A warning sign that you may be living above your means is: You are not saving at least 5 Percent of your income. Everyone should save 10-15 percent of their total income. But if you can’t save at least 5 percent — even while paying off debt — this could be a sign that you’re […]
Tip of the Day: Know the difference between luxuries and necessities. Knowing the difference between a “want” and a “need” can help you save money. Many of the items we spend money on are things we want. If you don’t have to have it in order to survive, then it is a want. If the […]
CFCCU Money Management Tip of the day: Remove your credit card numbers from your online accounts. It’s easy to spend online when you have your card information stored in an account – just click and buy. The best way to break this habit is to simply delete your card from the account. That way, when […]
CFCCU Money Management Tip of the day: Don’t ignore retirement: Saving for retirement at an early age is a win/win situation. You will have to save less if you start early, and your savings will have longer to grow. Start early and save at least 5-to-10% of your income, if you plan on accumulating the […]
CFCCU Money Management Tip of the day: Try generic brands of items you buy regularly. Instead of just picking up the popular brand of an item you buy, try out the store brand or generic version of the item. You will save a few dollars, plus you’ll discover that the store brand is just as […]
CFCCU Money Management Tip of the day: Make a list of your debt: Create a Microsoft Excel spreadsheet in which you list your individual debt payments and prioritize each by the amount owed. Seeing in black and white what you owe brings a new level of reality to your debt situation and should motivate to get […]
Money Management Tip of the Day: Go through your clothes – all of them. If you have a regular urge to buy clothes, go through everything that you have and see what you might find. Take the clothes at the back of the closet and bring them to the front and suddenly your wardrobe will […]
Money Management Tip of the day: Do some basic home and auto maintenance on a regular schedule. Instead of just waiting until something breaks to deal with it, develop a monthly maintenance schedule where you go around your home (and your car) and perform a bit of maintenance where it’s needed. This little activity, taking […]
Money Management Tip of the day: Establish a “freedom fund.” Having money set aside for emergencies is key to avoiding financial disaster. It will cover you if you’re in between jobs, and give you the freedom to leave a bad relationship or a job you hate. It allows you to sleep easier at night, knowing […]
CFCCU Money Management Tip of the Day: Most people don’t track what they spend and may not realize when expenses add up to more than their budget can handle. To keep track of what you spend, try putting what you think you should spend for the month on transportation, food, entertainment, etc., into envelopes. This […]
