If you lost your job, could you cover your bills?When consumers were asked that question in a
survey this year by RetailMeNot, the discount coupon site, nearly half
confessed that their savings would last for just one month!The root may be simple…many people just don’t
know how to save.But learning to save
doesn’t have to be difficult.Here are
six tips to get you started:
Create A
Budget – Track your expenses, figure out how much you need to cover essentials
and identify where you can make cuts.
Prioritize
Your Savings – With your budget in place, calculate how much is
left for savings, and set priorities!
Make A
Savings Habit – Pay yourself first with very paycheck by
contributing to your savings account!The easiest way to do so is with automatic deductions.
Capitalize
On Compound Interest – Put your money in accounts paying interest,
leave it there, and watch your money potentially grow.Honor Financial Group can help you take a
look at options that might fit your unique financial situation.
Pay Off
Credit Cards – Paying high interest rates on your balance is
money you could otherwise be investing or saving.
Save Your
Raise – Painful as it may seem, one way late starters can play catch up is to
put most of that extra money into savings.
If you have questions and would like to meet with a financial representative,
Honor Financial Group is a great first step.Give us a call to set up an appointment today.And, don’t forget to follow Honor on Twitter
@honorcu!Tweet us and let us know what
you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!
Securities offered through LPL Financial, member FINRA/SIPC.
Insurance products offered through LPL Financial or its licensed affiliates.Honor Credit Union and Honor Financial Group
are not registered broker/dealers and are not affiliated with LPL Financial.
In today’s world, gone are the days of paper and pencil
budgets. Now, all you have to do to keep track of your personal finances are an
app or two downloaded onto your smartphone. According to Benzinga.com, here are
the top five personal finance apps and what they can do for you.
1.Money Destop-(within Honor CU app)
integrates multiple accounts (including bank, credit, loan and
retirement accounts) into one place, provides trending information and can
document budgeting plans.
a.Positives:
Free, suggests financial institutions with higher savings rates, credit
cards
with lower interest rates, provides graphics and saving alternatives, provides
free credit
score,
allows manual input of cash transactions.
b.Negatives: what
negatives? J
2.Honor CU Mobile Banking-
check balances perform transfers and much more. Just go to our site and click
on the It’s
Me 24/7 Online Banking logo. You’re also able to check out any
information on our website with Mobile Banking, giving you access to not only
your account but information on Honor’s other products and services
whenever/wherever you want!
a.Positives:
Free, low rates, can deposit checks without going to the bank, see all
information about your account, apply for loans, etc.
b.Negatives: what
negatives? J
3.BillGuard -
pulls all your credit/debit transactions and sends you alerts of potential
fraudulent charges. It also alerts you if a retailer experiences a data breach
and if you shopped at that merchant during the breach period.
a.Positives:
Free, can flag and dispute charges through the app, evaluates your spending
habits and finds relevant coupons.
b.Negatives: Is
best used in tandem with another app because it only focuses on transactions
and threats vs. being a comprehensive personal finance aide
4.Personal Capital-
tracks investments by account or asset class, and allows you to compare your
portfolio to major indices. The app offers investment checkups and 401(k) and
mutual-fund fee calculators.
a.Positives:Free, offers a unique view for investors
while still providing information on basic personal finance.
b.Negatives:
While it is a top-notch security function, the app is a "read-only
service" and does not allow for funds to be moved within the app.
5.Better Haves: Designed for couples as an accountability spending
and budgeting system. Virtual envelopes are filled with money and as spending
occurs. it keeps expenses organized and easily tracked.
a.Positives: Free,
has the ability for multiple people to view the same information from different
devices, provides real time updates. The envelope system sends reminders to
both users when envelops are getting low and spending in that area needs to be
more closely monitored.
b.Negatives:
Still fairly new and has a few minor kinks that need to be tweaked. Involves a
lot of interaction with the app.
6.Shoeboxed-
provides a way to easily keep up with cash spending in addition to credit/debit
card spending. Based on pictures of your receipts, Shoeboxed collects and
organizes spending habits.
a.Positives:
Creates shareable expense reports, broad range of import and export methods
including pictures, email, and scanning.
b.Negatives:
Not updated in real time. Because everything is verified as accurate by a
Shoebox team member, each receipt can take up to an hour to become live in the
app.
c.Cost
options-DIY: Free; Lite: $9.95/month after free trial; Classic: $29.95/month
after free trial; Business: $49.95/month after free trial; Executive:
$99.95/month after free trial.
Don’t forget to follow Honor
on Twitter @honorcu!Tweet us and let us
know what you want to hear us talk about on Mason Jar Monday next week using
#askhonorcu!
To hear 97.5 Y Country's Mark Durocher & Honor Credit Union's Scott McFarland talk about personal finance apps, click on the Mason Jar Monday episode below!
Living a simple and frugal
life has a different meaning for every individual. A common understanding of
the phrase “living simply” translates to eliminating everything except the
essentials in life. However, adopting a simple lifestyle isn’t as easy as it
seems. Here are a few tips to get you started if you’ve decided to simplify
your life and live more frugally:
1.Identify what is important to you. Figure out
what is most important to you in life, and what is essential to living. Food?
Shelter? Yes. Cable TV? 12 different social media sites? Not so much. Figure
out what you need to have, and devote most of your money and time to those
particular things. Eliminate everything else.
2.Evaluate your commitments. What do you have
going on in your life? Lunch out with co-workers on Mondays? Girls’/guys night
every Wednesday? Figure out what you just can’t give up and what those
commitments cost. Then allot yourself an allowance and curfew for these
particular commitments and stick to them! Drop everything else that doesn’t
give you value.
3.Evaluate your time. How do you spend your
day? As in, what do you do the moment you wake up until the moment your head
hits the pillow? Figure out your priorities, and see if what you do every day
is in line with those priorities. If it’s not, eliminate the things that aren’t
and focus on what’s important. Then, redesign your life!
4.Spend on what you need, not what you want.
Sure, once in a while it’s fun to treat yourself. But do you really need that
new pair of shoes? You have plenty of perfectly good pairs sitting at home. Do
you need to eat out again, or could you go home and make a delicious meal from
what’s already sitting in your fridge? Learn the differences between want and
need.
Remember- simplicity and
frugality in life is a journey, not a destination. It takes time and
commitment. So make sure you’re ready to take the steps necessary. It’s better
to take one step forward than two steps back!
Don’t forget to follow Honor on Twitter @honorcu!Tweet us and let us know what you want to
hear us talk about on Mason Jar Monday next week using #askhonorcu!
Alright before we get in to saving money for the most
frightening holiday of them all, we need to SHARE THE LOVE!If you haven’t seen Honor’s video submission
for a Share The Love credit union competition featuring The Humane Society of
SWM, United Way of SWM and the Michigan Youth Opportunities Initiative, stop
what you are doing and go to Honor’s website right now. (www.honorcu.com).In the lower left hand there is a link
directly to our video so you can watch and VOTE!We could win up to $25,000 grand all for
charity!
Ok…now back to Halloween savings….
Halloween can be a scary, silly, totally fun holiday,
especially when you have an incredible party to attend! But, if you’re the host
of that spooktacular party, chances are you spend a bundle just throwing it for
everyone, and causing yourself a lot of financial stress in the process. It’s
officially the season of Halloween so by following these tips and starting you
planning now you can save a few while throwing a scary bash!
Create Ambience: Forget
the fancy fog machines and expensive black lights. Play scary movies or
music in the background instead! Download free Halloween iTunes tracks, or
pick up a couple of cheap Halloween CDs from the thrift store.
BYOB: Bring Your Own “Boos”.
If you’re planning on having alcohol at the party, play on a Halloween pun by
encouraging guests to bring their own beverages – adult or not!
Decorations: Stock up
on cheap items that go a long way, like small pumpkins and caution tape,
but don't forget the power of DIY. Ghosts made out of milk jugs and spiders crafted out of black paper are both time and
cost effective!
Night hour: Consider
hosting your fete later in the evening, past dinnertime. This way, you
won't have to provide elaborate dishes but can stick to appetizers like
chips and veggie plates.
Costume contest: The
most important part of any party aren't the decorations, but how much fun
people have. Tell guests ahead of time to expect a costume contest so
they'll be dressed in their best. It'll add a competitive but fun element
that makes for the most memorable of Halloween parties.
Don’t forget to have fun! It IS your party…so enjoy it!
Be sure to put some thought into your costume. Oh, and don’t forget, DIY is
just as great as store-bought (but a lot cheaper!)
Don’t forget to follow Honor on Twitter @honorcu!Tweet us and let us know what you want to
hear us talk about on Mason Jar Monday next week using #askhonorcu!
To listen to Honor's Kaylee Williams and Y-Country's Mark Durocher discuss throwing a Halloween party on a budget, click on the Mason Jar Monday episode below!
