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Three Easy Ways to Save
February 25, 2015
Whether you are looking to start saving money, or build on a current
savings account, developing a savings plan can be a daunting task. It is difficult to change a consistent spending habit or life-style to introduce new 'leftover money'.
When you get your paycheck, it is best to begin your budget with a savings goal in mind. This must be a percentage you are comfortable with and practical enough to support your current expenses. Below are three simple savings tips that can help you lower your overhead and increase your current savings with more comfort.
Watch what you eat
Eating more meals at home can help you trim down the fat and cost at the same time. Big cost factors in your food budget include eating out, buying non-essential 'junk' food, and letting food go to waste.
Try eating out less
When eating out, opt for water or skip the appetizer
Shop for groceries more frequently and buy less each visit to cut waste
Plan your meals ahead of time
Do not go to the grocery store hungry
Don't pay for things you don't use
People have a habit of buying goods and services spontaneously without addressing the added cost in their budget. Even if something is $10 or $20, and seems affordable, remember that those small expenses can add up quickly.
Check your expenses: Do you pay for satellite TV, cable, magazine / online subscriptions you never use?
Only shop with a list, add items to a list that you need instead of buying things you see spontaneously that you may or may not use
Don't buy something just because it is on sale and may be more expensive later. If you don't intend to use it right away, do not buy it.
Do you have items in storage that have been sitting for years and don't know what to do with them? Try selling them second hand. You may not need to pay for storage if you downsize.
Cut down your loan payments
Refinancing or loan consolidation can save you hundreds, if not thousands in interest while giving you more money to play with each month. Because credit unions are not-for-profit and member-owned, they can offer lower rates on financing than most banks or sub-prime lenders.
Currently, Central Sunbelt has a S.M.A.R.T. auto loan program that will guarantee a savings of 1% APR or more when you bring your auto loan from another institution and refinance. On top of that, Central Sunbelt will give the borrower up to $500 cash in hand. This can be used for savings, or to go towards the first few car payments.
Shop your current loan rates at a bank or sub-prime lender and compare to a credit union
"Qualifying required for loan and membership. APR = annual percentage rate. Qualifying rates as low as 1.90% APR based on credit worthiness. Cash back given upon loan closing at 1% of vehicle's value at a maximum of $500. See branch or call for details."