Money Saving Tips

Saving money is important for financial success. A savings puts you in a safe position when a bad situation occurs, such as losing your job. A savings also gives you buying power to purchase big ticket items. And lastly, a cushion of savings could make you happier. Saving money has a positive impact on your mental health, making life less stressful and more enjoyable.

We care about the financial success and well being of all our members. These money saving tips can help you boost yours savings and get you closer to achieving your financial goals.

#1 – Housing Cost – To minimize your housing costs consider getting a roommate or moving into a smaller, more affordable space. Buying a home could save you money over time. If you already own a home, you could potentially get a lower monthly payment, lower interest rate and save money over the life of the loan if you refinance!

#2 – Bundle Insurance – It may be possible to bundle your home and auto insurance together at a lower cost. It’s worth asking your agent!

#3 – Cable – Is there an internet streaming service that could be a better option for you? Are your internet and cable bills bundled? Is there a more affordable option? Cable bills continue to go up. Explore your options to make sure you are utilizing the best solution for your budget.

#4 – Grocery Shopping – Try writing down your shopping list and only buying the things you need. Stick to the list and your budgeted grocery allowance. Easier said than done, but it works!

#5 – Cell Phone – Consider switching providers . Shopping around for a better plan could save you money. Even talking to your current provider about options to lower your bill could be a potential solution. Every little bit helps!

#6 – Pack the Lunch – If you eat out every day, packing a lunch could save you thousands annually! Not to mention its a healthy alternative to eating out.

#7 – Find a Hobby – A hobby can stop you from unnecessary spending. Staying busy with a hobby means less time shopping and spending. Some hobbies can turn into businesses, making you extra income! (Sewing, wood working, learning a language, creating art, blogging, house flipping, baking, knitting and writing!)

#8 – Lower Interest Credit Card – Getting away from high interest credit cards means you are saving more money and paying off your debt sooner.

#9 – Saving Challenge – A money saving challenge can help make saving fun. Many challenge have easy steps and attainable goals. Some include: The 52 Week Challenge, Spare Change Challenge, $5 Challenge and the Pantry Challenge.

#10 – Reusable Water Bottle – The average American can save hundreds a year! Not to mention reusable water bottles are better for our planet.

#11 – Carpool – Carpooling could save you thousands of dollars a year! Consider your vehicle costs: insurance, gas, maintenance, tires, vehicle depreciation not to mention parking and toll road costs. If you have a shorter commute, consider biking in the warm months. Carpooling can significantly reduce gas emissions, being a very environmentally friendly option.

#12 – Visit the Library – There are many ways the library can save you money. Audiobooks, movies, magazines, newspapers, music, internet, computers and more! Libraries have a variety of resources available, many forms of entertainment, opportunities to learn valuable information, better yourself and save money!

#13 – Buy it Later – Waiting a couple days before a purchase will give you time to think it over, find a lower price or find something better. Waiting is a healthy habit. Less buyers remorse means more happiness! Save money by buying less frequently.

#14 – Lower Utility Bills – A few small adjustments could save you money on your utility bills. Consider washing clothes in cold water, turning the water heater down, adjusting the thermostat, air drying clothes, replacing HVAC filters, installing ceiling fans and unplugging appliances.

#15 – Clothes Swap – Exchanging clothes with a group of friends or buying used could save you a lot of money.

#16 – Sell Your Stuff – Consider cleaning out your stuff and selling things you don’t use or need. It’s a great way to get extra cash to put toward your debt, a big purchase or to put into savings! You call sell your stuff online, classifieds or yard sale. Your junk may be just what someone else is looking to gain.