Saving doesn’t have to be a struggle! We’re here to help U simplify this task, which is totally achievable with the right mindset!
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Yes, U Can Save While Enjoying Life
Finding a system that works for U – instead of relying solely on self-control and avoiding temptations can help make saving a monthly practice. Contrary to the popular narrative, saving more doesn’t mean you have to deprive yourself of the things you love. You don’t have to brace yourself for buyers remorse or feeling guilty about purchases you make. A good system coupled with gradual lifestyle changes will help alleviate the mental stress one might experience when saving is on the brain, not to mention it’ll help you reach your goals faster than you might think!
Saving money doesn’t have to mean sacrificing everything you love! If that daily $7 latte brings you the joy (and sanity) that helps you be more productive and efficient — you do not need to cut it out of your budget plan, and don’t let anyone tell you otherwise! Instead, look at the money you spend on bigger expenses, like things you don’t need, and cut that out.
The idea here is that you’re more likely to stick to saving over time if you discover and manage ways to reduce your expenses if you do not associate the action with the pain of sacrificing things that bring you joy.
Here’s a short list of things we suggest trying:
- Cutting the cord/downgrading your cable package to save on home entertainment — Check out this article we recently published on how to save on streaming services
- Committing to drinking tap water instead of buying bottled beverages. Plus it’s better for the environment! Check out Burbank Water’s annual report here.
- Walking to a local grocery store to save gas and wear on your car, or driving a little farther out to shop at a more budget-friendly grocery store
- Learning a few meatless recipes to help you stretch your grocery budget
- Switching from name-brand to generic prescription medications. (Talk to your doctor and pharmacist first of course.)
- Signing up for an automatic shipping subscription for your pet’s food — many places offer a discount on a subscription
- Check out your local museums on their free days! In fact, many museums worldwide offer free/no admission fees on certain days, you just have to plan ahead (and sometimes reserve the tickets in advance).
- Come to UMe’s FREE outdoor movie nights! Bring some friends, a blanket and/or lawn chairs and a picnic, and enjoy a free night of entertainment and fun, including trivia and giveaways!
Cut From Big To Small
Cutting some corners is easy, right? Using cloth bar towels instead of paper towels is definitely impactful and adds up for your wallet and the environment. To make an immediate big impact on savings, look at where you can make a large dramatic cut with minimal effort. You’ll experience a gratifying immediate win, which will motivate you to create more effective cuts on a rolling basis. We love a win-win!
Here are some examples of a short time-investment that can lead into immediate big savings:
- Negotiate insurance fees. Whether it be car or renters or home insurance, it’s not a bad idea to reassess these monthly. Consider bundling your insurance packages to help you save even more.
- Check out current mobile phone plans. Mobile phone plans are super competitive with each other and we definitely benefit from that! First, check out your current phone company for your average usage and then check out what other mobile service providers are offering. You could be saving a lot, just by doing a quick Google search!
- Streaming services are awesome, but if you aren’t using them regularly, they’re just another line item in your expenses keeping you from achieving your savings goals. For a more in-depth look on how to save on your streaming entertainment, check out this recent UMe blog post.
- Lastly, check out these awesome discounts U get just by being a member of the best Credit Union ever: https://www.umecreditunion.com/about/member-discounts/
Plan Your Savings First
Don’t wait until after all your monthly expenses are taken care of to save. You’ll be leaving too much up to chance! Pay your regular expenses and set aside a steady amount per month, then give yourself an allowance.
UMe Pro Tip: U can automate your savings. If you get direct deposit through your employer, you can set aside a fixed amount to a savings account each month, or set your UMe account to move money from one account to another automatically every month. This can help you mentally visualize your savings from your spending money easily! We can also help U determine what is the best method for your savings — just give us a call!
Let’s Be Real
Create a plan for what and how to save money each month — and make sure it’s rooted in your real-world spending. Set time aside where you are of clear mind and can avoid distractions to map out what you need to spend on basics and what your monthly allowance can be! If you find yourself getting take-away or going out to eat with friends a few times a week — U don’t have to cut that out completely. Let’s be realistic, we love spending time with friends and supporting that local restaurant! So instead of making a hard-and-fast rule about eating in the whole week, pace yourself into taking it down a notch to going out to eat 2-3 times a week instead of 4-5 times a week. Smaller steps will help you stick to the plan and eventually you’ll find that going out to eat 1-2 times a week is more achievable than before!
If U need any help assessing your budget or safeguarding your finances further, contact us. We’re here for U!
P.S. Here are some related articles that might pique your interest:
- UMe’s Helpful Tips to Safeguard Your Finances From Inflation
- Helpful UMe Tips To Help U Save On Your Streaming Services
Disclaimer: U matter to Me (all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!