Financial Library

Financial knowledge leads to financial success, and the articles below can help you take more control of your finances now. Plus, Wealth News newsletters can add to your understanding of investing and planning.

30-Day Savings Challenge

May 14, 2018 ​

How to Bump Up Your Balance in One Month

Making an open-ended promise to save money is hard to accomplish if you don’t set rules and guidelines. So if you’re serious about stashing more cash, determine exactly how much you want to save by a specific date. One month is a reasonable timeframe to start building healthy, money-saving habits.

Food
Dining out isn’t the best idea when trying to save money. But think about your groceries, too. Consider avoiding the higher-priced stores and stocking up on the basics at the more reasonably priced spots. You might find that cooking at home and taking your lunch to work saves you lots of money - and ends up being healthier.


Entertainment
If you’re like most people, your entertainment comes from multiple sources. You may watch movies or shows through a cable or satellite provider, in the theater, through a DVD rental, or streaming online. When trying to save money, focus on watching movies and shows at home and choose the source that works best for you and your wallet.


Phone plans
It’s nice to use a smartphone to be able to look up information on the go, but consider downsizing your data plan. Many businesses and municipalities provide free Wi-Fi to customers and residents; prepaid smartphone data plans could also help you save. Ask your service provider to perform a usage analysis to see if you can save some cash.


Gym
While it’s important to get some exercise, there’s no reason why you should have to spend money to do it. Brainstorm ways to be active without handing over money for membership fees. The main idea is to just get moving!


Shopping as entertainment
“I won’t buy anything, I’ll just browse,” too often can lead you down the path of unnecessary spending. Eliminate leisure shopping or other activities that put you in temptation’s way; if there are things you need, make a plan before you go, or shop online for the best deals and less distractions. Also, many stores now offer pick-up and delivery options, which could help eliminate impulse purchases.


Insurance
Shop around online for the best deals on any type of insurance you have, like auto, home, and life. Also, check into bundling with one company to save even more. Look for additional discounts, and consider raising your deductible in exchange for a lower monthly payment. Lastly, check your credit score for accuracy – it can play a role in the cost of certain insurance policies. As a Nusenda member-owner you have access to potential insurance savings through Travelers.


Habitual items
When you’re in a comfortable financial situation, it’s easy to stop by the coffee shop or convenience store without thinking too much about it. But when thinking about growing your savings, take into account what you’re really getting out of these purchases, and if there’s less expensive alternatives.


Taxes
If you are receiving a large income tax refund check each spring, that means you are giving the government an interest-free loan; losing an opportunity for both a bigger paycheck - and the chance to earn interest on your own money. Use a withholding calculator to determine the appropriate amount to have withheld from each paycheck, and put the difference in a savings account. Nusenda’s taxation calculators can help you determine if you should adjust your withholdings, about by how much.


None of these measures alone are guaranteed to immediately solve all cash flow issues, but in concert they can help save you hundreds each month that can grow your savings account. We can help you come up with some more great ideas to build your savings – make an appointment to visit with us today, use our comprehensive set of financial calculators and financial library, get complimentary financial education and counseling with BALANCE Financial Fitness, and follow us on Facebook and Twitter for more great tips all year long.

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Nusenda Credit Union. The Power of WE®.



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