Three Ways to Save This Spring

Now that it’s finally starting to warm up, Michigan Spring can begin! That also means it’s time to start spring cleaning! Out with the old, in with the new.  But I'm betting your garage and basement aren’t the only areas you need to do some spring cleaning. Your budget could probably use a little sprucing up, too! Now is the ideal time to review your finances and give wasteful spending the boot! Here are three ways to save more this spring.

1.      Make Lists – Before you head to the grocery store or other shops, make a list of items you need. Then, stick to it from that list. The stores can be tempting with their big sales and price slashing, but don’t let that sway you from what you really need, and what you want. Also, don’t be afraid of generic options; There are plenty of alternative brands of the same product available of the same quality, but are much cheaper.

2.      Take a look at your expenses – Is there anything that you could adjust to save some monthly cash?  Maybe your cable bill… Do you really need 1500 channels when you only watch about 5? It might be relaxing to unwind in front of the television after a long day’s work or over the weekend but the amount of time that we actually spend watching television does not always warrant the expense. Check with your provider (or other providers) to know and understand all of your options.

3.      Garage Sale!  Yes, we have turned “garage sale” into a verb.  Whether your interpretation means hosting one yourself to clean out the clutter AND make a few bucks, or attending the abundance of garage sales in your area to get some really cool stuff for a fraction of the full price, garage sales are a fun way to save (or make) money!

Spring cleaning is a lot like saving money: Start small and do what you can, and soon enough you’ll see results. By spending a little time cutting costs, making lists, or “garage sale-ing” you can add to your savings account and improve your mindset.

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 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about spring cleaning your budget, listen to the Mason Jar Monday episode below.

 

Barbecuing On A Budget

It’s finally barbeque season, so get that grill fired up! But, as fun as grilling out with friends and family can be, it can get a little pricey if you are playing host or hostess.  However, there are ways to stick to a budget while still indulging in good eats. Here are three tips to follow so you can have your burger and eat it, too.

1.      Buy discounted meat - According to a recent survey, the ground beef you’ll need for your burgers costs 12% more this year (about $4.61/lb) compared to last year. To avoid breaking the bank, buy your meats when it goes on sale, and freeze it until BBQ day. Or, go on the day of your party and buy the fresh discounted meat then. Meat on sale is still fresh and good to use, but it needs to be used soon.

2.      Make it a potluck - You buy the main dish, everyone else brings the sides and dessert. Seems like a fair trade, right? This way, you’ll get a variety of flavors at your get-together, and nobody spends much. Have Aunt Sally bring her famous chocolate cake, Uncle Joe can bring his corn on the cob, and Bill, your neighbor down the street, can bring the beer.

3.      Use what you’ve got- Don’t blow your cash on paper plates and plastic utensils. Instead, use the dishes in your cabinet, and put your dishwasher to use afterwards. This way you’ll save money and make an eco-friendly decision.

 

So go ahead- have a party! Just make a few budget-conscious decisions when planning and you’ll save money and have fun in the process.

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 97.5 Y-Country’s Wild Bill and Honor’s Scott McFarland talk about barbecuing on a budget, listen to the Mason Jar Monday episode below.

Three Ways To Be Green And Save Green

When many Americans first hear about “going green,” they may think this means they’ll be dropping a lot more cash for everyday needs and wants. But not so!  There are simple ways to SAVE money by going green! Here are a few ways to be green and save your green.

1.   Don’t drive, walk  Is the grocery store just down the road? Walk. Is work just a bit too far to walk? Ride your bike.  Not only will you be saving money on gas and vehicle maintenance, you’ll also be saving the atmosphere from those harsh emissions. Taking many short driving trips which could just as easily be walked is a severe drain on your pocketbook which also contributes to the degradation of our natural environment.

2.   Shop green  From diapers to cleaning products to food, there are so many ways to shop green and save money. There are a multitude of green-centered companies out there, like The Honest Company  and Seventh Generation. Companies like these specialize in providing quality green products at an affordable price.  You’ll save a bundle on pricey, non-biodegradable products, and you’ll refrain from filling up your local landfill.

3.   Turn off the lights  Electricity usage is another environmental threat that also costs the average person a large sum of money every year. Keep the lights off if you’re not in the room or using them. Unplug appliances or electronics when not in use. Turn off the TV and go outside! These simple steps will keep your utility bills lower, and your electricity usage down. Win-win!

Like any endeavor, the prospect of going green will be as financially beneficial as you make it, and through a combination of thorough research, innovation and open mindedness you can save the environment and save money at the same time!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s Scott McFarland talk about how to go green and save green, listen to the Mason Jar Monday episode below.

Three Things You’re Already Doing That Can Teach Money Management To Your Kids

Teaching children the importance of money early is arguably one of life’s most valuable lessons. If you teach your child about money management while they’re young, they are more likely to become financially responsible adults. Here are three things you’re already doing to teach your kids about money, without even realizing!

1.    Visiting your local credit union. Your child is learning about money just by going to your credit union with you. Seeing the transactions being made and the money exchanging hands is a great way for kids to learn about how money works. Showing older children your balances on your deposit slips is another way to show them how money adds up when you put it into your savings.

2.    Grocery Shopping. This is another great, and tangible, way to teach children about money. When you buy groceries, your children see you giving the cashier money, and you bagging up and taking your groceries home. You’re giving money to get something in return. You also teach your children a valuable lesson about stretching their dollars when it comes to price per unit and brand names. Why do you buy the certain products that you buy?

3.    Utility Bills. Show older children your utility bills and explain that money is used to pay for the use of electricity or water or the cable that brings their favorite TV shows to life. Show them how they can reduce the costs of electricity. This is another effective way to teach the kids that they can conserve and help the family save money, because it is tangible; Something they can see and easily understand.

 

Basic money management skills are essential in everyday life. And personal finance lessons for your child are hidden in your daily agenda! Pick out the things you do daily (stopping by the store, your credit union, paying bills) and turn it into a financial lesson for your child. This will ensure you’ve given them the tools they need to succeed financially in the future!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about how you're teaching your kids to save, listen to the Mason Jar Monday episode below.

Three Tips For Buying A Car

It’s springtime, and now’s the time you may be thinking about getting a shiny new car! Sometimes, the vehicle-buying process can be daunting. But it doesn’t have to be! Follow these three simple tips to ensure the purchasing process is smooth and easy once you decide on your future ride.

1.       Get preapproved FIRST! Visit your trusted credit union professionals. They can help you understand interest rates, payment terms, and payment affordability. Despite common belief, most buyers don’t need money down. But should you put money down? Should you save your money? Do you have a vehicle to sell or trade? Those are all valid concerns, and the answers are different for each situation. Your credit union can help you get those answers in a timely fashion, with no confusion.

2.       Do your research! Shop around for the type of car you want, whether you want special features or not, what is most important to you in a vehicle. Have your credit union professional help you understand vehicle values and how to find them. Do you really need that convertible top, or would you rather have special safety features incorporated into the front?

3.       Stick to your budget!  Don’t get blinded by the shiny new vehicles that are all calling your name.  Keep in mind the information that you learned at your preapprovaL, the research you have done on what you want, and what fits your financial situation best as you take the next step toward taking a car for a test drive.  By approaching car-buying from this angle, you have a better chance of buying a car you can actually afford, rather than one you’ve been fantasizing about but could never afford in the long run.

The best advice we can give when in the market for a vehicle; Be confident! Know what you can afford, combine that with what is necessary for you to have in a car and what would be nice to have, and find a happy medium. Don’t be swayed by deals that aren’t really good deals. Talk to your local credit union to find the happy balance of what you want in a vehicle and what’s best for your overall financial situation.

To listen to 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about car-buying tips, click on the Mason Jar Monday episode below.

Three Reasons You Should Start Saving For Retirement Before You're 25

How far away is retirement for you? 10 years? 30? 40? Even if retirement isn’t for another 50 years for you, there are plenty of reasons to start saving up for your golden years as early as possible.

1.   You can reach retirement sooner: If you begin saving for retirement at 16 when you get your first job, putting away $2,000 a year for just 40 years, you could have around $560,000, assuming earnings grow at 8 percent annually.  And that's a heck of a lot more than you would have if you weren't saving anything at all. When you're young, you can invest relatively little for a short period and wind up with far more money than someone older who saves much more over a longer period. Seems like a no-brainer, right? Save a little now and reap big rewards later
2. Avoid Procrastination & be financially secure in old age: Start saving ASAP. There are plenty of ways to get yourself in the habit. If your job offers a 401(k), sign up. If you don’t have a company retirement fund, use a Roth IRA instead. Be aggressive with your investments, and put 90 percent of your investments in stocks; Stocks are interchangeably referred to as equities, since as a stockholder you own a slice of the company's value in the market, its equity.
3. More money = More time for the things you want to do and buy: Begin putting automatic deposits into an emergency fund, then you’ll always have a cushion for when things come up. You’ll never have to dip into your retirement savings to cover those unexpected expenses.

Remember, you should start your retirement savings right this second. If you contribute $100 a month, appreciating at 10% a year, you' could have over half a million dollars after forty years. Your most valuable asset is time, so make sure you use it.

To listen to 97.5 Y-Country’s Wild Bill and Honor’s CEO Scott McFarland talk about saving for retirement early, listen to the Mason Jar Monday episode below!

April Is Youth & Financial Literacy Month!

 

April is a pretty special month for more reasons than starting with showers and ending with May flowers!  April is Youth and Financial Literacy Month!  Teaching our young ones how important saving is can really make a difference in their financial success as they get older!

Here’s why saving at a young age is a good thing:

1.      Just as the saying goes “Old habits die hard” good habits started at a young age will die hard too! All good lessons and habits begin early. Learning to save at an early age is essential to a healthy financial future. It has been found that habits cultivated at an early age stay with people most of their lives. If you help your child begin saving a little, they may have a nice nest egg when they need it most.

2.      Wants Vs. Needs…the younger we start teaching this, the better!  Start giving your child an allowance, even if it’s just $5/week or smaller. When it’s their hard earned money that they’ll be expected to use for items they want or need, they’ll better understand the value of their dollars. Do they really want that candy bar? When it’s their money that they are spending, the thought process of what they really want to spend it on will make more sense.

3.      Interest! Now this may be a concept your kids may not quite understand if they are younger, but that’s ok because one day they will appreciate this.  Once you open your child a Youth account at Honor, their money will begin earning interest! Then, as they add to it, that initial $15 they put in could turn into a whole lot more. Then, when the day comes that they really need it, they’ll have the money for items, experiences, and their future.

Every day is a good day to save money, no matter how young you are. But now, there’s never been a better time to save at Honor Credit Union! To celebrate Youth & Financial Literacy Month anyone who opens a youth account with a $5 deposit during the month of April (that’s basically anyone age 0-22), Honor Credit Union will put $10 extra into the account!  Swing by a branch or give us a call at 800.442.2800 to learn more!

And of course, 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 97.5 Y-Country’s Wild Bill and Honor’s CEO Scott McFarland talk about Youth Literacy Month, listen to the Mason Jar Monday episode below.