While credit cards often grant us the joy of instant gratification, saving up for a specific item or experience makes bigger purchases feel much more meaningful.
We recommend never buying the following items on credit:
- Exercise equipment
- Car repairs/accessories: Having an emergency fund ready to cover unexpected repairs—or expected costs, such as new tires—alleviates a lot of stress when these situations arise.
- Cosmetic surgery, including tattoos
- College living expenses: It’s never too soon to start saving for college, including expenses beyond the education itself. If you or a family member is planning to attend college in Wyoming, the Hathaway scholarship program is a great option to help with the cost.
- Investments: While earnings on investments are rarely guaranteed, the interest on a loan or credit card always has to be paid. If you don’t have the money to make an investment, wait, especially if the returns are “almost to good to be true.”
At First Education, you can open a special savings account for any item or experience you have your eye on—and you even have the option to name the account to reflect your goal!
To learn more about your savings account options, visit our Savings Account page, give us a call, or stop by the branch any time.
