You’ve finally made that last payment (or very close to it!) and are getting ready to wrap up your post-holiday payments on your credit union holiday loan. Now what? You’ve saved on not eating those extra lunches, you’ve skipped the coffee run and have managed to keep your bills on track.
Why stop here? Keep your budgeting going and save more throughout the year. Check out how to keep going strong and save throughout the year after the holiday payments are done!
Open a Savings Account
Chances are you already have a primary savings account which is good, but in case you don’t, it never hurts to have money tucked away. Opening a credit union savings account will help when it comes to saving money to use throughout the year, whether you’re starting to save for the holidays a little earlier or want to avoid borrowing money too soon into the year. You can also use a credit union savings account as a way to avoid overspending. Tuck away money that you want to keep “out of sight, out of mind,” and watch the number either excite or surprise you in a couple months.
Create an Everyday Budget
By now you should know how much your bills are and have a rough estimate on how much you can charge on the credit card before you slide into debt. Create a quick budget sheet starting with your monthly bills first, then add in other expenses such as food and gas. From the amount left over, you’ll be able to divide it into different categories.
Weed out Unwanted Bills
Signed up for a subscription to BoxyCharm or Dollar Shave Club? Are those subscriptions really getting used or do you toss them to the side? Don’t procrastinate, get rid of them ASAP and save yourself a few hundred dollars a year. Also, pick and choose your subscriptions wisely. For example, if you’re a Netflix buff try swapping that for cable. Once you compare your savings- you’ll be surprised just how much the total will be.
Research Money Savings Opportunities
You’ve improved your credit score by either paying off your debt with your credit union holiday loan or will upon approval. However, there are other ways to get your 2018 finances right on track. While your credit is in great shape think about lowering your car payment and interest rate with a credit union refinance. If you aren’t quite sure about refinancing with a credit union, try negotiating the price of rent and even the interest on credit cards.
Forming new habits can be difficult, maybe it starts with a credit union holiday loan or even just a visual guide of what your spending looks like. If you haven’t made the commitment, start now and stop the paycheck-to-paycheck cycle. Reflect on last year’s bad habits and make the resolution to change that!