Tips For A Fun And Frugal Fourth

No matter how you spend Independence Day weekend, it’s likely to cost money. Whether you will be traveling, entertaining or simply staying home with family, the Fourth of July is a time of celebration, and celebrations can be pricey.  But it doesn’t have to be! Here are some tips to cut costs without trimming the fun!

1. Keep The Guest List Small OR Go Potluck Style! Planning to have a barbecue? One simple way to keep your costs in check is to avoid inviting too many people. The more people you have over, the more food you need to buy, the more drinks you’ll need, etc. A smaller gathering might be more fun anyway, because it will give everyone more of a chance to talk and really enjoy one another’s company. But if you are a social butterfly and just can’t choose between friends, go the potluck route and have everyone attending pitch in!

2. Borrow Items You Need Short on punch bowls, dishes, tables, chairs, glasses or other party staples? Rather than rushing out and buying a whole bunch of stuff that could clutter your home, ask some of your guests to let you borrow those items for that evening.  Disposable plates and silverware can be convenient, but it can be pricey and fill up the landfill.  Borrowing these items will save your pocketbook and the environment…a win/win!

3. Stay Safe Don’t bother to spend money on potentially dangerous – and in some cases, illegal – fireworks. Even if the fireworks themselves don’t set you back too much, an unexpected trip to the emergency room could cost you hundreds if not thousands of dollars. Attend a free fireworks show in your area instead, or splurge on a few boxes of inexpensive sparklers for the kids. They’re just as much fun, anyway!

No matter how you celebrate Independence Day, having a safe, fun and festive holiday experience can be done on a budget. There is no need to go overboard! At the end of the day, the real fun is more about being with family and friends.

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 frugality on the Fourth, listen to the Mason Jar Monday episode below.

 

Summertime Savings

It’s easy to let your summer spending get a little crazy. The kids are out of school, vacation is on the minds of people everywhere, and retailers are advertising summer sales every other day. However, you can breeze through summer without straining your wallet if you follow these simple money-saving tips, without sacrificing an awesome summer.

1.      Turn down your hot water If you're like most people in Michigan, you crank up your hot water heater during our frigid winter months.  Getting into a hot shower while it’s a blizzard outside can feel pretty great. But you probably forget to turn down the temperature settings during the summer. According to the USDE, we spend $310 to $400 or more every year on hot water in our homes. Turning back the settings on your hot water heater is a simple way to save those big bucks

2.      Plant a garden You probably hear about rising food prices daily. So what better time to plant a home garden and grow your own fruits and vegetables instead? Gardening is not only great exercise, it's also the best way to get clean, organic produce. According to the Wall Street Journal, for every $1 you spend on green bean seeds, you'll grow an average of $75 worth of produce. For every $1 you spend on potato seeds, you'll net an average of $5 worth of crop. Burpee Seeds estimates that $50 spent on vegetable seeds will save an average family $1,250. That’s a nice chunk of pocket change.

3.      Plan a staycation According to AAA's 2008 Vacation Costs Survey, the average cost for a couple on vacation, including lodging and meals, is $244 per day. Add kids in the mix, and costs go up even more. So, why spend when you can save? Plan a staycation instead! Take the kids to the beach for the day, go on a hike and have a picnic, or be lazy at home, relaxing. Not only would you save a ton of money, but it would likely be far more relaxing than spending a week flying to and navigating through an unfamiliar city. Plus, any money you do spend at restaurants or attractions would stay local- big plus!

Making a few small changes to your summer routine can be easy (and fun!) for the whole family. The end result is that you'll have some extra padding to add to your savings account or monthly budget for those summer trips you just can’t miss!

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 summertime savings, listen to the Mason Jar Monday episode below.

You Gotta Buy Food…But You Don’t Have To Break Your Budget

With food costs rising and falling and rising again, it’s hard to stick to a budget and save a few dollars at the grocery store. Not to mention the hassle of looking for the best bang for your buck! Here are a few simple tips to follow that will help you stay on the right financial track when it’s time to load your cart.

1.      Don’t shop when you’re hungry - You’ve heard it before, you’ve heard it a thousand times. If you grocery shop on an empty stomach, chances are you’ll end up with a lot more in your cart than what’s on your list and in your wallet. Plan out your shopping trip and go after you’ve had a satisfying meal at home. You’ll be able to concentrate on your shopping and be able to differentiate between needs and wants easier.

2.      Don’t shop on a time limit - If you’re crunched for time when you stop to shop, you’ll end up grabbing the first product you see with the label “spaghetti sauce” on it, rather than looking at all of the brands of sauce and choosing the better deal. If you have less time to check all of the brands and prices, you’ll most likely spend a lot more than you anticipated.

3.      Make a list - Before you go to the store, make a clear and concise list of everything that you NEED. Don’t put down that Ben & Jerry’s ice cream you’ve been thinking about all day- unless you plan it into your budget. Temptations for buyers are everywhere at the grocery store. Avoid them with a specific list.

Saving while will truly bring a long list of benefits in your life. Just like any other changes, this can be a monumental challenge and oftentimes, you won’t realize its importance until you see it clearly i.e. the savings building in your credit union account!

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 saving at the supermarket, listen to the Mason Jar Monday episode below.

Three Tips For First Time Home Buyers

So you’ve decided to go for it. You’re ready to take the plunge into home-ownership! But before you start searching for the perfect home, here are a couple of things to get you started:

1.      Crunch Your Numbers - No one knows the ins and outs of your financial situation like you do.  So start paying more attention to what you are paying for and bringing in each month.  Are all of those expenses things you plan on keeping when you make the big purchase of a house?  Do you expect your income to stay about the same?  Make a budget given those numbers so that you have a grasp on what mortgage payment you would be comfortable with.  Having that knowledge in your back pocket when you come chat with your local credit union about getting pre-approved for a mortgage will make the process much easier.

2.      Debt To Income – Your debt to income ratio, among other factors, contributes to the mortgage pre-approval process.  What does this even mean?  Well, it’s simple.  Grab a piece of paper and write down all of your debt.  This would be credit cards, student loans, car payment…basically anything you are required to make a minimum payment on.  Then add up what all of those minimum payments equal.  That is your debt.  Your income is easy – just write down what you bring home in a given month.  The debt divided by the income gives you your debt to income.  But if math isn’t your thing – just bring all those numbers you wrote down into your local credit union and we can do the work for you and let you know exactly what your debt to income is. 

3.      Down Payments – The amount of down payment that you put down is dependent on your financial situation and how much you have stocked away in that trusty savings account over the years.  It is in your best interest to have at least some money down when you do decide to apply for a mortgage, but how much that is depends on you and the price of the house you have your eye on.  When you come in to your local credit union to get pre-approved for a mortgage, we can give you the nitty gritty on your unique situation and what that would mean for a monthly mortgage payment.

You may have noticed a trend in all three of those tips – talk to your local credit union!  Credit unions, like Honor CU, have mortgage experts just waiting to help you and get you into the best financial position for your unique situation in life! 

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 buying your first home, listen to the Mason Jar Monday episode below.

 

 

Money Savvy Tips For Recent Grads

 

If you’re a recent grad, you’re probably basking in the glory of wrapping up your school career, earning your degree, and jumping headfirst into the real world. But with that real world comes the jolt of real financial responsibilities. Here are some tips to help get you through that initial shock of pure adulthood.

1.      Begin paying your student loans!  Most student loan lenders give you six months after your graduation date to begin paying back student loan debt.  If you need this time to get settled and find a job, of course take it.  But if you have a job lined up and find yourself with a little extra cash each month, slap it in your student loan!  You can start getting that principal balance down little by little so that when that six month grace period is up you are in even better shape than you would have been otherwise!

2.      Keep your expenses as low as possible! Just because you graduated and may have a job right away, doesn’t mean you can now go out and purchase that brand new car you’ve been eyeing up. Also, don’t feel like you need to take on big expenses or purchases right away. If you don’t have to move out of your parents’ house yet, don’t! If you can stick it out in your shabby little apartment for the time being to save a couple hundred bucks a month, do it! This is a great time to start socking away some cash to start building on your savings account.

3.      Ask for help! If you’re struggling to make your payments on your loan, car, credit card, etc., or you need help figuring out a game plan for your budget, ask for help. Swing by your local credit union, explain your current financial situation, and we can help you come up with a plan.

The sooner you get your financial situation in check after graduation, the easier the real world will be.

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 getting your budget in check after graduation, listen to the Mason Jar Monday episode below.

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.