We’re All Feeling the Crunch
When the media talks to individuals about nothing but financial insecurity, job insecurity and general economic malaise, it makes us all take a look at our personal budgets in a very different way. If you’re looking for ways to be a little more economically savvy this season, here are some ideas for you.
• Pay yourself first
If you have one, put more money in your 401K, your IRA or a savings account. What you don’t see you won’t miss. Start small—it all adds up.
• Budget your weekly cash
Whether its $20 or $200, determine what you need for the week for miscellaneous expenses, take it out of the bank and make it last for a week. If you need to cut out that daily latte, so be it. If there’s money left over at the end of the week, toss it in the bank—or treat yourself to an occasional splurge.
• Delay purchases when you can
You can’t do this with gas for the car, but many purchases are discretionary. Just think how much you’ll appreciate those items that arrive fully paid for.
• If you refinance, save the difference
Refinancing only “saves” you money if you save the difference. If your new mortgage or equity line costs you $100 less per month, and your budget allows it, put that $100 in a Savings Account. This is easy to setup with a preauthorized transfer.
• Did you get a nice salary increase or bonus?
If your budget works with your current salary, and you receive a raise, think about transferring the difference to a savings account. This, too, is easy to setup with a preauthorized transfer.
• Stop or modify the services you don’t need or don’t use
Do you need all of those cable stations? Do you use all your cell phone features? If not, pare them back and bank the money you’ve saved.
• Set up a minimum payment for your credit card online—and avoid the late fees
Pay as much as you can to eliminate those very nasty interest charges.
• Use the Internet to lookup addresses and phone numbers
It’s free!
There are even more ways of saving money—if you’ve found a good way to economize and you’d like to share it, email us at firstbank@firstbt.com. We’ll find a way to share the information—that’s what community is all about!