Setting Targets Brings Rewards for Mary
She was therefore excited when told about NZCU Employees, who set her up with a Target Savings Account.
Mary was then able to reach her goal of saving enough to buy a brand new Smart TV for the family
Mary feels a sense of pride at the first big ticket item she had ever bought without going into debt.
Prior to approaching NZCU Employees, the mother of two admits her spending was getting out of hand. Her debts were piling up before a friend recommended the credit union to help her to save.
“I was always hire purchasing or using credit cards,” she recalls.
“So my pay would come in and go straight out on payments because the urge to shop was always too strong for me. I was pretty bad.”
While Mary was trying to pay off her debts, she asked NZCU Employees about saving to buy a new television, as her last one was on its last legs.
“My hire purchase application got denied due to bad credit,” she admits.
Mary knew she couldn’t get another loan. She also knew that if she tried to save for the TV on her own, she would instead spend more money on clothes.
So, with the help of the friendly staff at NZCU Employees, Mary was set up with a Targeted Savings Account, which is basically a savings account used for a specific purpose. These could be big-ticket items, which could include an overseas vacation, a new car, home renovations, or regular bills, such as rates or power.
“I worked out what was left after bills, debt payments and weekly necessities,” she says.
“And whatever was left, I decided that amount – less a bit to keep on hand just in case – would go straight into my savings account.”
Before she knew it, Mary had enough money to be able to buy a Smart TV with her targeted savings.
“The family love it because it has so many uses and is shared by everyone,” she says.
“And I had peace of mind because I could buy it in full with my savings, knowing I wouldn’t be carrying around any more debt.”
- Decide how much you save and when you want to reach your goal
- Access your money when you reach the goal amount you have set
- Personalise your account name to match your goal
“Because I couldn’t see my balance, I wasn’t tempted to dip into it,” the amount was piling up to the amount she would need for a new TV,
“The staff at NZCU are so helpful, they never make me feel uncomfortable or judged for my habits- but they encourage me to form better savings habits.”
When Mary was finally able to withdraw the amount for a brand new Smart TV, she and her kids were over the moon.
“Them more because of the new TV, but me because this was hard earned savings… and because of the TV.”
Mary says it was really good to know that she could reach a goal she set for herself.
“It’s a good feeling, I’m already saving up again only this time for a holiday.”
She hopes to save enough in a few years to take herself and her sons on a holiday overseas.
“I know that I can do it, I saved for this almost-three grand TV in less than a year.
“With NZCU’s help, and pure strength of will, I can save longer than that.”
Reach your own savings goals faster with our TARGET SAVINGS ACCOUNT