Credit Union Summer Pay Club
This information has been prepared by the Essex County Teachers Federal Credit Union, 125 Franklin St., Bloomfield, NJ 07003 . For further information contact them by phone at 973-748-8847, fax at 973-748-7806, or by email.
If you are a teacher or other employee on a 10-month pay schedule, a Summer Pay Club may be for you. While you may not be collecting a "paycheck" during the summer months, bills (and unexpected expenses) still have to be paid. Depending on how much you save during the year, our Summer Pay Club could be just like getting a regular "paycheck."
Payment: All funds become available on July 1st. Distribution options can be determined at the time of enrollment.
How Much Should I Save Each Pay Period? Here's an easy way to determine how much you will need to put aside each pay period so your cash flow stays the same in the summer.
|1. Determine your net pay per check||$_______________________________|
|2. Multiply that by 20||$_______________________________|
|3. Divide that by six. That’s how much you should save in total.||$_______________________________|
|4. Divide that by 20. This is how much you should save out of each paycheck.||$_______________________________|
Of course you can elect to save more or less than this to suit your needs. Confused by all this math? Bring in your pay stub and we’ll help you figure it out!