn a drawing entry.