Sometimes it can feel like you need thousands of dollars to move the needle of your finances just a little bit. So, if you find yourself with a few hundred dollars, for example from a tax refund or an unexpected windfall gain, the temptation to spend it can be great. After all, how much difference can $ 500 make? But used wisely, even a few hundred dollars can set you on the path to a financially safer future. Here are some ways to make limited funds count.

• Start an emergency fund. Ideally, you want to set aside six months of living expenses to cover unexpected expenses, but $ 500 is a good start. And once you get off to a good start, it can inspire you to keep contributing.
• Take advantage of compound growth. Before you spend that money, consider putting it into your IRA (Personal Retirement Account). Not only will compounding increase your balance over time, but by increasing your pre-tax contributions you can reduce your tax bill.
• Save for a larger expense than the ticket. Whether it’s a major home renovation or a dream vacation, put the money into a credit union savings account; whenever you have a little extra money, put it aside. You may end up with a gift that the whole family will appreciate for years.
• Put your money in a stock certificate. Take your savings to the next level and consider taking advantage of the higher interest rates that stock certificates can offer. Fees can range from 6 months to 5 years, and you can open a stock certificate for as little as $ 500 with Azura. These certificates are federally insured by the National Credit Union Administration (NCUA), so you know your funds are safe and sound.

Saving with purpose is the key to making your goals a reality. If you want to save enough money to achieve your goals but don’t know where to start, check out our Banzai coaching session “Saving with a purpose” to set goals, see a monthly breakdown of how to achieve them, and get a complete picture of your savings goals to make informed decisions.

Don’t forget: Azura Credit Union is here to help you with all your savings needs. Call us at 800-432-2470 or visit the nearest branch to create short- and long-term savings vehicles that suit your needs.