Save Money Better with Help from FindCreditUnions.com
This post is sponsored by FindCreditUnions.com, a website for people who want to be more economically savvy by saving through credit unions. The tips and opinions expressed are purely from Budget Savvy Diva.
I love savvy shopping because I am a money saver. We all know this. Spending less is my specialty and I always delight in sharing deals, tips, and advice so you can save money too. But spending less to save money is only the beginning. The saving part is where things get trickiest. You may spare yourself 15% here and 30% there when it comes to the things you buy, but that is only part of the story. That unspent money has to go somewhere, it doesn’t merely accumulate in your hypothetical pocket. Having kids means planning for individual futures, so we are doing more saving than ever (which is good because we’re also doing more spending than ever!). The bottom line is we have to make that connection between saving money and SAVING MONEY. One of the ways to do that is to look at what banking institution you choose. Here are some tips to consider that will help you save money better. You can get more free advice at FindCreditUnions.com.
Credit Unions vs Banks
As you may have guessed, we are pro credit union. There’s really no reason not to be. You may be more familiar with banks and you may not even know there is a difference, but there is. credit unions offer the same services as banks, but they are member-owned. The benefit of becoming a member versus becoming a customer is that your saved money is returned to you at a better interest rate. The way banks work is that they use your money for profit by loaning it out through various lines of credit. You don’t assume any risk the way you would if you loaned the money out personally. However, you also don’t get to see that interest the banks are charging. That goes to the owners of the bank. A credit union is more of a community where you are one of the owners. one of the benefits of saving money at a Credit Union is slightly higher interest rates. When you have to borrow money, you also benefit from lower interest rates, because profit is not the primary goal of a credit union.
Start a Monthly Budget
If you are living paycheck to paycheck the idea of spending less is attractive, but actually saving seems impossible. It’s not easy. That is true. But it’s far from impossible. Just starting a monthly budget is a great move toward saving money. The more quickly you start paying regular attention to your bank account balances, the more easily you will adjust your lifestyle to make a positive change in your checking account. That is the first step to making a big difference in your financial future. Once your personal finances are top of mind and no longer something to avoid, you are able to take control of where you spend that saved money. Don’t let it float away once you’ve worked to hold onto it. Direct it where to go, even if it is sending a little extra to a credit card payment. If credit card debt and auto loans are holding you back, credit unions make it easier to borrow by offering lower interest rates. Low-interest credit is way easier to pay off!
Stop Shopping on Credit
Saving money on the things you buy is awesome, but it’s harder to see the impact when that transaction is charged to a credit card. It may even start to feel hopeless to save as your credit card debt continues t mount. Take charge of your credit card debt by using your debit card instead. That’s where you really feel the impact of the discounts you get when you shop smart. Get more practical information about how to save money and how credit unions help you reach your financial goals here.
