Nicole Haverly is a 30-year-old Senior Portfolio Manager of Affinity Plus Federal Credit Union ($1,839M) in Saint Paul, Minnesota, United States.
Increasing saving behavior through a program called Savings Accelerator, to put an end to the downward spiral of payday lending.
Many people fail to save because they were not taught early on to treat their commitment to saving like that of their monthly car payment: consistent, a priority, and rewarding once you are able to change behavior and accumulate a savings. And let’s be honest; sometimes the hardest thing about saving is just getting started. At Affinity Plus, we are currently launching a program called Savings Accelerator, where the borrower receives not only a reduction in rate on their new auto loan, and also puts aside a small amount automatically each month into a higher-yielding savings account. As a result, after their loan is paid in full, they will not only have saved extra money from interest saved and earned, but will have a substantial accumulation of savings. The Saving Accelerator program encourages our members to embark on healthy savings habits, so that their goals and dreams become reality. Today, too many Americans rely on the payday len ding industry, and many live paycheck to paycheck. This downward cycle of debt can be transformed into upward financial freedom once our members learn how to save, by paying themselves first.
Those with a savings plan like Savings Accelerator are more likely to save successfully, and will no longer have to rely on payday lending when they are strapped for cash. Our members deserve to pursue and achieve their financial goals, and our hopes are that we can help them accomplish just that, one member at a time.