Most of us have good intentions, but we’ve all blown New Year’s resolutions by setting unrealistic expectations. If improving your personal finances, here are some easy ways to avoid the pitfalls and follow through.
ROUND UP AND SAVE
Round-Up Savings is an easy way to make everyday purchases part of your savings plan. When the feature is enabled, TCU automatically rounds up purchases made on your Debit Mastercard to the nearest dollar and then transfers the difference from your spending account into your savings account. This option lets members turn small amounts into financial returns over time, without even thinking about it.
ON TIME, ALL THE TIME
It goes without saying that we should pay bills on time, but every now and then we get caught up in the busyness of life and miss a payment. Enroll in TCU’s online bill pay and set up automatic payments to have peace of mind that all your bills will be paid on time and that you’ll avoid any additional interest charges and late fees.
CUT OUT CABLE
By cutting the cord, you could save over $100 per month. With an internet connection, and an abundance of media streaming options, you can most likely ditch your cable bill but keep live news, sports and more for a lot less.
REDUCE EVERYDAY EXPENSES
Consider cancelling subscriptions and memberships you don’t use — especially if they renew automatically. Commit to dining out only once a month and trying places that fall into the “cheap eats” category. Also, give yourself a “cooling off period.” To dodge the temptation to overspend, wait a day (or longer) before making a purchase.
SAY YES TO REWARDS
Typically, checking accounts don’t pay interest. TCU’s Ultimate Checking, on the other hand, offers 3.00% APY* on balances up to $10,000**, meaning you could earn as much as an additional $300 a year with this account. TCU Visa® Signature Rewards credit card also offers 1.5 points per dollar on qualifying purchases. Points are easily redeemable for cash, merchandise, travel or gift cards.
SNIFF OUT SALES
Look at your grocery store’s weekly mailer or website to see what’s on sale and make a meal plan before you go shopping. When you come prepared, your shopping trip will be more purposeful, which saves money and time. Many grocery store apps also offer digital coupons that you can attach to your shopper’s account, adding more to your wallet after checkout.
If you’re saving for a goal, consider setting up a separate savings account for that purpose and assigning a dollar amount you owe to it every month — like a bill you pay to yourself. If you name the savings account “new furnace,” for example, your mind will treat the account as such, making it easier to stay on track.
TCU offers many free and tools to help you achieve your financial objectives. Our Mobile App and Online Banking lets members regularly transfer money to a savings account (Primary Share Savings, Choice Savings or Premium Money Market) from another eligible account such as a checking account. Instead of waiting to put money into savings until after you pay your bills every month — automatic transfers making saving routine.
With a few tweaks to your spending and saving priorities, you’ll be on the fast track to financial security in no time.