Don't Break the Bank or Credit Union.
One of the best ways to make improvements to your personal finance picture is to better manage your spending. Often times, spending determines whether we live paycheck to paycheck or if we can live a more comfortable life. Whether we realize it or not, we can cut our spending in some pretty creative ways. Here are some quick tips to spend less and save more.
Making that money (Work).
Are you someone who needs a hot cup of joe from that trendy coffee shop each morning? Spending just $4.00 a day on coffee, five days a week, adds up to $1,040 a year….on coffee! Don’t panic. Being fiscally responsible doesn’t mean you have to go without coffee. Consider buying a coffee maker or opting for a lower-cost grocery store coffee. Surprisingly, you can get great coffee at the grocery store, and you can be adventurous and try new blends. In long run, you’ll spend less for coffee, and save an extra $1,000 a year.
Lunchtime gives us a chance to get out of the office, run errands and socialize, but spending $10 a day on lunch can add up just like the coffee. There goes that designer purse or new laptop you’ve been eyeing. Alternatively, bring your lunch. Not only will you save money, you can make what you want, know the food will always be good (if you’re a decent cook). You may even lose weight by bringing more nutritious options and cutting down your portion sizes. Maybe get your friends and co-workers involved in a lunchroom swap. Be a leader of change.
Chilling like a villain (Home).
We all have been there. That $120 cable bill comes and the shock sets in. What can you do? There are many alternatives out there. Before you literally or figuratively cut that cable cord, think about what would work best for you and/or your family. Consider options such as NetFlix, Hulu or Amazon Prime for around $10 a month, or research other “cable like” providers. Often, switching providers can get you a price cut, at least temporarily.
The rising costs of healthcare is on everyone’s mind these days. Staying healthy can help ensure we don’t have to reach those high deductibles associated with our health plans. Staying healthy means a gym membership for many. Those costs can rack up quickly. If you’re a gym junkie, that may be the best choice for you. However, if you find yourself not using your gym membership, it might be time to consider working out at home or just getting more active in the great outdoors, which are both free.
How can we help you?
These examples just show that we can cut costs from virtually anywhere. The trick is being aware of what we’re spending and making a conscious decision to make a change. It seems black and white. In reality, life is not that way. When you need help finding ways to cut spending, let us know. Financial Center staff are able to assist you in creating a budget or reviewing your credit report to help you understand where your money is going each month. We also offer a free online money management tool located within Online Banking called The Hub that can help you categorize your spending and find ways to save. Whichever path you choose (personal interaction or a DIY approach), working with your Credit Union can help get you on the right track.