Weekend Money Traps to Avoid – Round 2

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When Friday arrives after a busy week and we gear up for free time over the weekend, it’s easy to fall hard into money traps. Here are some more money traps to consider this weekend and ways to avoid them.

The road trip: Doesn’t hitting the open road with a group of friends sound like a fun idea? While this is often a popular way to take a quick trip over the weekend, consider how much you will actually spend. First off, there’s the cost of driving. It can cost you up to $5 an hour on the gas alone, along with the eventual expenditures resulting from wear and tear on your vehicle. Then, there’s the food. Chances are while on the road, you’ll be eating fast food, which is not the best use of your money. Additionally, you will more than likely stay in a hotel along the way that can cost at least $75. So, if you do decide to take off on a weekend road trip, make smart choices. Decide how much you want to spend on gas and only travel as far as that will take you. Pack your food to save money (and the extra pounds the junk food will add to your waistline). Also, cut out the hotel cost and consider traveling to places where you have family and friends so you have a free place to crash.

The big event: Are you a sports fan? Do you love catching the hottest concert? These things are a lot of fun, but they will certainly cost you. Not only are the tickets expensive, but the refreshments and food at most venues are priced ridiculously high. Also, unless you live in a bigger city, chances are these big-ticket events aren’t actually taking place in your hometown. Therefore, not only will you have to buy the ticket, you’ll also spend money on travel and possibly hotel accommodations. Before you purchase your ticket, consider looking into local music shows or sporting events. While they may not be the hottest things out there, you can still have a very similar experience while supporting local artists or athletes.

The mall: We all know shopping can get expensive – but consider the mall the absolute worst place for weekend money traps. Not only is there an endless amount of stores where you can waste your money, there is also a food court and often a movie theater. The mall can literally be a one-stop shop for blowing your money and breaking your budget. While it can be fun to hit the mall where there’s something for everyone – before you do, think about what you actually need. Does your child need a new pair of shoes? If so, go directly to that store and nowhere else. If you’re just looking for a shopping experience, then hit the grocery store instead and get what you really need for the coming week.

If you missed the first article on weekend money traps, click here.

Article Source: Wendy Bignon for CUInsight.com

Stay Cool this Summer and Save Money

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The summer sun is hot. You come inside to escape the heat, but more than likely you’re also spending a ton on those energy bills. Below are a few ways you can stay cool this summer while also staying on top of your budget.

Adjust your air conditioning accordingly.

Of course, you want to take full advantage of your air conditioner, but do so with some forethought. Before you leave for work or even to run a few errands, crank the air up a couple degrees. That way when you’re gone, the house isn’t being cooled down when there’s no one home.

Also, turn the air up at night and on cooler days to avoid unnecessary costs. Many HVAC units also have programmable features that allow you to customize how your system runs, which can really help when your bill arrives. Another great idea is to close vents in any rooms that are unused to avoid wasting that cool air. Always change out air filters when needed, to avoid any clogging that may make your unit less efficient.

Fans are your friend.

Another great idea for keeping your home cool is to periodically run ceiling and other fans to keep the cool air flowing. This can also help spread the cool air when you return home after having your air conditioning unit cranked up while you were away.

Unplug unused items.

During the summer, it’s natural to want to get inside and flee the heat, but be mindful of how much more energy you are using while running those devices. Computers, televisions, and other gadgets are a great way to stay entertained – but they also can use a lot of power and put a dent in your wallet. So, when not in use, get unplugged to cut costs and save electricity.

Wait to run appliances.

If you are able, hold off on running the dishwasher until the evening when the sun is low and it’s not as warm. That way any heat emitted will be less noticeable in your home. The oven can also make your house hot, so consider cooking on the grill to keep the heat outdoors. Additionally, save your showers for the evening so your bathroom isn’t unnecessarily warm while you’re getting ready in the morning and rushing out the door.

Article Source: Wendy Bignon for CUInsight.com

3 Vacation Expenses You’re Forgetting About

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Vacation season is in full swing and it’s time to get packing. Your flight and hotel are booked and you’re ready to go. But before you take your trip, take a careful look at your travel budget. Are there certain expenses you may be overlooking? Be sure to take a look at these three commonly forgotten travel costs so you can plan your vacation budget accordingly.

Airport parking

In most cases, airports don’t require payment for parking until travelers return from their trip and head home. Therefore, once you arrive at the airport and head off to your destination, paying for parking may not be on your radar. It’s important to keep parking costs in mind while you’re enjoying your trip so when it’s time to pay, you still have enough set aside. Also, consider parking in economy lots over more expensive options. Even if you have to park farther away and take a shuttle to the terminal, at least you’ll be saving a few bucks after an expensive getaway.

Tipping

We all know to tip at restaurants, but it’s also proper to tip for other services while on vacation. The American Hotel & Lodging Association gives specific details on who should be given gratuity and how much. Examples of such services that are often overlooked by tippers include housekeepers, concierges, room service attendants, and travel guides.

Extra fees

It can often be difficult to find our preferred bank while traveling. Using ATMs at other banks can cost anywhere from $3-5, which can add up if you’re withdrawing cash multiple times. Instead, before your vacation begins, know where your bank’s ATMs are located or prepare to take out enough cash in advance before you travel. Aside from the cost of ATMs, also consider fees for using Wi-Fi (whether on a plane or in your hotel room) and data roaming charges. There’s nothing worse than using your phone for the internet and messaging only to come home to a massive cell phone bill you weren’t anticipating.

Article Source: Wendy Bignon for CUInsight.com

4 Financial Items to Review this Summer

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Summer is the perfect time for vacations at the beach and weekends at the pool. It’s also a great time for assessing your financial health. Things are generally a bit slower in summer, so use your time wisely and take a minute to review these four important financial items.

Emergency Fund

Before you fork out significant dough for that condo on the beach, make sure you’re not dipping into your emergency reserves. It’s impossible to know what unexpected things may pop up in life, but having a financial cushion is crucial. A general rule of thumb is to maintain about four months’ living expenses in your emergency fund. If you don’t have that, don’t even think about taking a summer vacation.

Credit

How much do you actually know about your credit? Do you know your credit score? Summer is the perfect time before the holiday spending season to research where you stand financially. Equifax, Experian, and TransUnion all offer free credit reports, so do your homework before opening up another credit card.

Retirement Savings

You may not pay much attention throughout the year to contributions to your retirement savings, but summer is a great time for a review. Are you satisfied with how much is being moved from your paychecks to your retirement fund? Is your company matching your contribution? Don’t wait until it’s too late to be in the know. If you are able, contribute as much as you can to your financial future.

General Budget

It can be hard during the busiest times of the year to truly evaluate our spending habits. We move from one workday to the next and do the best we can to budget. During the summer, sit down and give your finances a good look. Are there areas in your life where you can really cut back? If you can make adjustments during the summer months for the rest of the year, you can potentially be putting extra money back in your pocket.

Article Source: Wendy Bignon for CUInsight.com

 

4 Reasons You’re in Debt

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Status.

We’ve all heard of “Keeping up with the Joneses.” It’s that desire to have the things others have that may be too extravagant for your budget. If you go around thinking about the things you feel like you’re missing out on, you’re probably going to put yourself in a financial hole. Take a pause when you feel an impulse-buy coming on, and save yourself a headache later.

Credit cards.

Don’t let your credit cards be in charge (no pun intended). Take hold of your finances and don’t spend money you don’t have. Sure, there are benefits to using credit cards, but they can also be your worst enemy if you’re not careful. Use credit cards to build good credit but once you start racking up debt, it can take a long time to get out from underneath it.

Unforeseen expenses.

Sometimes expenses come out of nowhere. You may feel like you’re doing good, but then your engine fails and you need a new car. Be prepared. Make sure you’re building up an emergency fund, because if you don’t have it when you need it, you’ll end up putting yourself in a deep hole in the blink of an eye.

Life is expensive.

You may think your budget is mapped out and solid (and it may be), but then your best friend gets engaged. The next thing you know, you’re hitting up an ATM machine. Sometimes, you need to spend money celebrating, but plan ahead and you’ll be doing yourself a favor down the road.

Get yourself on track financially with our budgeting guidebook! Need help creating a budget you can stick to? Attend one of our free budgeting seminars during the year or make an appointment with a representative at your local First Financial branch.

Article Source: John Pettit for CUInsight.com

 

6 Ways to Save on Groceries

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Budget and stick to it.

Filet mignon is delicious, but buying too many pricy items could break the bank. There’s nothing wrong with buying what you want, but you have to make it work within a budget that’s comfortable to you. Have the filet one night, and a simple salad the next to enjoy luxuries and a healthy relationship with your money.

Shop sales wisely.

Stocking up on items is a great plan. However, stocking up on items you won’t or can’t use is a waste of money. Also, even if the sale is fabulous, it’s not to your advantage if buying that item now means you break your budget. 15 cans of creamed spinach for $2 is only a steal if you’ll actually eat it.

Switch to store brands.

The quality of store brands varies, but if you’re able to find a product that works for your family for less, you’ll save on every trip to the store. This simple trick will leave more room in your budget for splurges.

Digital coupons.

Many stores now offer savings apps or text coupons. Use them to save on your bill, but use with some caution. Sign up only for those you can regularly use or you’ll be swamped!

Store discount cards.

Discount cards mean savings on everything you buy. For example, Target’s Redcard. Cardholders save 5% on every purchase on everything from grills to electronics to toilet paper. Don’t forget about store savings cards as well – for example, your shopper’s club discount at Shoprite. Those who shop without one of these cards often can’t take advantage of the sales.

Never shop hungry.

We’ve all done it and we’ve seen the consequences to our wallet (and sometimes our waistlines). Even sardines and kale look good when you’re hungry. So instead, eat a snack before you walk down the snack aisle and buy what your brain wants, not your belly!

Check out other money saving grocery shopping tips here.

Article Source: Jennifer Reynolds for CUInsight.com