BIRMINGHAM, Ala. (WAIT) — Ms. Monika Reid says she is so grateful for this eCO Savings Race experience. Already, she is paying off debt and learning a lot of new skills in the process. One of the biggest eye-openers for Reid is the amount of money she has wasted over the years.
She would find herself in stores thinking, “‘that’s a cool lip-gloss,’ or ‘that nail polish is beautiful,’ or ‘I just want to try this,’ and not actually thinking things through. That was just being wasteful with what I had. Just because it’s on sale doesn’t mean I need it,” said Reid.
Learning how to budget and apply money to different checking accounts has made the process easier and more fun.
“eCO (Credit Union) will let you have as many accounts set up as you need. So I could put these little categories into savings accounts for different things. And then, say I’ve spent $100 on groceries, I just go in and transfer that money into my checking account and then I keep everything organized,” Reid said.
She also shares the advice she is giving to her friends and family.
“Learn how to do a budget! I was always confused about how to do one. People always say how to do it, but there is tons of information out there about how to set one up. So learn how to do a budget. Once you have that in place, it’s easy to manage your money,” said Reid.
With the power of determination, and a grateful heart, Ms. Reid hopes to make it to the very end of the race.
“I’m going to make it through this race, and I’m going to get this debt paid off. I’m going to come out so much better on the other end. I think that I am so fortunate that I was selected to be a part of (this race). I’ve already learned so much, and I’m so appreciative of that,” Reid said.
This week’s eCO Takeaway Tip is provided by Reid’s coaches:
At eCO, you can set up multiple savings or checking accounts to help you keep different funds organized. The club savings accounts are also a great way to save for big annual expenses; like car tags, property tax, or even vacations.
Follow along with all the teams at eCOsavingsrace.org.