Why should I save? And why with Solent Credit Union?

Saving is easy and simple. It doesn’t need to be large amounts or that often it just needs to be on a regular basis, and an amount that suits you. Set yourself goals that do not cost the earth, for example you could save anything from £5.00 to £25.00 per week, or more if you wish. As the weeks go past the amounts that you save will begin to pile up and towards the end of the year you can put the money you have saved towards an emergency stash. This may prove handy in the case of an unexpected bill or breakage. If you have any extra money on top of your emergency stash you can then use that extra money to save up for a birthday, holiday or special occasion.


But why Solent Credit Union (SCU)?

Solent Credit Union is a co-operative bank. This means that SCU is democratically ‘owned’ and ‘operated’ its members, you (if you are or choose to become a member). Any surpluses the bank makes in a financial year are equally shared and given back to the members. So how do I ‘own’ and ‘operate’ SCU? You pay a small joining fee of £5.00 when you become a member. This then allows you to vote for the directors you want to run SCU.


I (PO) have interviewed the Manager at Front of House and a volunteer at Solent Credit Union. They give tips below on how to save and why it’s an important thing to consider doing.

Interview with Manager at Front of House (FOH):

PO: Could you quickly introduce yourself stating what you do at Solent Credit Union?

FOH: My name is Jo and my role is Manager at the Front of House.

PO: When did you first join Solent Credit Union?

FOH: Three years ago.

PO: Why did you join Solent Credit Union?

FOH: Two things caused me to join Solent Credit Union, the first being my mum. She is with London Credit Union and loves credit unions. The second thing being that I was studying an AAT course.

PO: What do you love about saving?

FOH: You can build up a contingency fund and build up savings.

PO: Can you recommend any saving tips? And, how did they help you?

FOH: Save a small amount each week or have a standing order and you will be surprised at the end investment.


Interview with a current volunteer at Solent Credit Union (V):

PO: Could you quickly introduce yourself stating what you do at Solent Credit Union?

V: My name is Gordon and I have been a volunteer at the Solent Credit Union for 4 ½ years. I come in one day a week and I do a variety of things such as looking at loans and website solutions.

PO: When did you first join Solent Credit Union?

V: In June 2014

PO: Why did you join Solent Credit Union?

V: I joined to volunteer. The previous summer (2013) the Archbishop of Canterbury wanted to put Wonga out of business, because it had highly unfair charges. It took about another year before I got involved after talking to someone who volunteered at Solent Credit Union.

PO: What do you love about saving?

V: What I love most about saving is that it will usually work out cheaper to save up and buy something rather than paying for something monthly. A good example is mobile phones. Having saved and bought a handset, my bill is only £7.50 per month, but would be at least £20.00 if the handset was included. Over a 24 month contract that would be £300.00 which is probably about twice what I paid for my phone!

PO: Can you recommend any saving tips?

V: Look for a better value for money, shop around and you can often find things much cheaper than what you are paying for at the moment. Then you have extra money available that you can save each month!

To summarise you can set aside small amount of cash each week and shop around to get the best deals to lower your spending costs and increase the amount you save each week. With your cash that you do save why not open a savings account with us to make sure it all stays safe and in one place? You can do this online or pop in store!

Have you got more saving tips to share?

Please email pressofficer@solentcreditunion.co.uk with your tips!

Don’t forget to follow us on Twitter @SolentCreditU and like us on Facebook @joinSCU for more news about SCU and our upcoming campaign!