Ways to Save Money

Here are some money saving tips that are easy to do and actually work! I recommend keeping track of how much money you actually save by doing some of these; otherwise you may feel like it’s not really impacting your life. Truthfully, right away it may not seem like it but by bringing lunch to work three times a week can save you anywhere between $15-45. These money saving ideas really can add up and make you feel like you have a money tree!

- Use those coupons! - If you are really into coupons you could learn how to become an expert at extreme couponing!

- Make coffee at home - That way you aren’t spending $2-8 on something that can be done at home for less.

- Always try and pay off your credit card at the end of the month – no one wants to spend money on unneeded interest

- Bring lunch to work – it beats spending $5-15

- Make a list before you go out to do any shopping – you are more likely to stick to your list and spend less money

- Dine in more than you eat out

- Don’t pay for space you don’t need – I think this is a big thing nowadays. People think they need big houses to rent or buy but in the end it cost more money to heat/cool them causing you to spend unnecessary money for space you don’t necessarily NEED.

- Turn off the T.V. & Shut off the lights– This one seems like a no brainer but can be over looked sometimes.

Helpful Tip:
If you want a pair of shoes that cost $60 and you make an hourly wage of $10, think to yourself are these really worth 6 hours of work. Sometimes, all it takes is thinking about the amount of work it would take to pay for a single item to put things back into perspective.

Photo Courtesy of patheos.com

Post by: Chelsea F.

Four Financial Moves Every College Grad Must Make ASAP

Tis the season—there are graduations almost every weekend! For those who’ve just graduated college, the future may seem a bit frightening. Don't worry-- Suze Orman has some solid advice. If her name sounds familiar, it should. Suze Orman is considered a “force in the world of personal finance,” and her advice is trusted by many. Here’s some of the advice she has for college graduates:

1. Get On Top of Your Student Loans: Yes, you have a six-month grace period before repayment of federal loans must begin. Don’t you dare wait five months and three weeks before focusing on this. Screw up on repayment is one of the most damaging mistakes you can ever make, and it becomes both hard and expensive to get on track if you fall behind. 

2. Make Sure You Have Health Insurance: If you haven’t yet started a job with benefits, or you’re taking a gap year, please don’t go naked here. Yes, the odds are low you might get sick, but insurance is about protecting yourself from the big “what ifs.” Besides, it’s not just about illness; any type of injury can set you back, from a broken bone to a torn ACL. If your parents have health insurance from an employer they should be able to carry you on that policy until you are 26, for a cost. Ask them to find out the cost, then compare it to what you can purchase for yourself (Go to healthcare.gov). If you and your parents decide it’s best to go with their plan, and you have a paying job, you should pay your share of their premium, or at the very least contribute. You’re their kid, but you are also an adult now. 

3. Get a Credit Card…if You Don’t Already Have One: As much as I applaud using just a debit card—paying as you go, rather than being tempted to overspend with a credit card—it still is important to have a credit card as well. The goal is to use it just a few times each month—for small purchases. And then pay your bill, in full, each month. Doing that is going to go a long way in establishing a solid credit score.
Automate Savings ASAP. Okay, you know how I feel about the emergency fund. And you know how I feel about saving for retirement. Both are non-negotiable Must Do’s—and the sooner the smarter. I respect you may not have a big income just yet. But please listen to me: that’s not an excuse for doing nothing. You need to do something—save something—every month.

Emergency Savings: Set up an automatic monthly transfer (it should be free) from your checking account into a separate savings account. How much? Well, how much feels right? Then add 10% to that number. That’s my challenge. Just try it for six months. I think you will surprise yourself at how doable it is, and how powerful it feels to start building an emergency savings account. 

Retirement Savings: If you are offered a workplace retirement plan that comes with a company matching contribution, you better grab it. Be sure to confirm that you are contributing enough to qualify for the maximum match from your boss. It’s sad, but many companies set the “default” contribution rate for new employees at such a low level that the employee doesn’t get all the matching contribution they are entitled to. Don’t make that mistake!

If you don’t have a retirement plan through work, or the plan doesn’t offer a match, the best first-step for new grads is to start saving via a Roth IRA. Again, you can set up a monthly transfer from a checking account into a Roth IRA investment account. Some discount brokerages, such as TDAmeritrade don’t have a high minimum initial investment, so you can get started transferring say $100 or so a month into a Roth IRA.



We can help you here at Horizon Community Credit Union-don’t hesitate to call! An MSR can help you with savings accounts, automatic transfers, or IRA's.  You can also talk to a loan officer about a credit card!

Post by: Breanna B.

Six Steps to Your Own Pot of Gold

During the month of March, you can hardly escape the Irish jokes and the little leprechaun figurines. You may think to yourself "That lucky little leprechaun, always finding a pot of gold. I wish I could find a pot of gold!" Don’t deny it, it’s true. You've thought it at least once in your lifetime.

What if I told you that you could find a pot of gold? Or that you might already have it? You might think I've gone crazy. Nope! You have the power to create that pot of gold, simply by saving!

I've encountered many people that balk at saving, and have excuses like "It’s too hard" or "I don't make enough to save" or "I just can’t." There’s no such word as "can’t," and it’s not hard at all. Trust me, I know, I've been an anti-saver. Working at HCCU and other personal experiences have shown me how important saving can be as of late, and I want to spread the message on to you! If you’re able to save, you can give yourself peace of mind by putting away enough to cover unforeseen expenses or save up for a future purchase. Let me give you a few tools/ideas to help you save.

Transfer money: Put a given amount into your savings account at a given interval. For example, you could set aside $50 from each paycheck. You can do this manually or schedule it through ItsMe247 Online Banking (also known as OLB). You can also come into any branch and ask a Member Representative to transfer that money or help you set up an Automatic Funds Transfer.

Open a Club Account: Heck, open as many club accounts as you need. I suggest this because having a savings account allotted for a specific goal helps make that goal real. I have a club account that’s titled "Rent," and that’s where I place a portion of my paycheck. Doing this helps keep it separate from my other money and keeps me from accidentally spending it during the month. The account can be opened with a Member Service Representative, and you can nickname the account anything you want through your OLB.

Debit Card Round-up: This is a fantastic tool we've just rolled out this year. As it sounds, this service rounds up your debit card purchases. Here’s an example: You bought a coffee with your debit card for $2.50. The system rounds that total up to $3.00. The $2.50 goes to the vendor, but that extra $0.50 goes into a savings account of your choice at the end of each day. If you make multiple debit card purchases in a day, the sum of all that rounded changed is placed in your account. If you have any more questions about this, or to enroll, call or go see a Member Service Representative.

Avoid Fees: Avoiding fees will help keep those pennies in your pockets. There are three ways to avoid fees. The first is managing your money well. If you don’t manage your money well, you are likely to encounter fees from overdraft transfers, NSF fees or Regulation D fees. The second way to avoid fees is to make your payments on time. Late fees are just extra money out of your pocket! The last way to avoid fees is to use all your resources. For example, avoid incurring a $2 fee for a phone transfer done by a Member Service Representative by using OLB or the CU*Talk automated phone banking instead.

Budget: I don’t care who you are, you need a budget in order to maintain a good financial position. Allot a certain amount to various costs and stick to it. I aim to be a bit under budget if possible, because that allows me to save a little more.

Track Your Expenses: Truthfully, this has been the most helpful thing for me. You can use a little notebook, or one of the many apps available in the Google Play Store or the App Store. I am usually attached to my phone, so I use an app. I have to manually update each transaction in the app, so I reconcile it daily with ItsMe247 Online Banking, to make sure I haven’t missed something.

Even if you only try a couple of these, I’m sure you’ll be able to find your own pot of gold—it’s been there all along!

Post by: Breanna B.