A Prom Account?

June 6, 2007

Last week I had the pleasure of watching my niece discuss her next year’s prom dress with her mother. She wants a combination of two dresses so that means having it tailor made. It proves to be most stunning. As they moved on to the cost of such a dress the conversation got a little more exciting, especially when they got down to how much money Mom was forking out. Trying to think of a way they could compromise I thought of the following: Start a credit union savings account for the purpose of paying for a prom dress next year. Mom could put in a specific agreed amount and anything extra would be the responsibility of the daughter. If they start now by the time next year’s prom rolls around they could easily have enough to go totally all out on the dress. It even teaches good savings habits to both Mom and daughter.

My family lives near Richmond and are faithful members of their own credit union, but If a Piedmont Credit Union member wanted to do something like this there are a couple options.

  1. Use a Special Savings Account
  2. Use a Vacation Club

Neither of these two accounts have ACH, ATM or Debit card access. This is good if you want money to actually stay there. The Vacation club even has the added deterrent of a fee for taking it out more than twice per year.

So if you have an event coming up that will require you to spend a good amount of money(prom, wedding, birth of child, etc.) consider being proactive now by saving up for it rather than just reacting to it when the time comes. Here’s hoping next year’s prom will be unforgettable. (I went to the movies on my junior prom night and I’ll never forget it because it’s the only movie I ever saw where the sound went completely out. It was called “The Year of the Comet” and I went with two friends both named Jeremy. I can’t believe I remember that and don’t really recall the senior prom at all!)


To all our faithful teachers:

April 10, 2007

Have a wonderful Spring Break this week!
For the work you do investing in our future you certainly deserve to have a week off.

Of course your credit union will be open if you want to pay us a visit.


Is your money melting away in the current Spring heat?

March 27, 2007

Lately I have been finding so many things to spend money on! My wife wants a pressure washer, I want a shop vac, I need a car so i can give my mother’s truck back to her!(that I’ve been driving for 5 months now) I don’t know if the reason for my current spending urge is the wonderful weather we’ve been having or the fact that I received a tax refund of much more than I expected this year. I think its a combination of the two. From Christmas until now I’ve been in the mindset of trying to save money. Now that I have some money it seems like it just wants to jump out of my pocket. Perhaps you can relate? When you get out in the nice weather it is so easy to look at your house and think of ways to improve it. My neighbor borrowed a bull-dozer and is trying to level out his back yard. I am hosting my daughter’s first birthday party next month and the house needs to be spic and span inside and out. There are so many things that need to be done. The siding needs to be cleaned, the basement needs to be organized, I need more gravel on my driveway. That is the short list, if you want the long list ask my wife.

Here’s the point of my typing this morning. I have to find some way of saving some of the money I have. It’s ok to spend money, nobody likes a scrooge, but first I must take a few minutes to sit down and think about how much I want to save from this years tax refund. Then perhaps I’ll have a better idea of what I can afford. I’ve got to prioritize my purchases and watch out for the little things that make my money vanish, like a quick stop at a fast food store, or a new flash drive that’s on sale! Stuff like that adds up quickly. If the Spring heat is making my money melt away, I need to put some in the freezer, and thaw it out when I really need it. Share certificates and IRA’s are good for that sort of thing because the money can’t be withdrawn for just anything. But a secondary savings account is also a good idea, one that’s not tied to an ATM card. That way I would at least have to talk to a teller in order to get my money, and I would not be tempted to use it while I’m out and about.

So that’s my encouragement for all who think their money is just melting away. If anyone(PCU member) reading this would like some help with establishing some savings habits, feel free to give me a call at the credit union. You know I just realized something funny. Last year at this time I bought a new freezer!