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Archive for Budget

The Post-Holiday Budget Recovery Guide

Posted by Emily Beatmann 
· Friday, January 6th, 2023 

The holidays are over, and if you’ve gone over budget with your spending, it’s time to deal with the aftermath. Instead of living in a financial deficit, take steps to repair your budget as soon as the last guest leaves. 

Here’s how you can get your budget back on track for the new year.

Review your holiday spending

Before you take steps toward financial post-holiday recovery, take stock of your finances. How much credit card debt did you rack up this season? Did you dip into a savings account that now needs to be replenished? Spend some time crunching the numbers so you have a better idea of what kind of recovery steps you need to take now.

Choose your recovery process

Once you’ve got your numbers clear, you’ll need to decide on a path toward recovery. 

If you’ve really blown it this season, and you’ve got multiple credit card balances to pay off, you may want to consolidate your debt. You can accomplish this by taking out a personal/unsecured loan and then using the funds to pay off your credit card debt. You’ll be left with a single, low interest payment to make each month.

Alternatively, you can pay off one credit card bill at a time, maximizing payments on the bill with the highest balance, or the one with the highest interest rate, until it’s completely paid off. Once you’ve crossed one balance off your list, move on to the next until you’re debt-free. Don’t get stuck paying just the minimum balance on each card each month, or you may be paying those credit card bills for years to come. 

Trim your budget

Take a close look at your monthly spending to find places to cut back. Are you paying multiple subscriptions each month for apps you never, or rarely, use? Those small fees can add up quickly. Can you cut back on your grocery bill? Perhaps you’re overdoing it on takeout or dining out. Is there any way you can negotiate with a service provider, such as cable or internet, for a better monthly rate? Maybe it’s time to shop around for a less expensive auto insurance policy. Trim the extra wherever you can to free up more money for paying down debt.

Put your holiday resources to work

Along with a pile of debt, the holiday season may have left you with some extra cash through work bonuses, tax returns and gift money. Put these resources to work by using a portion of this money, or even all of it, toward paying down your holiday debt. It may sting to use “extra” money for something as utilitarian as a credit card bill, but getting rid of the debt faster so you can return to your normal spending patterns can motivate you to make this choice.

Go on a shopping detox

Before the holidays, you shopped until you dropped and then you may have shopped some more. Now, it’s time for a shopping detox. Take a break from the mall this month and close all those open tabs presenting your favorite clothing brands. Resolve to swipe the plastic only for essentials this month, or at least to keep discretionary purchases to a minimum until your budget recovers. Trimming expenses is never fun, but remind yourself that it’s only temporary until you’re financially fit again.

Make a plan for next year’s holiday season

It’s never too early to start thinking about next year’s winter holidays. Instead of using the months before Christmas stressing out over how much you’re spending, and the months after the holidays stressing about paying your bills, pay a little bit toward your holiday expenses each month of the year for a much less stressful holiday season. When you open a holiday club account at 705 Federal Credit Union, you can set up an automatic monthly transfer from your checking account to feed your holiday savings. 

If you blew your budget this holiday season, you’ll need to take steps to help your finances recover. Use the tips outlined here to get started.

Resources: 

https://www.bankrate.com/finance/credit-cards/post-holiday-financial-recovery/ 
https://blog.usccreditunion.org/blog/post-holiday-blues-tips-to-recover-from-holiday-spending
https://www.realsimple.com/work-life/money/money-planning/post-holiday-spending-recovery-tips
https://www.fool.com/the-ascent/personal-finance/articles/how-to-recover-from-your-post-holiday-financial-hangover/

Categories : Budget, Christmas, Finances, Financial Setback, New Year's Resolutions
Man's Feet in Hammock

4 Ways 705 FCU Can Help Fund Your Vacation!

Posted by Emily Beatmann 
· Thursday, May 26th, 2022 

If you’re like most Americans, as soon as you see ads announcing Memorial Day sale events, you start thinking summer. Summer means flip-flops and sandy beaches, sunscreen and baseball, fireworks and ice cream — and expensive vacations.

Perhaps you’re really needing to get away this summer, so you have the perfect vacation all planned out.

But how are you going to get around the steep price tag on your dream getaway? Do you pull out the plastic, make it happen and worry about paying your credit card bills after you return home? Do you beg a loan off family and friends, putting your most important relationships at risk? Do you live off pasta in the weeks leading up to your vacation and use the money saved on groceries to cover the cost of your trip?

You don’t have to take extreme or irresponsible measures to fund the perfect summer vacation. As a member of 705 Federal Credit Union, you have access to a variety of convenient products that can help cover the costs of your trip with minimal effort on your part.

Here are four ways 705 Federal Credit Union can send you packing for your dream summer getaway.

Vacation Savings Account

It’s easier to save up for a specific goal when you separate the funds you’re earmarking for that goal from all other savings. When you open a savings account at 705 Federal Credit Union with the express purpose of using it to accumulate funds for a summer vacation, you’ll always know exactly how much money you’ve saved up for your getaway. Plus, your money will grow, so you’ll reach your goal sooner.

You may have already started saving up for summer expenses in your regular savings account. Move that money into your summer savings account now so your vacation funds are in one easy location.

To be certain you’re socking away enough money to cover your getaway, create a vacation budget now. Realistically, how much money will you need to cover the costs of your trip? Next, determine when you’d like to go and count the number of weeks or months left until your vacation date. Work out the exact amount you’ll need to save each week or month by dividing your total vacation budget by the number of weeks or months left to go before your trip. You can trim your budget, sell some stuff you don’t use anymore or take on a side hustle to come up with the necessary savings. Finally, link your checking account and your designated vacation savings account — and set up a direct deposit — so that your summer savings can grow almost effortlessly.

Vacation Loan Special

If you think you can’t possibly save up enough money to fund your vacation in time, consider taking out a Vacation loan instead.

When you take out a Vacation loan at 705 Federal Credit Union, you’ll get the funds you need for your dream getaway. And best of all, with our affordable rates, you won’t go broke paying it back! Speak to us today to find out more about this fantastic special available May 16, 2022 – June 30, 2022.

Skip-a-Payment

If you’re desperate for a vacation in more ways than one, consider taking a break from some of your financial responsibilities this summer. 705 Federal Credit Union allows qualifying members to skip one loan payment during this expensive time of year. By choosing Skip-a-Payment, you’ll get the break you need without hurting your credit or defaulting on the loan. However, your loan or balance payment plan will extend for another month, and the interest on the skipped payment will be integrated into the principal of your loan or bill.

Skipping a payment is not recommended for members who are struggling to get on top of their finances. But, if you’re in a financially comfortable place and just need some extra breathing room this time of year, skipping one monthly payment can be a great way to help you cover the costs of your summer getaway. The credit union’s Skip-A-Payment promotion will be available June, July, or August of 2022. Contact a loan officer by calling 337-232-8450 option 3!

Vacation Club Account

Instead of panicking about summer expenses when the calendar hits June each year, why not pay a little bit toward your summer costs all year long? When you open a Vacation Club account at 705 Federal Credit Union, you’ll be spreading the cost of your summer getaway across the entire year. Each month, you’ll pay just a little bit toward funding your vacation, and when summer rolls around, you’ll have all the money you need for your vacation, without taking a huge bite out of your monthly budget or going into debt. Find out more by speaking to a 705 Federal Credit Union representative about opening a Vacation Club account to help cover the costs of summer.

Get your vacation plans off the ground by stopping by 705 Federal Credit Union today. We have a broad range of products that can turn your dream vacation into a reality!

Resources:

https://www.moneycrashers.com/save-up-fund-summer-vacation
https://www.theworkathomewoman.com/fund-your-summer-vacation/
https://www.ramseysolutions.com/saving/plan-your-vacation
https://www.investopedia.com/terms/s/skip_payment_mortgage.asp

Categories : Budget, Credit Union, Summer, Vacation

5 Steps to Take Before Making a Large Purchase

Posted by Emily Beatmann 
· Monday, July 19th, 2021 

Have you been bitten by the gotta-have-it bug? It could be a Peloton bike that’s caught your eye, or maybe you want to spring for a new entertainment system, no matter the cost. Before you go ahead with the purchase, though, it’s a good idea to take a step back and follow the steps outlined here to be sure you’re making a decision you won’t ultimately regret.

Step 1: Wait it out

Often, a want can seem like a must-have, but that urgency fades when you wait it out. Take a break for a few days before finalizing a large purchase to see if you really want it that badly. For an extra-large purchase, you can wait a full week, or even a month. After some time has passed, you may find that you don’t want the must-have item after all.

Step 2: Consider your emotions

A bit of retail therapy every now and then is fine for most people, but draining your wallet every month to feed negative emotions is not. Before going ahead with your purchase, take a moment to identify the emotions driving the desire. Is this purchase being used as a means to fix a troubled relationship? Or to help gain acceptance among a group of friends, neighbors or workmates? Or maybe you’re going through a hard time and you’re using this purchase to help numb the pain or to fill a void in your life. Be honest with yourself and take note of what’s really driving you to make this purchase. Is it really in your best interest?

Step 3: Review your upcoming expenses

What large expenses are you anticipating in the near future? Even if you have the cash in your account to cover this purchase, you may soon need that money for an upcoming expense. Will you need to make a costly car repair? Do you have a major household appliance that will need to be replaced within the next few months? By taking your future financial needs into account, you’ll avoid spending money today that you’ll need tomorrow.

Step 4: Find the cheapest source

If you’ve decided you do want to go ahead with the purchase, there are still ways to save money. In today’s online world of commerce, comparison shopping is as easy as a few clicks. You can use apps like ShopSavvy and BuyVia to help you find the retailer selling the item at the best price.

Step 5: Choose your payment method carefully

Once you’ve chosen your retailer and the item you’d like to purchase, you’re ready to go ahead and make it yours! Before taking this final step, though, you’ll need to decide on a method of payment.

If you’ve saved up for this item and you have the funds on-hand for it now, you can pay up in cash or by using a debit card. This payment method is generally the easiest, and if it’s pre-planned, it will have little effect on your overall budget.

If you can’t pay for the item in full right now, consider using a credit card with a low interest rate. Most credit card payments have the added benefit of purchase protection, which can be beneficial when buying large items that don’t turn out to be as expected. Before swiping your credit card, though, be sure you can meet your monthly payments or you’ll risk damaging your credit score.

Another option to consider is paying for your purchase through a buy now, pay later program. Apps, like Afterpay, allow you to pay 25% of your purchase today, and the rest in fixed installments over the next few months. This approach, too, should only be chosen if you are certain you can meet the future payments.

Large purchases are a part of life, but they’re not always necessary or in the buyer’s best interest. Follow these steps before you finalize an expensive purchase.

Reach Out to a Loan Officer to Talk about Your Options for a Big Purchase! 

Resources:
https://www.thebalance.com/before-you-make-large-purchases-2385817
https://www.fool.com/retirement/2018/07/23/4-things-you-should-do-before-making-a-big-purchas.aspx
https://www.thesimpledollar.com/save-money/my-strategy-for-making-large-purchases/
https://moneywise.com/insurance/home/how-to-think-through-a-big-purchase

Categories : Budget, Credit Union, Finances, Home, Money Management, Online Shopping, Retail Therapy
Tags : , ,

6 Times A Bargain Is Not A Bargain

Posted by Emily Beatmann 
· Thursday, September 20th, 2018 

SaleIn the words of writer Franklin Jones, “A bargain is something you don’t need at a price you can’t resist.” And we couldn’t agree more. 

With the biggest spending season of the year looming ahead, it’s time to brush up on your shopping smarts. Don’t get caught springing for something you can’t afford! This year, give yourself the gift of an intact budget and a credit card balance that doesn’t haunt you for months or years to come. 

Here’s when that steal of a deal you can’t wait to show off to your friends is not such a bargain after all. 

  1. When you don’t need it 

The price might be right. But, if the heavily marked-down item is one you don’t need, you’re not getting a bargain at all. You’re just blowing money you could be using to put into savings or purchase stuff you actually do need. 

Those flashy signs and hyped-up ads are enough to blind the most discerning shopper, so think carefully before plunking down your money on sale items. If an item is marked down 75%, ask yourself: Would I ever buy this item at full price? Would I buy it if the price was slashed just 30%?

  1. When it’s a faulty product

Sometimes, it doesn’t pay to be cheap. If an item is retailing at a ridiculously low price, inspect it carefully. Hold it up to this checklist to determine its quality and durability:

  •   Where was it manufactured? If the product bears a designer label, but also has a “Made in China” tag stuck on it, you’re likely looking at a cheap knockoff that isn’t such a bargain after all.
  • Are there any noticeable defects or missing parts? 
  • Does the item appear to be worn out? You don’t want to be buying someone else’s heavily used returns.
  • Is the material cheaply made? Some clothing will start attracting lint and will sport unsightly “pimples” while still in the store. Unless they’re giving it away free, such poorly made clothing is hardly worth the price.
  1. When it’s going to go bad before you can use it 

Costco, we’re looking at you! Sure, that gigantic package of peanuts that looks like it can feed a herd of elephants is insanely cheap, but who are you kidding here? We both know there’s no way your family can eat it before they start going bad. And there’s no money saved when half of an item gets chucked into the trash. 

Before buying in bulk to snag a great deal, be sure the food won’t go rancid or get stale before you can eat it. 

  1. When the “sale price” is the highest the item’s ever been sold for at this location 

Retailers often use underhanded strategies to attract consumers. One of these tactics is featuring an item’s price as a “sale price” when, in reality, the store has never sold it for more than the tagged amount. 

Sometimes, the store operators will be basing their sale price on an inflated Manufacturer’s Suggested Retail Price (MSRP). But if the MSRP was artificially inflated from the start, you’re not really getting a bargain, are you? 

Other times, the item will come with a pre-marked-down MSRP. The manufacturer’s label might read: “Original price: $49.99. Our price: $39.99.” Of course, the item was never sold at $49.99 and the retailer is just playing games with you. If an item is really marked down, you’ll see a new price tag slapped on top of the manufacturer’s label with the newer, lower price. 

  1. When you need to mail in a rebate to get the discount 

Rebates are a retailer’s best friend. Most of us are just too lazy or forgetful to mail them in. So, we instead end up paying the full price with the retailer getting the last laugh. For instance, in one TiVo subscription promotion that included a mail-in rebate deal, a whopping $5,000,000 was never claimed.

If you’re the super-responsible type who doesn’t know the meaning of procrastination, enjoy those rebate deals. But, for the rest of us mere mortals, it only pays to pick up a rebate item with an instant at-the-register rebate. Otherwise, consider the item as being marked at its regular price.

  1. When it’s part of a liquidation sale 

Avoid liquidation sales like crime-ridden neighborhoods. While shoppers sometimes snag great deals at these sales, liquidation events are ripe with rip-offs. Retailers post signs claiming “Everything Must Go!” – but that’s where the honesty ends. The “Rock Bottom Prices” they advertise are often as high as the original MSRP – or even higher. The store owners are depending on shoppers to assume that all items are bargain-priced just because they’re at a liquidation sale. Don’t let them pull the wool over your eyes! Stay away from liquidation sales or proceed with extreme caution.

Sometimes a bargain is just that. But too often, what we think is an incredible deal is just another item we don’t need with a perfectly ordinary price. 

Want More Financial Tips and Tricks? Connect with Us on Facebook or Instagram!

SOURCES:

https://www.fnbn.com/3199-2/
https://www.google.com/amp/s/www.forbes.com/sites/robertwood/2012/03/03/beware-sometimes-bargain-sales-are-no-bargain/amp/
https://www.consumerreports.org/shopping/why-a-sale-isnt-always-a-sale/
https://www.google.com/amp/s/lifehacker.com/5695886/how-to-figure-out-when-a-sale-isnt-really-a-sale/amp
https://www.705fcu.com/borrow/loan-products/

Categories : Budget, Credit Union, Savings Hacks
Tags : , ,

7 Questions To Ask Yourself Before Making A Large Purchase

Posted by Emily Beatmann 
· Monday, July 9th, 2018 

Considering a Large Purchase? Make a Plan!

You’re convinced: You really want that Coach handbag. Or maybe you just know that gigantic entertainment center will transform your weekends. So you swipe your card and the dream item becomes yours. You’re thrilled! 

That is, until a few weeks later when the credit card bill comes, and buyer’s remorse hits. You can’t help wondering: Was it really worth the price? 

Don’t get sucked in again! Before you say “yes” to a large purchase, ask yourself these 7 questions: 

1. Do I have cash to pay for this item? 

woman coming out of a store after purchase a television

This question will help you determine if you can really afford the purchase. You need to have liquid funds that can cover the cost of your item. Putting it on credit means you’ll be hiking up the price once interest is tacked on, and you’ll be reminded of a possibly regrettable purchase for a long time to come. 

2. Is this the best price? 

 

When making a large purchase, it’s important to comparison-shop by checking several online listings and some brick-and-mortar shops as well. Visit coupon sites like CouponCabin.com for automatic savings. Also find out the best season for buying this particular item and wait for a sale if it makes sense to do so. Finally, consider purchasing a previously owned item for less.  

3. How many hours of work will you need to do in order to pay for this purchase? 

 

Calculate the total number of hours you’ll need to work to pay for this “must-have” item. Is it really worth the price? 

4. How else can I spend this money? 

Think about the money you’re about to spend on this single item. What else can that money buy? A few weeks’ worth of groceries? A year’s worth of monthly dinners out? Take some time to think of other ways you can spend this money before making a final decision. 

5. Have you splurged recently? 

 

If you can afford it, there’s nothing wrong with an occasional pricey indulgence. But, when luxury purchases become a habit, it can spell disaster for your finances. If you picked up a designer handbag just last week, you may be best off waiting a bit before buying the one that’s caught your eye today. 

6. How often will I use this item? 

Yes, it seems essential today, but looking ahead, how often do you think you’ll really use this item? If you can see yourself only using this purchase a few times a year, you may want to re-think your decision. 

7. How much will this money be worth if I put it into savings? 

You have the funds for this purchase, but how much would that money earn if you saved it? Check out this investment calculator to get that magic number. The results might leave you pleasantly surprised. 

Here at 705 FCU, we have several long-term savings accounts that can help your money grow. Give us a call or stop by, and we’ll help you choose one that’s perfect for you! 

SOURCES:

https://www.frugalrules.com/questions-to-ask-before-a-large-purchase/ 
https://www.makingsenseofcents.com/2016/08/what-to-do-before-a-large-purchase.html 
https://www.thebalance.com/before-you-make-large-purchases-2385817 
https://www.google.com/amp/s/amp.businessinsider.com/sc/things-to-consider-before-major-purchase-2016-10 

Categories : Budget, Credit Union, Savings Hacks
Tags : , , ,

SAVING ON MOTHER’S DAY

Posted by Emily Beatmann 
· Monday, May 7th, 2018 

8 Mother’s Day Ideas that Will Save You Big Bucks!

woman reads Mother's Day cardQ: I love showing Mom how much she means to me, but with the money spent on a pricey bouquet, a nice gift and dinner out, I’m looking at an awful lot of spending! Is there any way to give Mom a Mother’s Day to remember without it costing a small fortune?

A: If you find yourself overspending on Mother’s Day, you’re not alone. The average American will spend close to $200 this month, all aimed at making Mom feel special. It’s wonderful to show your love and appreciation, but you don’t need to blow your budget to make that happen.

Read on for some low-cost ways to show Mom how much you care. 

Give Mom a stay-cation

Give your mother a day off – at home! Make arrangements for her to be completely free of all housework on her special day. There’s no laundry, cooking or cleaning for her today! Offer to assume the responsibilities of all her daily chores, being sure to tidy up as per Mom’s standards and to prepare all her meals. You can create a homemade gift card entitling the bearer to one full day of all household chores, and present it to Mom in the morning.

Give your mother a small vacation – she deserves it!

Go out – for free

Search your neighborhood forums for local attractions that don’t have an admission fee. You might get lucky with an interesting museum or a beautiful overlook point that’s just a small drive away. Otherwise, you can prepare a picnic lunch, bring along some balls and Frisbees, and spend the day at a scenic park together with the whole family. Pack a portable grill and some hot dogs to make it a full-day event!

Make some memories

Celebrate Mother’s Day with the most enjoyable trip of all: down memory lane. Spend some time gathering and editing the best home video footage you can find. Include major family milestones and memorable events and/or vacations. Put it all together and present your gift to Mom on her special day. Then, sit back with the rest of the family and reminisce togethelr about the good old times.

On a similar note, you can give Mom the gift of priceless memories by creating a family scrapbook. Use patterned cardstock, your best family photos, ticket stubs and other fun mementos to help Mom remember old times. If Mom’s a grandmother several times over, you can even have each family member – or each grandchild – design their own page for Grandma.

Look for bargains online

If you can’t get around spending money on Mom’s gift, search for seasonal discounts online before spending a penny. You’ll find excellent Mother’s Day deals on Amazon, Coach, Kohl’s and other major retailers, sometimes as steep as 84% off retail price.

Best Buy puts a twist in the discount game by rewarding you for money you spend on Mom. Choose something from the site’s “Top Tech for Mom” section and you’ll get a savings coupon that’s valid until late June – just in time to help you save on a gift for Father’s Day.

Have a family movie night

Spend a relaxing day at home binge-watching Mom’s favorite movies together. Prepare lots of fresh popcorn and all of Mom’s best snacks, pour her a glass of her favorite drink, and get comfy on the couch. Remember: Mom is in charge of the remote! It’s her day, after all.

Look for restaurant deals

It’s always cheapest to eat your own home-cooked food, but if you know your mom is looking forward to a dinner out, look for local restaurant deals before deciding on a place to eat. Lots of eateries offer special Mother’s Day deals or even free menu items just for moms.

To keep costs down while still enjoying takeout food, order your dinner in. You’ll save on beverages and service fees without the hassle of preparing your meal. Be sure to set the table with Mom’s best china – and to do the dishes when you’ve finished eating.

Go easy on the flowers 

Flowers are always appreciated, but they can cost a bundle! Save on Mom’s bouquet by shopping around for the best Mother’s Day deals. Save even more by purchasing your flowers in the supermarket and arranging them in a vase or pitcher you already have in the house.

Game night

For a fun family activity that puts the focus on Mom, turn your favorite games into Mother’s Day material. Love trivia? Put together a list of random questions about Mom’s life, hobbies and daily schedule and play a super fun game of Trivial Pursuit. Pass around the most hilarious pictures you can find of Mom and let everyone take a stab at guessing when and where they happened. Get creative and host the family game night that Mom will always remember.

Showing Mom how much she means to you doesn’t have to strain your budget at all. With a bit of research and proper planning, you can give Mom some priceless memories she’ll cherish forever.

Want more ideas like this? Connect with 705 FCU on Facebook, Instagram, Twitter, or YouTube!

SOURCES:

http://www.frugalfanatic.com/save-money-on-mothers-day/
https://www.google.com/amp/amp.timeinc.net/fortune/2016/05/08/mothers-day-deals
https://www.grandparents.com/money-and-work/saving-and-investing/monday-money-savers-mothers-day

Categories : Budget, Credit Union, Savings Hacks
Tags : , , ,

7 Ways to Spring Clean for Extra Cash

Posted by Emily Beatmann 
· Monday, April 9th, 2018 

a women going through her book case to donate unwanted books

Spring Clean for Cash!

When that first delightful spring breeze starts blowing, you know it’s time to get your house in shape.

The warmer weather and the brilliant sunshine pouring through your windows can fill you with boundless energy. You’re going to banish those dust bunnies! Every piece of useless clutter must go! You are on a mission to turn your home into a sparkling palace that is completely free of junk. 

But there’s more than just a neat house awaiting you at the end of all that hard work. Here’s how you can spring clean your way to riches – well, almost. You won’t become a millionaire from your junk, but you’ll put some spare cash in your pocket just by taking a few extra steps while clearing out the clutter. And that’s always a good thing! 

1.) Trade in your electronics 

Don’t throw out that digital camera or printer just yet! Gather all the old gadgets and devices you no longer use and bring them to your local electronics store. They’ll likely offer you a gift card for your treasures. 

Some larger chain stores, like Best Buy, even run a retail-collection program to help you responsibly dispose of your old electronics. You’ll earn a gift card that can help you save money on your next purchase.  

2.) Get cash at the consignment store 

Your outdated clothing from the ‘90s might just be someone else’s idea of high fashion today. We’re looking at you, neon jeans! Instead of filling your local dumpster, bring your old clothing to the neighborhood consignment shop and see what they’re willing to take. If you’re open to traveling a bit, you can search for consignment chains that might be a little further out, like Plato’s Closet for teens and 20-somethings; Clothes Mentor which resells designer clothing for all ages; and Once Upon a Child, a chain that specializes in children’s clothing and toys. 

You can also look up consignment shops online, like ThredUp, Tradesy or Poshmark. And if all else fails, there’s always eBay! 

3.) Trade in your video games 

If you’ve got a serious gamer at home who always needs the latest and greatest, consider trading in your old games at GameStop. You’ll get a store credit that will help support this relatively costly habit and you’ll get rid of that huge pile of video games at the same time!  

4.) Sell old books 

Books take up lots of room, and if no one’s reading them, why not get rid of them for good? Look up your closest Half Price Books locations and bring your collection over to them in exchange for a tidy sum. 

If you’ve got a stack of textbooks lying around, earn back some of the money you shelled out for them by selling them online on BookFinder, Cash4Books or eCampus. 

5.) Sell your expensive electronics 

If you’ve got some older smartphones or laptops that are in decent condition, they should be able to fetch you a pretty penny. Try selling your stuff on Gazelle.com. They offer free shipping, and once your item is officially logged by the company, you’ll get paid via check, gift card, or PayPal. It’s an easier, faster option than selling on Craigslist or eBay. 

6.) Get cash for unused gift cards 

Do you have a pile of gift cards you will never use? It’s time to get rid of the whole lot – and make some money on the side! There are loads of sites that offer a gift-card exchange service, and though you may not make back the full amount, you’ll usually land a decent offer. Besides, if these cards were originally given to you as gifts, any money you make off them is extra. 

Try your luck with your gift cards at giftcard.com, giftcardgranny.com or tradya.com to fatten up your wallet with greenbacks instead of useless cards. 

7.) Donate to charity 

Donating unused clothing toys, or electronics to charity might be the easiest way to get rid of clutter. You’ll be helping out a worthwhile cause and making someone else happy with your belongings. As an added bonus, donating goods to charity will earn you a tax deduction, so long as you keep your receipt. Thrift shop chains like Goodwill and the Salvation Army will happily accept clothing that’s in decent condition, all kinds of housewares, used furniture, toys, gadgets and more. 

You’ll be making someone else’s day and earning a tax break at the same time. 

Spring cleaning is a chore that’s gotta be tackled with lots of energy, time, and hard work. With a bit of extra planning, you can earn some cash in return for the work. 

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SOURCES:

https://www.google.com/amp/s/www.gobankingrates.com/making-money/spring-cleaning-tips-ways-make-money-already-have/amp/
https://money.usnews.com/money/blogs/my-money/articles/2016-03-02/5-ways-to-make-money-off-your-spring-cleaning
https://www.frugalforless.com/make-money-cleaning/

Categories : Budget, Credit Union, Savings Accounts
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How To Shop For Fall On A Budget

Posted by Emily Beatmann 
· Monday, September 25th, 2017 

Fall Savings Tips

fall leaves

Photo Credit Union: http://ow.ly/QpzC30j5hAr

That long-anticipated day has finally come and gone. Your kids looked sharp and neat sporting spiffy backpacks and dressed in their spanking new back-to-school clothing. You watched them board that bus and waved them off from your perch at the bus stop until your arm hurt.

 
Then you breathed a great sigh of relief, grateful that the busy back-to-school shopping season is behind you.
 
Unfortunately, though, the fun is just beginning!
 
While your child may be outfitted for the new school year, you might need some warmer autumn clothing for yourself. And of course, if the leaves are starting to change colors, it can only mean that winter isn’t far behind. That brings with it a whole slew of wardrobe necessities and accessories you’ll need to purchase, both for yourself and the rest of your family.
 
If the dollar signs dancing before your eyes are starting to look frighteningly large, you can relax! As always, 705 Federal Credit Union is here to help you navigate this potentially expensive task and show you creative ways to save, even as you bundle up your family for the fall and winter seasons.
 
Read on for six timely money-saving tips this shopping season.

1.) Layer up

Don’t pack away your summer clothing just yet! The temperatures may be dropping, but you can still find many uses for those tank tops and summer dresses; save them for layering up in colder weather. You can stick a long-sleeved T-shirt under a dress and add leggings and boots to make it warmer. If you’re a genuine fashion guru and will wear any trend, you can even wear shorts in the winter and stick a pair of leggings or warm tights underneath.

2.) Take inventory

You check your pantry before heading to the supermarket; shouldn’t you also take stock of your closets before hitting the mall? This is especially important when shopping for a new season. It’s easy to forget pieces you’ve got hidden in the back of your closet or buried deep in a drawer from last winter. Take a careful inventory of what each family member has and what they still need and write it down. This way, you won’t come home to find that you already have what you’ve purchased.

3.) Shop the sales

Fall has a few observed holidays that bring awesome sales – so take advantage! There’s Columbus Day, Veterans Day and then the markdown day of the year, Black Friday. There’s also Cyber Monday and Small Business Saturday. It’s worth waiting for the next holiday to buy what you need. You’ll save a lot just by being patient!

4.) Shop online – without paying shipping

Online shopping can be significantly cheaper than retail stores – until you need to chalk up $6.99 for shipping, that is.
Beat the system by looking for free shipping on sites like Freeshipping.com, or by taking advantage of the free in-store pickup available at many retailers. Many stores also offer coupons to first-time online shoppers. If you’ve already shopped a store online, you can sign in using another email address and still snag the deal.
 
Even if you prefer live shopping and like to try on your clothing before you buy, it pays to check out a store’s online inventory before going to the brick and mortar shop. This way, you’ll know what they have and what you like instead of wasting time browsing racks and finding the perfect top with the perfect price several hours later.

5.) Time it right

There’s a season for every purchase. If you wait until a specific item goes on sale, you’ll save big. For example, jeans always get marked down in October and last winter’s boots will show up on the sales racks at the end of September. It’s worth it to wait until these times to buy these items.
 
Also, winter coats hit the sales racks as soon as Christmas is over. Depending on the climate in your area, you may be able to hold off on buying a coat until after the holidays to await a super deal. Alternatively, if your old coat is in fairly good condition but you’d like a more updated look, consider making do with last year’s coat for now, and buying a new one when they go on sale.

6.) Shop the overstock

Stores that specialize in deeply discounted merchandise, like DSW, T.J. Maxx, and Marshalls, can be a terrific source for name brand clothing at generic prices. You may have to sift through rows of racks until you land a real bargain, but it’ll be well worth your time. These stores are especially beneficial for stocking up on basics.
 
On a similar note, be sure to check out secondhand stores and sites like Overstock.com for incredible deals on stuff you need.
Don’t break the budget this shopping season. With a bit of planning and strategic shopping, you can outfit your family for warmer weather.

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SOURCES:
 
Categories : Budget, Credit Union, Savings Hacks
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Can Living Frugally Make You Happier Than When Living Lavishly?

Posted by Emily Beatmann 
· Tuesday, August 22nd, 2017 

Do you believe money is the key to happiness?

girl blowing bubbles

Photo Credit: http://ow.ly/fZf030eATAm

Somewhere deep inside, we all know that money cannot buy happiness. Many people overspend and rack up thousands of dollars in credit card debt to live a lifestyle they believe will make them happy, only to discover they are living beyond their means. This, in turn, adds stress and worry … causing unhappiness. Believe it or not, living frugally can actually make you happier than living lavishly.

 
Living a frugal lifestyle isn’t necessarily about pinching pennies and denying yourself things you want. It’s about making your life easier and worrying less about money.
 
If you’ve decided it’s time to start living more frugally, ask yourself why you want to do it and establish a goal. Without a reason to change your spending habits and a goal to work toward, it’s easy to fall back into old habits. Maybe you’d like to retire early, or travel the world or buy your dream home. Maybe you’d like to work less and spend more time with your family. Whatever your reason, write it down. Place reminders of your goal where you’ll see them often.
 
Once you’ve started your new frugal lifestyle, you may be pleasantly surprised at your newfound happiness. Below are some benefits of living the frugal lifestyle that can lead to more happiness and better money management.
 
  • You’ll learn to appreciate what you have. You’ll become thankful for your resources and learn to make the most of them. Rather than throwing away old items, you learn to repurpose them and let little go to waste.
  • You’ll tend to choose experiences over objects. Rather than going to the mall and purchasing a new outfit or the newest video games, you’re more apt to go for hike, to the beach or play board games with friends or family. These experiences provide memories and happiness that can last a lifetime. Conversely, that new outfit or video game will provide only temporary happiness.
  • You’ll start to notice your debt diminishing. The burden of debt often ties people to jobs and locations that they hate because they feel they have no other choice. Once your debt disappears, you’ll have the freedom to choose a profession and location that makes you happy.
  • You will have more leisure time. Once you’re able to pay down debt, you won’t need to work as many hours to make ends meet. This will give you more free time to spend on hobbies and other leisurely pursuits.
  • Living frugally may put you on the path to early retirement. Rather than spending your golden years working, you could be gardening, traveling, enjoying your grandchildren or any number of more pleasurable things. Being able to put more funds away for retirement will help you reach a financially comfortable level long before many of your colleagues.
  • You might find joy in helping others. By reducing your own expenses and saving money, you are able to give more to others and support social causes that are important to you.
 
Now, you may be thinking – the frugal lifestyle doesn’t sound all that bad, but how do I get started? The key is to start small. Make a list of what you’d like to accomplish, how much money you’ll need to achieve it, and formulate a plan. Figure out expenses you can live without. Instead of buying high-priced gourmet coffee at a drive-thru in the morning, brew your coffee at home. Brown bag your lunch rather than eating out. Make a weekly meal plan and cook your meals at home. These items alone can potentially save you hundreds of dollars a month.
 
If you’re paying down multiple credit cards, look into consolidating them into one loan or to a single, lower-interest credit card. This can give you significant savings on interest charges. [Check out Section 705’s low interest credit card option and apply here.] Once you’ve consolidated your credit card debt, keep your your oldest credit card, but use it infrequently and close all others. Keeping your oldest card open may positively impact your credit score. Leaving the others open, though, may lead to a temptation to use them again, thus defeating the purpose of paying them off.
 
Learn to stretch your money as far as you can. When purchasing groceries, clip coupons and look for sales. When purchasing clothes or other non-grocery items, check thrift stores, yard sales and clearance racks for the best possible deals.
 
Look for ways to lower your monthly bills. Are you paying a huge bill for cable TV? Could you live without it? Many people pay a large cable bill and only watch a handful of channels. Check to see if there is a cheaper package available. Is your electric bill higher than it should be? Try hanging your clothes outside to dry rather than using your clothes dryer whenever possible. Also, washing your clothes in cold water instead of hot will save your hot water heater from working as hard – and your clothes will still get cleaned. Another good habit to get into is unplugging electronic devices when you’re not using them.

Give living frugally a try! You have nothing to lose but debt and can gain some unexpected happiness along the way.

SOURCES:

http://www.wisebread.com/how-living-on-a-tight-budget-makes-you-happier
https://www.thebalance.com/frugal-living-4074014
https://toughnickel.com/frugal-living/101-Frugal-Living-Tips-You-Need-to-Know
https://www.thepennyhoarder.com/life/frugal-living-rich-life/
https://www.thebalance.com/lower-your-electric-bill-1388743

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Categories : Budget, Credit Union, Finances, Savings Hacks
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Newlyweds: Don’t Let Financial Stress Take the Cake

Posted by Emily Beatmann 
· Monday, June 5th, 2017 

How Newlyweds Should Talk about Money

There are so many things to think about when you’re just married, or about to be, and no one would rate finances as the most exciting of them. In fact, studies show that money (not relatives) is the number one reason couples argue. Those financial arguments (again, not relatives) are one of the top predictors of divorce.
 
So, how can you avoid becoming a statistic? Here are some tips.

Talk to Each OtherCouple laughing over a cup of coffee

A poll by the National Foundation for Credit Counseling found that 68% of engaged couples held a negative attitude about discussing money. 45% considered it “necessary but awkward,” while 7% said it was “likely to lead to a fight.” Five percent said they thought it would cause them to call off the wedding.
 
The result? Couples just don’t talk about finances. A Fidelity survey said more than one-third don’t even know their partner’s salary. The irony is that 72% of those same couples said they communicate “very well” about financial matters.
It’s not surprising, when you think about it. What’s romantic or sexy about debt, budgets, taxes, wills, and the like? But, while there isn’t a plan to keep every newly married couple happy, experts agree: Don’t wait to talk about money.
 
Taxes, for example, are boring (and scary), but they may be important right now. If you and your spouse are employed, the “marriage penalty” may force you to pay more taxes when married than while you were single. So, think about marrying in January rather than December. But if one spouse earns most of the money, you’ll enjoy a “marriage bonus” and pay less than two singles; a December wedding might be wise in that scenario.
 
Speaking about money now is definitely important, but so is how. A 2004 study by SmartMoney found that more than 70% of couples talk about money at least weekly. So what’s the problem? “Most of us don’t know how to talk about money,” says Mary Claire Allvine, a certified financial planner. “People tend to be emotional and reactive, not strategic.”
 
Whether you talk about money weekly, monthly or on some other schedule, what matters is that you agree on a system and stay open to changing it.

Get Started

Taking the first step can be difficult, so start off easy, with questions like “What’s your first money memory?” or “How did you spend your allowance?” Then move on to some of these:

  • “Are you a spender or a saver?” – If one of you is a saver and the other a spender, create a budget that considers both styles. Studies show that men and women spend differently. Women often take care of daily expenses (groceries, utilities, clothes) while men make larger purchases, such as TVs, cars or computers. The amounts might be the same, but the perceptions are very different. About 36% of partners don’t talk to each other about big purchases, and that’s a recipe for disaster.
  • “Are you in debt?” – ATD Ameritrade survey found that 38% of couples were “only somewhat” or “not at all” aware   of their partner’s debts. When you get married, your spouse’s debt doesn’t automatically becomes yours, but what he or she owes will affect both your choices. For instance, heavy credit card debt could make it more difficult to buy a home. Make reducing debt a priority.
  • “What are your financial goals?” or “Where do you want to be five or twenty years from now?” – People who identify specific goals make faster progress toward savings and investing targets. But first, you need to agree on what those targets are: buying a home, starting a family, being debt-free? List your individual goals, then share them with each other and make a joint plan.
Know what’s important to each of you. What do you value more, things you can keep or experiences to remember?       Maybe one of you wants to buy a house while the other thinks saving for retirement is essential. Get these things out in the open early.

Trust Each Other

A recent Money survey revealed that couples who trust their partner with finances feel more secure and argue less. That level of trust, though, isn’t common among newlyweds. “We’re intimate with our partners in so many ways before marriage, and yet money remains off the table,” says Paula Levy, a marriage and family therapist.

Be honest. If you made a purchase you shouldn’t have, own up to it. Some 40% of men and women confess they’ve lied to their spouse about the price of something they bought, and lying about money can have huge repercussions.
 
Support each other. Retreating doesn’t help, and neither does finger-pointing. Work together to come up with a game plan.

You’re Still Individuals

Celebrate the differences. If your partner is a bargain-hunter, put him in charge of the spending while you invest the savings. And decide on a monthly amount each of you can spend, no questions asked. The average amount couples say this should be, according to Money, is $150.
 
There are pros and cons to opening a joint bank account. SmartMoney found that 64% of couples put all of their money in joint accounts, while 14% kept everything in separate accounts. For many newlyweds, the ideal choice may be both: yours, mine, and our accounts. Once you’ve determined shared living expenses, both of you can contribute your portion of those costs to the joint account based on your share of household income.

Ask for Help

If you and your spouse find money conversations tough, you might want to bring in a financial planner or other professional. Your credit union can help – that’s why they’re there. Take steps now to ensure that money won’t put rocks on your path to wedded bliss.
 

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