Money’s tight. Fuel prices continue to rise and that’s forcing everyday staples like bread and milk to go up. If you’re finding it hard to save, here are some tips to help:
Strong arm your ARM (adjustable rate mortgage)
If you have an ARM and are facing rate adjustments, consider refinancing your home loan with a fixed-rate mortgage loan with FCACU.
Even if you have a fixed-rate mortgage, refinancing may free up some money you could use to pay down more expensive debt such as credit card bills.
Cut Credit Card Costs
Switch to a FCACU Visa Platinum credit card – interest rates average more than two percentage points lower than interest rates on bank, gas and department store cards. Don’t know what your interest rate is? Look at it the next time you get a statement then talk to FCACU.
Tips: Pay on time, and whenever possible, pay the balance each month.
Tip: Avoid cash advances – the interest rate on these is higher than on straight purchases.
Use direct deposit
Those using direct deposit save $390 a month, $90 more than those saving manually, according to NACHA, the electronic payments association.
You’ll be surprised to see how a dollar here and a dollar there adds up.
Filed under: Uncategorized | Tagged: budget, credit union, direct deposit, saving
