Six Tips to Save Money in 2020

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how to save money

How to Save Money

There are many reasons to save your money, whether it’s to attend college, retire, replace your car, or upgrade your living situation. To make the most of your money, here are some tips to save:

Avoid the Urge to Impulse Buy:

When you want something, do you just buy it? No matter how big or small those purchases might be, impulse buying can lead to financial problems.

Use a Credit Card for the Right Reasons:

It’s easy to swipe, swipe, swipe. Even if you pay off your card every month and you love earning the cash rewards, be sure you are using your credit card within your budget. If 2020 has taught us anything, it’s to expect the unexpected. Be prepared in case something were to happen and you couldn’t pay that credit card bill.

Prepare for the Future:

Nothing in life is certain, including your financial future. Check in with your financial advisor to make sure you are doing what you can to prepare for retirement and other life expenses.

Take advantage of opportunities:

If your company has a 401(k) matching program, use it! If your company offers matching, maximize that – it’s free money and you won’t miss the extra percentage you’re contributing. Also, check out MMCCU’s Saver’s Sweepstakes program, which gives you a chance to win money just for saving!

Hide your money from yourself:

Automate your deposits to send a portion of your direct deposit directly into your savings account. Even something as small as 10% will add up quickly. Don’t check the balance every week and you won’t even miss the difference. Check out MMCCU’s Holiday Savings Club, which automatically helps you save!

Dream about the future:

Want to take a dream vacation after the pandemic? Have a kitchen renovation you’d love to tackle? Envisioning what you want to achieve can help making saving easier.

As always, MMCCU is here for you! Give us a call or contact us online. Tips from CU Insight.

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