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NewsMake a pledge to save in 2017
Make a pledge to save in 2017

Wolverhampton City Credit Union is launching a campaign to help hundreds more people who live and work in WV to save ‘little and often’ in 2017.

The Worcester Street-based not-for-profit community bank believes more people will achieve peace of mind - and avoid high interest payday and doorstep lenders - if they have just a bit put aside for a rainy day.

Credit union manager, Matt Goulding, said: “Millions of people in the UK have less than £100 of savings. So when a big expense arises - such as a winter fuel bill or a car repair - they have nothing to fall back on. That makes people more vulnerable to the heavy sell of the high interest lenders, even loan sharks. Taking out a high interest loan to cope with an unexpected event can lead people into a spiral of debt.

“In 2017, we’re hoping that more people will take our credit union pledge to save in 2017. We strongly believe it’s possible for everyone to save, even if you have never saved before or are struggling on a low income. The important thing is not how much you save, but getting into the habit of saving. That’s why we’re suggesting people try to save ‘little and often’, putting aside just a couple of pounds a week. That way, you gradually start to take a bit more control over your finances and your life.

“We encourage all our members to save - even those who take out our affordable loans. It’s a habit that will bring peace of mind in the long run.”

As part of its campaign - Let’s Save WV! - the credit union will be promoting an eight-point plan to help members save:

1. Plan your budget. Happiness is spending less than you have coming in. Completing a budget plan shows what you have to play with, where you could make some savings - and how much you could start putting aside

2. Keep a record of what you’re spending. Being aware of what you spend your money on makes you less likely to fritter away your cash on unnecessary stuff. Keeping a spending ‘diary’ or using spending app can help

3. Set a goal for your savings. Keep in mind what you’re saving for - it could be a new bike, a special anniversary or Christmas - and you’re more likely to stick to your goal

4. Save a little but regularly. It’s probably better in the long run to save small sums regularly than large amounts sporadically. The trick is to get into a hard-wired habit of saving, even if it’s only a couple of quid a week

5. Use a prepaid debit card. Regularly using a credit card - and only making minimum payments - prolongs the debt and can remove your sense of control over your spending. Using the credit union’s Engage prepaid debit card means you only spend what you have and there’s no chance of running up an unauthorised overdraft that could cost more than a payday loan

6. Automate your savings. The more you automate your saving habit - through a standing order or by paying directly from your salary - the more likely you are to save

7. Find a finance ‘buddy’. As with most big life changes, it helps to have a friend alongside to keep you on track and encourage you to achieve your goals. Better still, save together

8. Shop with a list. Never go shopping without a list so that you buy only what you need and avoid impulse purchases

To make the pledge, join the credit union for free online and start saving.

* Share your ideas on how to save.

Find Us here:
  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: