Making ends meet. A shoestring budget. Scraping by. Scrimping. No matter what you call it, a recent study finds that seven out of ten Americans are now living paycheck-to-paycheck. If you’ve never had to adopt this lifestyle, consider yourself lucky. At Scient Federal Credit Union we understand the immense burden that a paycheck-to-paycheck budget can place on you and those you love. The last thing you need is someone wagging their finger at you chastising you for not managing your money better. That’s why we’ve compiled a list of ways you can save money on a month-to-month basis, as well as some solutions unique to credit unions.
Track Your Spending – Seems obvious, right? You may think so, but a common financial pitfall is that many people don’t really know where their money is going. They swipe and they spend, not keeping track of how those dollars are adding up. Once you start taking stock of where your money is going each month, you will quickly see the things you can cut out to save some money. Do you really NEED a pint of gourmet ice cream each week?
Have A No-Spend Day – It is time to embrace the joy of NOT spending money. For many, getting something new or treating themselves to a Starbucks coffee adds a little sparkle to their day. However, not every day needs that sparkle. Once a month, designate a “No-Spend Day.” This means you aren’t going to spend money on anything. No Starbucks, no afternoon snack. While a No-Spend Day will take some planning, you’ll be pleasantly surprised by the extra money you have leftover. Just don’t spend that money the next day.
Try Incognito Mode – This could be one of the simplest ways to remove temptation. Use an incognito browser to thwart tracking data from serving you targeted ads. After all, how many times have you seen an ad for something and thought, “Why don’t I already own that?”
These are but a few ways you can make minor changes that will have a big impact in the long run. However, you’re a member of a credit union and you have access to some unique opportunities that can help improve your financial situation.
Refinance Your Home – A home payment can be a huge hurdle between you and financial stability. That’s why it might be beneficial to refinance your home with us. When you refinance your home, you can potentially get a lower monthly payment and a lower rate. This will allow you to pay your home off quicker and free up funds that can be allocated to other things.
Specialized Loans – Sometimes, you just need that little extra to get you over the next big hump. As a credit union, we have the opportunity to offer more specialized loans at lower rates than big banks. We offer auto loans, student loans, and personal loans. These loans can help you build or re-build your credit, setting you up for a better financial future.
Dedicated Resources – As a credit union, we’re a small group of dedicated individuals. That’s why we offer money management resources to our members. Whether you need help developing a budget or determining if a refinance is right for you, we can help. Contact us today to make an appointment.