Here A Buck, There A Buck… Everybody Save A Buck!

When it comes to kickstarting or growing your rainy day or holiday fund, don’t discount the value of saving a few dollars on services or products you are currently paying for. Increasing your savings could be as simple as taking a closer look at where your bucks are going and what you are getting in return.

Four Ideas for Saving a Buck

1. Have you shopped for cheaper rates for your automobile or homeowner’s insurance lately? Taking the time to call a few different providers could result in lower premiums. As little as $10 saved each month on your auto insurance will result in $120 saved annually. You can achieve these savings simply by shopping around for the lowest cost policy or taking a look at your current coverages and buying only what makes sense for your current needs.
2. If you aren’t currently using coupons for the items you buy regularly, this could help you reduce your budgeted amount for groceries, further adding to your savings. You can typically save $1 or more on many items you buy on a regular basis by clipping a coupon or going to the manufacturer’s website for the products you purchase. This buck saved each week adds up to $52 or more annually.
3. Refinancing a mortgage or auto loan can save you a lot of money in the long run if you are able to get a lower interest rate. If you have equity in your home, you may be able to use it to consolidate high interest credit cards or loans. Using your equity in your home can help you get these balances down quicker because available loans are usually offered at a lower rate than credit cards and other unsecured loans.
4. I recently spoke with someone who was able to reduce monthly expenses on insurance, phone, and cable bills by $84.00 a month. She picked up the phone and asked each provider what could be done to lower these expenses. Not only did she reduce her expenses, she actually was able to gain more coverage on her auto insurance by switching her policy. She actually is seeing the bigger picture of these savings adding up to over a THOUSAND BUCKS a year. She will be reaping the benefits of saving a few bucks here and there in monthly spending plan while being able to start her emergency savings plan.

Take The Buck Hunt Savings Challenge

Go on your very own “buck hunt” to see how much you can add to your savings by the end of the year. Call your insurance company and cable service provider to see how much you can reduce your monthly expenses. Visit us in person or check out our website to see if our lending products can help you save. Sit down with one of our Certified Credit Counselors to see how we might be able to help you find even more bucks by setting up a new spending plan.

Not feeling the need to increase the number of bucks in your savings account? Feeling good about the state of your savings plan? You can still be a part of the challenge! Try paying a little extra on a current loan, which will saving a few bucks on your total finance charges in the long run. The point is to have our members put (or keep!) more money in their pockets and help them reach their financial goals, even if that means paying off your loans with us sooner.

Everyone likes saving a few bucks and finding new ways to do so can make all the difference in improving your overall financial health. Give it a shot!