3 Things You Should and Should Not Do with Your Tax Refund

Tax season is well underway and it’s likely that you’ve already filed, and are patiently awaiting your tax return.

While having extra cash on hand can’t hurt anything, it’s definitely possible to make some good and not so good uses of it. Here’s a short list of do’s and don’ts that’ll hopefully be your compass leading to a good use of your return.

Do’s:

Pay Off Debt

Whether it’s student loans, credit card payments, a car loan, or any other sort of payment, it’s always a good idea to use what you can to reduce the principal amount. Minimum payments may not seem like a lot in the short term but definitely will cost more in the long run.

Boost Your Savings

You never know when you’re going to need to dip into your emergency fund, but you’d certainly feel better about it if you parked your tax return into that account. With the surprise expenses that life, cars, and owning a home can bring, it’ll be nicer to put that money into action without worrying as much.

Invest

We know money doesn’t grow on trees, but we also know of many other places money can grow. Whether it’s in the stock market, your retirement account, treasury bills, municipal bonds, or even shares of a local company, investing that extra handful of cash can bring more financial security down the road.

Another way to invest is in your own property. Using your tax return as a down payment on a house or mortgage is an investment in your future. If you’d like advice on purchasing a new home contact St. Cloud Federal Credit Union.

Don'ts:

Buy Lots of Small Things

It’s tempting to resist the urge to splurge. Maybe coffee every morning for a few weeks or entering a retailer and leaving with 12 additional items sounds good in the moment, but those little purchases can create a huge dent in your return. There’s a reason small buys seem to add up quickly, and that’s because we consider the purchases too small to make a difference.

Buy a New Car

That extra boost of cash may seem like the perfect time to upgrade your existing vehicle, but when you look at the size or your return and the overall cost, it’s pennies in the bucket. Modern cars often make it well past 200,000 miles if properly maintained, so consider whether or not the purchase is a want or need before heading to your dealership.

Spend it on Impulse

A night on the town with great food and drink is something most of us can appreciate, but not something our bank accounts will. A good rule of thumb is to ask yourself how long this purchase will benefit you. Whether it’s a round of golf, movie tickets, a cappuccino, or anything in between, the thrill only lasts as long as it takes to finish it.



Your tax return can be a great help and with a little effort, you’ll be thanking yourself later. We hope these tips will help you put your tax return to good use, and lead you to a pat on the back from your future self. Be sure to follow us on Facebook for more helpful tips, and put your tax return to good use!

Be Financially Fit in 2014

Hi everyone, its Financially Fit Phoebe here! The New Year is here and it’s the perfect time to take control of your finances! Here are four things that I plan on focusing on to be financially fit and so can you!


Budget

Create a monthly budget. I know this is easier said than done, there have been times that even I’m temped to break my budget! The key to having a successful budget is to have “fun money” set aside each month for you to spend. As long as you don’t go over your “fun money” limit, you can still have fun and stay on budget. When creating your budget it is important to include EVERYTHING: such as grocery, utilities, mortgage/rent, debt, clothing, transportation, phone/cable bills, “fun money”, insurance, and other bills you may have. Your budget should also include savings goals.

Set Savings Goals

It is important to think “spend what is left after saving” rather than “saving what is left over from spending”. Each month you should have a set amount of what you will put into your savings. I recommend starting out by putting 10% of your income to savings. If that seems like too much for you right now, start by putting $20 in your savings a month. Any little bit will help. Once you have a handle on saving, start setting monthly and yearly savings goals.

photo credit 

Get out of Debt

Write down all of your debts from highest annual interest rate to the lowest annual interest rate. Debt with the highest interest rate should be what you begin to pay off first. One way to pay off debt faster is by reducing your monthly expenses.

Take Control of Your Spending

What I recommend doing is writing down what you spent your money on for the last two months. I mean everything… down to the penny! This will help you determine what you can cut back on. Some ways that I cut down on my spending include: not buying name brands, looking for the best sale price, bringing a lunch from home, upcycling, and using coupons.

Apps

There are many finance and budgeting apps out there. Some of my favorites include iReconcile, Expenditure, MoneyBook, Toshl, and Mint. Our SCFCU Banking app helps you keep track of what you are spending and how much money you have in your account at all times (it can help you spot any potential theft).

Finance Calculators

We have many calculators you can use to help reach your goals!
All Calculators
Household Budget Calculator
“Benefit of Spending Less” Calculators
“Savings Goals” Calculators

It’s never too late to become financially fit. The St. Cloud Federal Credit Union team and I are here to help you gain control of your finances and to help you embrace the “financially fit” lifestyle!



xo,

~Phoebe

Five Fall Financial Fitness Tips

Whoa, say that title ten times fast!  Fall is always a fun time of year; colors are changing, leaves are falling, and temps are beginning to drop.  Making the most of autumn while staying Financially Fit may be easier than you think! Check out this list of five money-saving tips we put together...

1.  Home-heating costs are not cheap, especially for us Minnesotans.  Before the Temperature cools way down, consider taking another look at how 'weatherproof' your home is.  It may cost you a bit up front, but it will save you a lot in heating and maintenance costs in the upcoming winter months!

2. Fresh foods are plentiful and inexpensive during this time of year.  You can still grab summer favorites like tomatoes, peppers, corn, and cucumbers AND add in fall favorites like butternut squash, grapes, and sweet potatoes for tasty, nutritious, and affordable meals.  And remember, as herbs and summer annuals start to seed, take a few minutes to collect seeds for next year. This can be an easy way to keep your garden going from year to year, without making it a huge investment!

3. Cooking with a crock pot rather than a stove can save you money in energy costs.  You can make a lot of yummy, healthy meals with a crock pot, and it will save you time too.  Simply throw ingredients in and let the crock pot do the work!

4. Fall is a great time of year to use nature for seasonal decorations.  While the goodies at home decor stores can be tempting, you can have a festive home for a lot less!  Gather acorns, twigs, leaves, or corn stalks for a fun Thanksgiving table, or snag leftover Halloween pumpkins to create a harvest scene!

5.  The Thanksgiving season triggers sales on all sorts of baking supplies – flour, sugar, chocolate chips, spices, nuts and more! Do an inventory of what you have to figure out what you're running low on. Then, stock up! *Tip: Be sure to check for coupons before you head to the store. This time of year you'll find coupons for the ‘staple’ baking items!

Bonus Tip:  If the cost of the Holidays is starting to stress you out, make sure to take some time to set a holiday budget and spending plan. If you haven’t done it yet, November is the best time to plan for spending in the month of December.  If you’re Financially Fit during the Holiday Season, you’re bound to enjoy it even more!

There are always ways you can have fun and enjoy the season while keeping your Financial Fitness in mind… Stay tuned for more tips, tricks, and Financial Fitness ideas!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

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'Call Me Fronk!'

Hi Everyone, Phoebe here! I wanted to introduce you all to my good friend, Frank… or as he says ‘Call me Fronk!’

I first met Frank a few years back when he moved to the United States from Germany – it has been fun to get to know him, and I always love teasing him about his accent… “vat accent?!”, as he would say. Frank and I have stayed in touch over the years and he is a super fun guy... not to mention he has pretty cool hair!

Since moving here, Frank has (admittedly) been captivated by fancy ‘gadgets’ and other luxurious items he didn't have back home, or didn't notice as a younger adult. Now that he has his own place and a job – he is very eager to spend, but spends big.  I've told Frank a lot about my new ‘gig’ at St. Cloud Federal Credit Union – helping Members and the Community learn more about becoming Financially Fit – and we joke that some might call him Not-So-Financially-Fit-Frank.  He cracks me up!

Frank means well, but really does get excited when he sees something new and shiny – which isn't always great for his Credit Cards.  He’s recently asked me to help him work toward becoming more Financially Fit, and I’m so excited!  I know it won’t happen over night, but the fact that Frank knows he’s a spender, and wants help managing expenses is a giant first step. 

I’ll be sure to keep you updated on my and Frank’s Financial Fitness adventures, and might even be asking for your help and advice.  I know that with the help of my friends at St. Cloud Federal Credit Union, we can support each other and make our financial dreams come true!

Here we go!

~Phoebe

6 Tricks to Make Halloween a Treat

Did you know that in 2013, consumers will spend just under $7 billion on candy corn, costumes, and creepy décor? That’s some serious Halloween dedication! However, more of us must have Financial Fitness on the brain, because spending is down from 2012, when spending peaked at over $8 billion.

Let us help you enjoy the Halloween season, without breaking your budget in the process!  Below are 6 frugal (but festive) tricks to make your Halloween a Treat …

1. Do a Costume Swap

Find a neighbor, relative, or family friend, and swap some costumes for the kids! This will help them have a variety of choices to choose from, and save you from those outrageously-priced costumes.

2. Create Your Own Costume
If your little one has their mind set on what they’d like to dress up as, but you don’t want to drop the cash on ‘the perfect outfit’, create your own costume! Figure out what pieces the costume is made of, and see how you can make it yourself for a lot less.  Inexpensive and unique!

3. Don’t Overstock the Candy Bowl

You never know just how many visitors you’ll have, so don’t spend an arm and a leg filling buckets and buckets of candy to hand out. While buying in bulk can get you more bang for your buck, don’t go overboard!  Set a price you want to spend, and know that it’s OK if you run out – just make sure you switch the porch light off.

4. Think Ahead

When buying your candy supply, plan on buying it ahead of time.  No, we’re not talking clearance Easter candy – but don’t wait until the few days before Halloween; that’s when prices are highest.

5.  Shop Around

If you’re looking for the perfect pumpkin, do a little price comparison.  In some cases, a local pumpkin patch can offer reasonable prices (along with hay rides, free activities, and fun) – but sometimes a nearby supermarket may save you more.  Take the time to shop around and you’ll find the pumpkin and price you want.

6. D.I.Y.

If you want to really get into the spirit, look for ‘DIY’ (do it yourself) projects to make your own Halloween decorations!  Many projects use items you may already have around the house, and can be a fun way to spend an afternoon with friends and kids – head to Pinterest for loads of fun ideas!

Halloween fun doesn't have to be expensive! By spending a little time comparing prices and getting your creative juices flowing, you’ll be able to enjoy the Halloween season, without it taking a toll on your Financial Fitness!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

Six Back-To-School Savings Tips

It’s that time of year… you know, right after they put the red, white, and blue  picnic décor away, but just before the Halloween candy comes out – yes, Back-to-School time!  Getting ready to send the kiddos back to school can be exciting, nostalgic, and a little stressful.  Don’t let the rising expense of supplies and list of needs bring you down, there are ways to save and keep you Financially Fit…

1. Sooner isn’t always Better

While it is exciting to see those shiny folders, vibrant crayons, and fresh bottles of glue line the shelf early on, it’s not always the best idea to buy your supplies right when they hit the floor.  According to an article from MSNMoney, holding off on the first ‘Back-to-School Sale’ and waiting for later sales will save you money.

2. Make a list of Needs, BEFORE going to the store

Before you embark on the trip to the store for Number 2 pencils, make a detailed list of what you need.  Take the list the school has given, add any other necessities, and stick to the list.  Remember that in some cases, different children in different grades will need different supplies – so it’s important to look at various necessities.  Remember to stick to the list! If it says 24 pack of crayons and 2 glue sticks, get the 24 pack (not 48) and 2 glue sticks (not 5).

3. Reduce, Reuse, Save Money

Once you've made your detailed list, shop around at home first.  Check the supplies the kids brought home from school at the end of the year and see which folders will hold up, which markers still work, and if there are notebooks with a decent amount of paper left in them.  Reusing school supplies that still have some life left in them will save you money, and create a whole lot less waste.

4. Keep an eye out for Give-Aways

Watch your local ads and flyers for any back to school giveaways!  You might find a deal for a free notebook with a purchase of folders, or a free ruler with a pack of pens, etc.  If you need the items, it never hurts to get a little something free along with it that you can also check off the list!

5. Buy in Bulk

After looking at the handy-dandy list you made, you know you’ll have to pick up a half dozen notebooks and fifteen folders, why not buy in bulk? Depending on the age of your child, a large pack of loose-leaf paper may be a less spendy alternative to notebooks, and splitting a large pack of colored pencils could be cheaper than buying two or three.  If you don’t have multiple kids to split the supplies between, consider going supply shopping with another parent or two and divvy up what you need.

6.  Keep it Basic

There are loads of supplies with sparkles, gems, sports teams, and TV stars on them, but are often more expensive than the generic supplies as well.  While it’s fun to splurge by letting the kiddos pick out 1 or 2 ‘fancy’ items, the ‘plain’ colored folders and yellow pencils will work just as well, and save you some money.

Don’t let the cost of back-to-school time take the excitement out of your school shopping, it doesn't have to break your budget.  Make a list, have some fun, and get the kids ready for a great school year ahead!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

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Summer Fun - For Less {Part 2}

As you may have read, we have a compiled a list of 10 ways you can have fun this summer, without spending 'an arm and a leg' - and below is the second half of that list.  We always strive for Financial Fitness, so this Summer vacation, we encourage you to try some activities that will keep more money in your account and smiles on everyone’s face...

6. Keep Learning

Just because school is out doesn't mean learning needs to stop! Make a calendar with your youngsters and pick a different theme for what you want learn about that week.  Pick fun and interesting topics like stars and constellations, cloud formations, bugs and insects, the environment, animals, and more!

7. Go to the Library

Libraries are a jackpot for afternoons and days of fun, for free! Many local libraries not only offer an endless supply of summer reading, but you can also check out movies and audio tracks as well.  Ask at your local library for any summer activities for the kiddos or book clubs for adults.

8. Plan a game night

Gather a few neighborhood friends and families and host a game night!  Ask each family to bring a snack to share and a game of their choice and make an evening out of it!  You’ll get to know other families and maybe even learn a new game or two!

9. S’more fun

If it’s legal in your neighborhood, pick a night and have a bonfire and camp out!  Grab some hot dogs and s’more ingredients, maybe a game, and some music.  This can be a nice way to spend time with family and friends and enjoy the summer evenings. 

10. Volunteer

There are many places that would love to have extra help during the summer months.  You can volunteer at all kinds of places – an animal shelter, a food shelf, or a recycling center – even an afternoon of picking up littered trash can be a huge help.  You’ll feel better too!

There are hundreds of other ways you can have fun this Summer without spending heaps of money.  Be creative, try new things, and think outside the box!  Whatever you do, make the most of it and have fun – Financial Fitness doesn't have to mean sacrificing a good time!

Our mission is to educate, support, and encourage our Members to become Financially Fit.


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Summer Fun - For Less! {Part 1}

Uh-oh, it’s the 3^rd day of Summer break and you've already heard the dreaded words: “I’m bored.” During Summer, it can be easy to slip into lazy habits, and redundant routines.  But don't worry- having fun and doing activities doesn't always have to cost money!  Because of our Financial Fitness goals, we've compiled a list of 10 things you can do this Summer without ruining your budget - below are the first 5...

1. Head to the Beach

There’s nothing like sand, sun, and waves to make for a great summer afternoon!  Find a nearby lake or pond, and go for a dip! Make a day of it and pack a picnic – the sun and water will be a refreshing way to enjoy the summer atmosphere.

2. Wash the Car

Unwind the hose, grab some sponges, and have fun!  Washing the car is another way for kids to cool off on a sunny day and still help out with chores – plus, your car will look great!

3. Check out Neighborhood Parks

The great thing about summer is being able to spend time outside.  You can play, relax, and maybe even get in on some fun events held at parks near you. Check  your local calendar for details!

4. Have a Lemonade Stand

When you come across a good deal on lemonade at the grocery store (or maybe the nearby dollar store), pick some up and make a lemonade stand! A lemonade stand can be a great way for kids to spend the afternoon, and learn about money too!

5. Visit Town Festivals

During the summer months, many small town communities host their own home-town festivals and offer local (and often live) music, food, art, and festivities!  Put on your walking shoes and see what all the excitement is about.

As you can see, having a good time doesn't always mean spending a lot of money!  Having fun and seeing new things can be low-cost, and even free.  Stay tuned for 5 more Summer activities that will keep you Financially Fit in Part 2!



Our mission is to educate, support, and encourage our Members to become Financially Fit.


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Fund Your Future!

It’s the time of year we find many High School seniors filled with excitement and enthusiasm (OK, nerves too) as college is on the horizon, closer than ever before.  While many are filled enthusiasm for the ‘next step’ in their life, they may also find they are weighed down with worry of the financial burdens that can come with college.  Have no fear; St. Cloud Federal Credit Union is here!

At SCFCU, we offer a Private Student Loan Program.  Our Student Loan program is affordable, easy to apply for, and has fast approval.  The program has a plethora of benefits, including:
-- Zero Origination Fees for all qualified student borrowers
-- Competitive Interest Rates (and with good grades, you’ll get even lower rates!)
-- 1% Interest Rate Reduction once 10% of the loan principal is repaid during the full repayment period
-- 30-day No-Fee Return Policy – allows you to cancel the loan if you find a better option
-- Cosigner Release available after 24 consecutive on-time principal + interest payments

You can borrow as little as $2,000 or up to the entire cost of attendance per year.  There is a maximum of $120,000 in Undergrad loans and $160,000 in graduate loans.  You can use your Student Loan for a variety of payments including tuition, cost of room and board, books or computer expenses, and even past due tuition bills!

You do not have to be a current Member of our Credit Union to apply, although to receive the loan you must become a Member for final loan approval.  The good news is, anyone who lives, works, or worships in the Tri-County (Stearns, Benton, or Sherburne) county area, or has an immediate family member that does can be a Member of St. Cloud Federal Credit Union!  For more information about our Student Loan program and it's requirements, visit https://stcloudfcu.coop/Student.php.  Or, CLICK HERE to apply now!

Congrats to all graduates, we’re proud of you and excited for what your future has to offer! 


 We are People Helping People.

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Credit Scores? Just Smile and Nod…

We often hear about the importance of a strong, well-kept Credit Score; but do you really understand what a Credit Score is?  Although the details are far from simple, we did our best to break it down and cover some main points to help you become more informed, so next time you’re asked about a Credit Score, you don’t have to just smile and nod…

What Exactly is It?
A Credit Score is a 3 digit number generated by mathematical algorithms taken from various pieces of information within your Credit Report.  Basically, this calculated number aims to predict your risk as an individual and analyze the chances of you becoming a “delinquent” on different credit obligations. 

Who Uses It?
Your Credit Score is often used by financial institutions and credit card companies to evaluate your eligibility for lending money.  Your score can help determine if you qualify for a loan, what your limits are, and the interest rate.  However, Credit Scores are not only for financial institutions.  A variety of organizations (cell phone companies, insurance companies, landlords, etc.) can use your Credit Score information for the same techniques.  Your Credit Score can be the difference between a low or high interest rate, qualification for an apartment rental, and much more.

Are they All the Same?
While there are all kinds of existing Credit Score models, the most common is the FICO.  According to myFICO.com, “90 percent of all financial institutions in the U.S. use FICO scores” when making decisions.  Your FICO score can be anywhere in the 300 – 850 range; a higher FICO score number indicates lower risk.  There are three different Credit Bureaus that gather your score: Experian, Equifax, and TransUnion – this means each consumer has three FICO scores.  Your FICO score is made up from your Credit Report’s data that is sorted into 5 main categories (see below).  Within this model, some factors are weighed more heavily – like debt and payment history.

What Makes up the Score?
On the right, you’ll see a model of what goes into your Credit Score.  Your Payment History (35%) includes account payment information, including delinquencies and public records.  Your Amounts Owed (30%) is how much you owe on each of your accounts.  The Length of Credit History (15%) is the amount of time between activity on accounts and how long they've been open.  Types of Credit Used (10%) is the variety of accounts you have (installment and revolving).  Lastly, New Credit (10%) includes credit inquiries you've made, recently opened accounts, and your pursuing of new credit.  It is important to note that personal and demographic information (age, marital status, race, income, address, employment, etc.) do not affect your score.

With a better understanding of your Credit Score you can practice better control of your score.  Stay tuned for future blogs about how to build good scores, what can hurt your score, and becoming financially fit. If you have any questions, call or stop by today! We are People Helping People.

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Spring Cleaning = Spring Saving

In the spirit of today being the first day of Spring (we know, it hardly feels like it) – we thought we’d blog accordingly!  Below is a list of 7 places to check for Spring savings when Spring cleaning …

1. Light bulbs
When you’re cleaning and dusting off those light fixtures, why not dust the light bulbs too?  A clean light bulb will give off more light, giving you more ‘bang for your buck’.  If you have to replace any bulbs, consider doing so with energy efficient ones. 

2. Fridge
When you’re throwing out moldy, stinky, rotten food and scrubbing the grime off the shelves, take a look at your temperature dial; is it set colder than it needs to be? Is something blocking it from getting an accurate read?  If you see fit, adjust the temperature so the fridge is kept at suitable setting.  Also, take the extra time to pull the fridge away from the wall and dust off the back coils – this helps the fridge run more efficiently and with less energy (which = less money spent).

3. Filters
Although it is hard for many of us Minnesotans to imagine turning on the Air Conditioner, during your spring cleaning, check out the AC filter.  If necessary, toss the old one and install a new one – an old, beat up, unclean filter makes your AC do more work than necessary, and a new one can save you anywhere from 5% to 15% on yourbill. A good rule of thumb is to change your air filter 2-4 times a year.

4. Dishwasher
For many of us, the Spring Cleaning list doesn't include our dishwasher, but we suggest adding it! Bottom line: a clean dishwasher uses less water.  How? During rinse and wash cycles, many dishwashers will overcompensate for the dirty area surrounding your dirty dishes.  First, clean your dishwasher (door, shelves, racks, etc.) with warm vinegar water and then run a wash cycle with lemonade powder as the soap.   Last, clean the seal around the door – this way your dishwasher won’t pump out extra heat due to leaks. Voila! 

5. Dryer
The dryer is pretty basic, and keeping lint filters clean seems like common sense, we know.  This Spring, also remember to have your dryer ducts clean and like the fridge, clean behind your dryer to keep things running efficiently.  If you’re really looking to save – boycott the dryer all together on warm, sunny days and use a clothesline!

6. Roof
When you’re cleaning all the leaves out of your gutters, take a second to check at the ventilation in your attic.  Clean ventilation can help reduce the build up of heat (which means less cost on running the AC) and is also better for the life of your shingles.

7. Sliding Doors
Hopefully we’ll be using these soon to step on the back patio, but in the mean time - keep the sliding track clean.  Dust and dirt can build up over the winter months and loosen the seal – clearing that out can assure you that your air conditioner isn't doing more work than it has to. 

We know that Spring Cleaning is hardly exciting for most of us, but our financial fitness goals seem to be applicable to all areas of life: the good, the bad, the clean, and the dirty. Happy Spring and Happy Cleaning!


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Bill Who? Bill What? BILL PAYER!

With St. Cloud Federal Credit Union, you have the opportunity to use our Bill Payer service, free of charge.  What is Bill Payer, you may ask?

Bill Payer is a safe and secure way to pay your bills online through your checking account at SCFCU.  It’s a great alternative to writing checks or logging onto several individual websites to pay your bills.

Bill Payer is easily accessible through our Online Banking section of our website.  Bill Payer allows you to designate several different ‘payees’; anything from heating and electric, to cable, to your daycare provider.  Most ‘common’ payees (which is about 85% of all payments) will be sent electronically, the other roughly 15% are sent out by check.  Depending on how your payment is sent, Bill Payer only needs a 3 to 6 day lead period to guarantee your payments arrive on time – which can help you avoid late fees!

When you use Bill Payer, your payment history is stored for approximately 18 months, allowing you to review your payments as needed.  Bill Payer also has a built-in security feature that sends you an email alert any time a new payee is created, when a payment is added, or when a payment is deleted – so you’re in the loop of everything that’s going on in your Bill Payer.

Member’s who have tried Bill Payer tell us all the time how much they love it, and that they can’t imagine going back and paying their bills any other way.

If you’re already using Bill Payer, check out our March promotion by clicking here. If you’d like to learn more about using Bill Payer or want to sign up – call or stop by, we’re happy to walk you through it and help get you started! Get #FinanciallyFit and take the stress out of paying bills!

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America Saves Week: Money is like Cake ...

Money is like a cake. When you get that delicious dessert, it can be tempting to eat it all at once. But if you do, you’ll end up with a stomachache, that sugarcoated feeling on your teeth, and perhaps most importantly – no cake for later.  Similarly, if you spend all of your money, you’ll probably end up regretting your splurges – and wishing you had some funds sitting in the bank.

Often, savings strategies are obvious – you set a big piece of cake aside, and it’s there waiting for you. But sometimes, it’s the little things that make that cake disappear.  The following list features both kinds of savings strategies – big ones that work all at once, and little ones that add up over time. All of them can be put into action during America Saves Week, and every single one ensures that you can have your cake and eat it too.

1. Track Your Spending, and Make a Budget
Understanding where your money is going is the best way to start saving, which is why your first step is to make a budget. It might be that, once you make your budget and realize how much you’re spending in certain categories, you can immediately save $100 by making little trims here and there.

2. Negotiate Your Bills
Checking for over-servicing isn’t the only way to lower your regular bills. If you’re not paying a promotional rate for services like cable and Internet, you’re paying too much. Call your service provider, and ask if there is any way you can lower your bill. If they don’t automatically say yes, suggest that you’re going to find another provider. Be patient, nice, and firm, and you can get a better rate.

3. Vow to Reuse, Repair, and Repurpose Instead of Buying New
Every time you think about buying something new, ask yourself – do you really need it, or can you make do with something you already have or that you can borrow from a friend?

4. Get to Know Your Credit Card
Visit your credit card company’s website and read the fine print. Many credit cards offer free benefits that are not well publicized. These benefits may include extended warranties, free tickets, price drop protection, extra discounts, concierge services, and cash giveaways. Of course, you should not use a credit card at all if you carry a balance every month. If you can’t control your spending, consider switching over to a cash-only system.

5. Clean Out Your Pantry
Empty your cupboards, see what you have, and plan meals around the ingredients you want to use up. You’ll slash your next grocery bill, and you’ll help ensure that food doesn’t go stale.

6. Create a “Cheap Fun Club” With Friends
If you’re trying to save money, it can be disheartening when friends invite you to things that you don’t want to spend money on. Instead, be proactive, and invite your friends to share in frugal activities with you, such as potlucks, watching movies at home, and board game nights.

7. Sell Your Stuff
Taking the time to declutter your house and sell your extra stuff has multiple benefits. Not only can you make money getting rid of your old items, but you might also discover other useful things you had forgotten about.


How are you planning to save money for America Saves Week? For more information, visit http://www.americasaves.org/

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Tax Refunds: How Will You Use them to Your Advantage?

Is your Tax Refund helping you become financially fit? IT CAN! Below are just a few of the many ways you can use your Tax Refund wisely to take steps toward financial fitness...

1. Pay off Debt & Bills

If you have overdue bills or loans, use your tax refund to pay them.  Once your debt is gone you'll feel much better!

2. Open a savings account

Not only will you have a safe place to save money, you'll be creating saving habits and establishing good financial history.

3. Buy a savings bond

Savings bonds can help you to save for emergencies or bigger purchases. You can also buy bonds in someone's name as a gift.

4. Create an emergency fund

Aim to save the amount of money that would pay expenses for 1-3 months in an emergency fund.  You never know when you'll need it!

5. Save for Education and/or Retirement

Save now so you, your child, or grandchild can spend less on a valuable education.  Also, it's never too early to save for retirement!

Although it can be difficult when you get that refund, think about how you can use it to help alleviate any other financial pressures.  It may not seem like the most fun way to spend it in the moment, but you'll more than likely thank yourself later.