Budget Your Spending & Save
Now that the magic of the holidays is over, it’s time to come back to reality… your debt. We know how easy it is to go to the store, look at something you like and say, “oh I have enough for this”. Next thing you know, you spent hundreds of dollars and now you are stuck with a large credit card bill. With a new year starting, this is the time to think about how you can reduce your debt and save for the future.
Budget
A good way to start saving is to create healthy spending habits. We know how tempting it can be to grab the newest release of the iPhone, or a new makeup product, so a good way to ensure you are spending your money properly is to track it. Within your mobile app, under the Financial Wellness tab, there is a “Spending” section where you can view recurring expenses and see where most of your spending is at. You can start budgeting and tracking your spending here.
Consolidate Your Debt
A good way to reduce your debt is by looking into debt consolidation loans. There are a few great options to choose from, depending on your needs.
• Credit Card Balance Transfers
• Debt Consolidation Loan
• Home Equity Loan
Pay off Your Debt
If a debt consolidation loan isn’t the best option for you, then focus on paying off one loan at a time. Work on paying down a credit card or loan that has a high interest rate first, but still make your minimum payments on other loans. Once one bill is paid off, roll over that payment to the other bills and you can make additional payments to the principal.
Set Savings Goals
A great way to keep your spending low is to set a savings goal. Whether it’s for a vacation, wedding, new furniture, down payment, etc., we have a great and easy savings tool you can use. Within your online banking, under the Financial Wellness tab, you can find the “Savings Goals” section and create a savings goal you would like to achieve by a certain date.
Save a little at a time:
Dollar Up Savings: If you can’t save too much at the same time, 
consider our Dollar Up Savings account. This account is linked to your debit card and every time you make a purchase it rounds up to the next dollar and the difference is put into that Dollar Up Savings account. A couple cents a day and you could be saving more than you think!
Christmas Club Account: If you don’t want to stress about holiday shopping for this year, then our Christmas Club Account is perfect for you! Only a $25 minimum deposit is needed to open your account, and a minimum of $20 a month is required to help you save. No withdrawals can be made, but the funds are usually released in the first week of November.
Savings Calculators: Use current savings calculators to help you calculate how much you need to save to reach your savings goals.
Direct Deposit: Another easy way to save is when you set up Direct Deposit with us, you can schedule to automatically put a portion of your paycheck into a special savings account, we make it easy for you to get started.
It’s never easy to cut back on your spending, we get it, you want the newest and trending item, but you don’t need it in every color. Set a goal, track it, and by the time you have reached your savings goal, it will be so much more rewarding when you are ready to spend it without feeling guilty.
If you still have questions about any savings accounts you can visit our Wealth Resource Center to learn more, or give us a call at 281-487-9333.
The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.