December 15, 2022
Categories: Credit Building, Education, Financial Goals, Financial Literacy, Financial Planning, Financial Wellness, Future Planning, Kids and Money, Reaching My Summit, Savings Accounts, Tips
By Dawn Kellogg
The New Year offers a great opportunity to make resolutions, whether it’s improving your physical or financial wellbeing. It’s a good time to take stock and make plans to save more cash. Here are some helpful tips!
Stick to Your Shopping List
It’s a no-brainer, but if you are not focused when you are shopping, you are more apt to spend way more than you planned on impulse buys. Stick to the list and stay on budget.
Shop Smart
Smart shoppers plan ahead, shop early, compare prices, and never pay full price for anything. Keep an eye out for coupons and sales (both in-store and online).
Be a Creative Gifter
Whether it’s a birthday or holiday gift, what can be better than a home-made gift? With a little lovin’ from your oven, homemade jams and jellies, or a handcrafted gift using your creativity, you can save a lot of money by making gifts instead of purchasing.
Make One Trip
If you have errands to run, plan out all of your stops so that you can make one trip instead of multiple trips. It will not only save you money on gas, it will also help you to stick to your shopping list.
Plan Your Meals in Advance
Food waste statistics are truly staggering. Americans throw out almost twice as much food as any other country in the developed world – between 30-40% of the food produced is wasted. By planning your meals in advance for the week, you can save by buying only what you need and stop letting your groceries go to waste.
Pack Your Lunch
Brown bagging it can save you a few thousand dollars a year. Instead of going out for lunch, take your lunch to work. Cook in bulk when you make meals at home so you can take those leftovers to work – it’s cheaper and healthier than restaurant meals. Think about it, if you eat out for lunch 5x a week at an average of $10 each time, that equals $50 a week, and about $200 a month! The same goes for that everyday coffee. Think about how much you can save by making your own coffee and bringing it to work!
Drink More Water (and don’t buy bottled water)
By drinking more water throughout the day, you can save money on coffee, soda, juice, etc. Plus, drinking as much water as you should is good for your health! Invest in a good water filter and refillable water bottle so you will always have filtered water ready to drink. Bottling your own water will save you money.
Use Credit Cards Wisely
Shop around for cards that offer rewards or points that will rack up fast with each purchase. Many credit cards periodically offer extra points which can be used for travel, merchandise, and more.
Improve Your Credit Score
Resolve to improve your credit score. A low credit score can result in higher interest rates for loans or on credit cards. Working to improve your credit score can save you thousands of dollars in interest charges.
Take Advantage of Creative Savings Products
Some financial institutions have really tapped into the way that their customers and members spend and save. The Summit Federal Credit Union, for example,has just announced its newest product – RoundUp Savings*. A RoundUp Savings account offers members of The Summit an easy way to save while they spend using their Summit Visa® Debit Card. When a purchase is made with their Summit Visa® Debit Card, the transaction is “rounded up” to the nearest dollar and the spare change is automatically transferred from their Checking account to their RoundUp Savings account. Members then sit back and watch their savings grow. Featuring a great rate, there is no minimum balance required for a RoundUp Savings account. Plus, as the account reaches financial milestones, a Milestone Bonus can be earned. *The Summit Federal Credit Union is federally insured by NCUA. Membership subject to eligibility.
Automate your savings
Your workplace may have an option to put part of your paycheck automatically into a savings account. By doing this, you won’t be tempted to use that money and you likely won’t miss the extra money you don’t see in your paycheck. It also saves you from having to transfer those funds yourself.
Whether you are saving up for a big purchase, epic vacation or rainy day in your life, there are ways you can save creatively without even knowing it or even adjusting your lifestyle too much! It’s about making good choices and committing to saving!
Dawn Kellogg is the Public Relations and Community Engagement Specialist for The Summit Federal Credit Union.