Category: budget

How Can I Save on Super Bowl Sunday?

Q: How can I save big on costs when hosting a party for the big game on Super Bowl Sunday?

A: Super Bowl parties are always great fun, but hosting costs can add up just like Jonathan Taylor piling on the rushing yards. So, we’ve put together some hacks to help you pull off the party of a lifetime without breaking your budget. 

Don’t fumble the decor

Keep the decor simple with free printables of your team’s logo from sites like Pinterest, and by choosing party goods in your team colors instead of branded items. You might also hit the dollar store to score some fun football-themed party supplies. 

Tackle the food together

Ask your guests to help with the food coverage. You can go potluck and have everyone bring one dish, order takeout and split the bill or set up a spreadsheet with all the menu items and have each guest choose one to bring along. 

Skip the Super Bowl platters

Fast-food chains and grocery stores aggressively advertise “game day platters” ahead of Super Bowl Sunday, but these are rarely worth the cost.  Instead, make your own for a fraction of the price and just a few minutes of work.  You can slap together some extra-long hero sandwiches and cut them up for an easy sub platter.  For your health-conscious guests, slice up everyone’s favorite veggies and add a dip for a low-cost veggie platter.

Save on pizza

If you’re going with a pizza party, consider doing it partially homemade by picking up some frozen pies at a great price from your local grocery store. Just pop them in the oven before the party. If you want it hot-from-the-pizza-store fresh, reach out to a few local pizza places ahead of time to see if they’ll be offering any specials, and see who’s offering the best deal. 

Consider your lineup

When setting up your buffet, place more affordable items at the head of the line. These are typically grabbed first, and putting them front and center, with the pricier stuff in the back, will help to ensure you don’t run out of any buffet item too quickly or blow your budget on one pricey food. 

Use the tips outlined above to keep costs down while throwing a Super Bowl party that’s fit for champions. 

Environmentally Friendly Ways to Save on Heating Costs

As outside temperatures fall, indoor temps and heating costs go up! And this winter may come at a higher cost. In fact, while fueling up at the gas station, you’ve seen the impact of our 6.8% inflation rate first-hand. 

U.S. households on natural gas heat are expected to pay 25% more than last year. Homeowners who heat their homes with electricity will see a 6.5% spike, while homeowners using heating oil or propane may see a jump as high as 54%!

With that in mind, let’s look at some easy habit changes that will benefit our budgets and our environment.

  1. Add rugs to your floors to help insulate rooms. Dress in layers, warm sweaters and socks. Use flannel sheets and more blankets at night.
  2. Clean or change air filters. Debris is unclean for breathing and will impede warm air circulation. 
  3. Lower the thermostat by 7-10 degrees when everyone is out for the day. Use a thermostat that automatically adjusts according to your schedule. 
  4. Have a pro inspect and tune up your furnace. The cost can be well worth the savings since old furnaces can work at just 60 to 70% efficiency.
  5. Contact your utility company for a free home check-up. Service or upgrade costs may be offsetable by federal tax credits and/or utility rebates
  6. Check windows for leaks. Detect them by lighting a candle and watching if it blows in a certain direction. If you find any, seal them up with caulking, foam insulation or plastic insulation sheets.
  7. Open the shades during sunlight hours and close at night to retain the heat.
  8. Use heaters to warm up isolated areas instead of turning on entire heating zones if all the space is not in use. Also, close vents in rooms not being used to avoid unnecessary output.
  9. Switch to LED light bulbs. They use about 75 percent less energy and last about 25 times longer than incandescent bulbs. Though the initial cost is higher, it pays off over time. 
  10. Reduce your water heater temperature to 120 degrees, which is safer for skin and easier on heating costs.

Discover more money-saving tips by visiting our blog here: https://www.highpointfcu.com/blog/

12 Steps to Financial Wellness – Step 1: How to Track Your Spending

Tracking your spending is the first step toward greater financial awareness and overall financial health. But mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple daily purchases?

We’ve outlined how to track your spending in 3 easy steps. 

1. Choose your tools

Tracing every dollar’s journey isn’t easy, but with the right tools you can make it quick and simple. Choose from one of the following money-tracking techniques: 

  • Budgeting apps. If your life happens on your phone, download a budgeting app like YNAB or Mint to help track your spending. Both apps allow you to allocate a specific monthly amount of money for each spending category and enable you to track your spending with just a few clicks. 
  • Spreadsheet. If you like to see everything spelled out clearly, a spreadsheet might be a good choice. You’ll need to record every transaction, but if you prepare the sheet with all the spending categories you think you’ll need, it shouldn’t take long. 
  • The envelope system. If you’re a big cash spender, consider withdrawing the cash you think you’ll spend in a month and keeping it in an envelope for each category. When you need to make a purchase, just use money from the envelope. 
  • Receipts. Hold onto every receipt from the purchases you make this month to help you track your spending.
  • Pencil and paper. Recording each purchase the old-fashioned way can help you make more mindful money choices throughout the day.

2. Review your checking account and credit card statements carefully

Along with one of the tools listed above, you can track the purchases you make with plastic by reviewing your monthly checking account and credit card statements. You can access these online by logging into your account and downloading. 

3. Review and categorize your purchases

At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. When completing this step, don’t forget to include any automated payments you rarely think about, such as subscription fees and insurance premiums.

Use the tips outlined here to successfully master the skill of tracking your spending. 

New Year, New Money Habits: How to Stick with It in 2022

Spend less, save more, pay down debt — how can you make 2022 the year you actually stick to these and other financial resolutions? To help answer that, we’ve compiled a list of tips. 

Set measurable goals

Don’t just resolve to be better with money this year. Set realistic, measurable goals to help you stay on track and ensure you’re making progress. To make it easier, keep those goals SMART: 

Specific

Measurable

Achievable

Relevant

Time-based

Spend mindfully

Creating a budget can take some time and lots of number crunching, but the real challenge of financial wellness is sticking to that budget. And one reason many people don’t keep to their budget is because they spend money without consciously thinking. 

Resolve to be more mindful about your spending, which means thinking about what you’re doing when you pay for a purchase of any kind. You can accomplish this by taking a moment to think about what you’re buying and how much you’re paying for it. Gain a little more awareness about your spending by staying off your phone while completing in-store transactions.

Partner up with a friend

It’s basic psychology: When we have to answer to someone, we’re more likely to stick to our resolutions. Choose a friend who’s in a similar financial bracket as you and has a comparable relationship with money. Ideally, they will also have the same resolve to set and stick to those financial resolutions together. 

To make it even easier, use a money management app, like Mint, to help track your spending, find your weak areas, and stay accountable for your friend. 

Write it down

In an era where some people can go without touching a pen and paper for days, writing down New Year’s resolutions can seem obsolete, but that doesn’t mean it shouldn’t happen. The act of putting your financial resolutions into writing will help to imprint them on your memory. Plus, you’ll have a list of your resolutions to reference throughout the year to help keep you on track. 

Sticking to your financial resolutions isn’t easy. Follow the tips outlined above to make 2022 the year you get your finances into shape. 

Your Complete Year-End Financial Checklist

As 2021 draws to a close, take a moment to go through this year-end financial checklist to ensure your finances are in order before the start of the New Year.

1.     Review your budget

Is your current monthly budget working for you? Are you stretching some spending categories or finishing each month in the red? Take some time to review your budget and make any necessary changes.

2.     Top off your retirement plan

Check to see that you are taking full advantage of your employer’s matching contributions for your 401(k). If you haven’t contributed as much as you can, you have until the end of the year to catch up, to a limit of $19,500. If you have an IRA, you have until April 15 to scrape together the maximum contribution of $6,000, with an additional $1,000 if you are 50 years or older. 

3.     Check your progress on paying down debt

Review your outstanding debts from one year ago and hold up the amounts against what you now owe. Have you shed any debt from one year ago, or is your debt growing? If you’ve made no progress, or your debt has deepened, consider taking bigger steps toward paying it down in 2022.

4.     Get a free copy of your annual credit report 

The end of the year is a great time for an annual credit checkup. You can only request a free copy of your credit report from all three credit reporting agencies once a year. Get your annual credit report here, and look for fraudulent charges and other signs of possible identity theft.

5.     Review your investments and asset allocation

You may need to make some adjustments to your mix of stocks, bonds, cash and other investments to better reflect your personal financial goals and/or the current state of the economy and market.  

6.     Review your beneficiaries

Has your family situation changed during the past year? If it has, be sure to switch the beneficiaries on your accounts and life insurance policies to accommodate these changes. 

7.     Review your tax withholdings

Review your W-4 to see if the amount of tax withheld from each paycheck needs to be adjusted. If you’re not a numbers person, ask your accountant for help.

Use this checklist to make sure your money matters are in order before the start of 2022.

8 Holiday Shopping Hacks to Help You Save Big This Season

Ready, set… charge! The holiday shopping season is here, and between inflated prices, the rising cost of gas and the urge to splurge, it can be tough to stick to your budget. Here are eight holiday shopping hacks to help keep your spending under control. 

1.      Make a list and check it twice

When you shop with a list in hand, and you’re careful to stick to it, you can make responsible shopping decisions instead of buying every shiny thing that catches your eye. 

2.      Compare prices

All it takes is a few quick clicks or taps to check if the item you want is available somewhere else, and for less. You can also use a price-checking app, like ShopSavvy, to make the search for the hottest deal. 

3.      Don’t shop alone

Grab a friend to help keep you on track as you shop. Share your budget with them, or let them know which gifts you’ll be looking for on this trip. Ask them to gently remind you to stay within budget and on-plan as you browse. 

4.      Take advantage of rebates and refunds

Want to get paid to shop? When you make a purchase through a rebate app, like Earny or Rakuten, you get cash back for every purchase you make.

5.      Buy discounted gift cards

You can find discounted gift cards on sites, like Raise and CardCash, for big-name brands like Lowe’s, Starbucks, Amazon and more. 

6.      Shop with coupons

Before completing an online purchase, do a quick search of sites, like RetailMeNot, to check for available coupons that can bring down the price. You can also use a browser extension, like Honey, which will automatically find and apply coupons while you shop.

7.      Shop early

This year, with anticipated delivery delays and supply shortages, it’s best to tackle your holiday shopping early. Shopping with a clear head, and when the stores are well stocked, will make it easier to stick to your budget.

8.      Buy electronics on Black Friday 

The Black Friday deals you’ll find on TVs, laptops, audio equipment and other electronics will likely be the best you’ll find all year. 

Follow the tips outlined above to save big on gift-shopping this year. A little low on holiday funds? Take advantage of our Holiday Loan Special until December 31st, 2021!

Is Inflation Here to Stay?

According to the most recent report by the Bureau of Labor Statistics, U.S. inflation is currently running at a 13-year high of 5.4%, and it’s showing no signs of slowing. Here’s what to know about the current state of the U.S. economy and what you can likely expect in the coming months.

Inflation is not going anywhere soon

Rising prices in just about every sector is the new norm. The inflation rate fell at the start of the coronavirus pandemic, and during the nationwide lockdown as people hunkered down at home. In March 2021, though, when the impact of halted manufacturing began hitting the market and crude oil prices started climbing, the inflation rate increased to 2.6% before hitting its current high of 5.4% in June and July. Although the rate started falling in August to 5.3%, it went back up to 5.4% in September. Experts, like the Trading Economics information technology company, now expect that number to continue rising, probably hitting 5.5% in the coming months. 

Unfortunately for the average consumer who’s struggling to cover expenses amid rising costs, this means inflation isn’t going anywhere soon. 

Why are prices so high?

There are several factors for the inflation bubble. First, suppliers are still catching up on production shortages that were caused by factory shutdowns during the pandemic. Second, climate disasters, like California wildfires and a drought in Brazil, are responsible for driving up prices in the food industry. The demand for higher wages, partially caused by the 10.4 million job openings in the U.S., and the rising cost of gas, are contributing to inflation as well. 

What can consumers expect in 2022?

While no one can accurately predict the future, economists are expecting inflation levels to taper off by the middle of 2022. According to a survey conducted by the Wall Street Journal, many are expecting inflation to drop to 3.4% by June 2022 and to continue falling until it hits 1.8% by the end of the year. 

PLEASE NOTE: The statistics and estimates supplied in this article were sourced via the hyperlinked references throughout the blog, and not by High Point Federal Credit Union.

Save Money When Shopping Online

It’s time to replace that rush you get from filling your virtual cart with the high that comes from saving a ton of money.

Get ready to transform the way you shop online.

Just. Wait.

Online retailers are experts at getting you to go from “I-gotta-have-it” to “It’s-on-the-way-to-my-house” quicker than you can say “buyer’s remorse.” Beat them at their own game by waiting a few days before completing a purchase. You may find you don’t really need that item after all. Also, retailers will often email a coupon for you to use for the “forgotten items” in your cart.

Outsmart dynamic pricing

Dynamic pricing is that slightly freaky way retailers have of knowing just which products and in just which price range to show you. Outsmart dynamic pricing with these tips:

  • Clear your browsing history or shop incognito
  • Log out of your email and social media accounts
  • Choose localized websites of international brands

Time your purchases right

Sunday’s your day to score cheap airfare.

Bookworms, hit up Amazon and Barnes & Noble on Saturdays when they launch most of their book sales.

Shopping for a new computer? Wait for Tuesday. That’s when big retailers distribute coupons.

For most other purchases, it’s best to shop Wednesday-Friday for the best deals.

Layer coupons

Always use a promo code before a discount coupon. A promo code takes a specified percentage off your entire purchase, while a discount code takes off a dollar amount. If you do it the other way, you’ll save less money. Don’t believe us? Do the math. We’ll wait.

Ask for price-drop refunds

Don’t you hate it when you find out what you bought yesterday just price-dropped? The good news is that some companies offer a refund for newly discounted items if you notify them within a certain timeframe. That’s money back in your pocket. Sweet!

Use multiple emails for discounts

Many retailers offer one-time promo codes for new customers, but you can be a new customer more than once by using a different email address.

Don’t shop alone

We’re not talking human companionship here. It’s 2021. You should not be shopping online without the help of a money-saving app, like PriceGrabber, Rakuten, or RetailMeNot.

Online shopping just got cheap again!

How do I Raise my Kids to be Financially Independent Adults?

Q: How do I help my kids become financially independent grown-ups?

A: Teaching your kids how to be financially independent will help smooth the transition into adulthood. It will also give them what they need to stay financially stable throughout life.

Here are some tips for raising kids to be financially independent adults.

Start with basic budgeting

Introduce your children to the concept of earning money and spending mindfully when they’re young, and build upon that as they grow up. Preteens can watch you work on an actual budget, and teens can even assist you in creating a budget for a large expense, like a family vacation. You can also help kids create a budget for how they plan to spend their own money.

Split the costs of “must-have” items

If your children are like most kids, they’re asking you for trending items they claim they must have; from a pair of designer jeans to the latest fad toy they insist everyone else already has.

A great compromise is to have your child pay half the cost of expensive trending items. They’ll likely quickly see that a “must-have” really isn’t when you’re footing half the bill.

Teach them about credit cards

If your child sees you using a credit or debit card often, teach them what’s behind that card. Show them your credit card bill when it arrives and talk about how you need to pay for all those expenses during the month, plus the possible interest. Teach them about debit cards, too, explaining how money is withdrawn from your checking account each time you swipe the card. You can also give older kids a quick rundown on credit scores, how they work and why they’re so important.

Talk openly about what they can expect in terms of support for the future

When your child is mature enough to talk about the future, discuss how much financial support you plan to offer while they attend college, immediately after graduation and into their adult years. Ask about their plans as well, paying attention to when they anticipate being financially independent.

You can bring up the topic of career paths, too. Help your child determine a basic budget for the lifestyle they plan to lead and assist them in narrowing down their career choices until they have just a few that will support their future life. Talk about student loans, too, and explain how crippling debt can be.

If you haven’t already, consider opening a Youth Savings Account for your child at High Point Federal Credit Union. This way they can get hands on experience with a financial account and understand the importance of putting money away. If they get an allowance, or are gifted money at some point, you can encourage them to put a certain percentage in their account. Stop by one of our branch locations, contact us,  or call 800.854.6052 to discuss opening a Youth Savings Account.

Use the tips outlined above to help raise your child to be a financially independent adult.

Safe Back-to-School Shopping on a Budget

This year’s back-to-school shopping season requires shoppers to stick to their budgets without exposing themselves, or their kids, to the coronavirus. Here’s how to shop for school safely without breaking your budget.

Set a budget

Look through your kids’ school supply lists, jot down any other necessities you need to purchase for them now, and set a reasonable budget you can stick to. If you dare, assign a dollar amount to each category.

Order online

If you’re trying to avoid crowded stores, your best bet is to shop online. You can find everything your child needs for school on sites like Amazon, Target.com, and Walmart.com. Most big brands offer quick and cost-free delivery when you spend a minimum amount.

Shop the sales

Retailers tend to place different back-to-school items on sale each weekend throughout the summer, and if you’re a careful shopper you can take advantage of them all. Check out the sites of major retailers, or flip through the sale flyers, to find the best bargains leading up to the start of school.

Pair up with a friend

Pair up with another parent and split the supply list between the two of you, with each parent buying items for the kids in both families. This way, one of you can run across town to the store with the crazy deals on crayons while the other picks out binders at the store selling them at the lowest price. As a bonus, you’ll be limiting your exposure to the virus by shopping in fewer stores.

Avoid the crowds

Time all in-person shopping for hours when stores tend to have smaller crowds. Consider an early-morning run or an evening shopping spree instead of an afternoon of hitting the shops.

Don’t forget the masks

The CDC continues to recommend face coverings for all students in K-12 schools. While you may already have a sizable collection of masks at home, consider purchasing some new masks for your child before school begins. After a summer at home, getting used to wearing a mask for hours at a time again will be challenging, and some new, breathable masks will make it easier for your child to adjust.

Follow the tips outlined above for a safe back-to-school shopping season that doesn’t break your budget.

7 Reasons to Buy an RV or Campervan

If you’re thinking of road-tripping your summer getaway, think RVs. Recreational vehicles and their close cousin, campervans, are growing increasingly popular as more families hit the road for a true American adventure that’s easier on the wallet and heavy on unique fun. Here are six reasons to buy an RV or a campervan:

1. Save money

With a means of transportation and a place to stay all rolled into one, an RV helps you save significantly on your vacation costs. Plus, when you travel with an on-the-go kitchen, you can cut down on the money you’d spend feeding your family while on the road.  

2. Privacy and comfort

Why fight for legroom on a crowded airplane when you can travel in a vehicle that gives you tons of space? Move around as much as you’d like, enjoy a private bathroom and catch a few winks in the sleeping area, all while heading toward your destination.

3. Increased flexibility

When you travel using your own means of transportation, you’re in control. That means there’s no getting locked into specific dates for your getaway. Come and go as you please and vacation on the schedule that works best for you and your family.

4. Explore more

Traveling by RV will give you the opportunity to take in the sights and sounds of each place you pass through. You can even stop on the roadside to watch a glorious sunset or a passing herd of deer.

5. Bring your pets along

No need to arrange pet-sitters or to keep your furry friend in a carrier under an airline seat. When you buy an RV, you can bring your pets along and keep them nearly as comfortable as they’d be at home.

6. Tax benefits

In many states, owning an RV can mean enjoying significant tax benefits, which can include the homeowner’s deduction, a sales tax deduction and/or deducting the interest payments of your RV loan. Check with your accountant or tax pro to see which of these tax benefits apply to you.

If you’re ready to purchase an RV or a campervan, look no further than Olean Area Federal Credit Union! Our RV loans have affordable interest rates, reasonable payback terms and easy eligibility requirements for qualifying members. Call, click or stop by Olean Area Federal Credit Union to get started!

Why You Need to Be Financially Fit

You give your abs a daily workout, but are you neglecting those money muscles? Here’s why being financially fit is super-important and how you can overcome common barriers to financial wellness.

Financial wellness: a ripple effect

Managing money responsibly will affect many aspects of your life:

  • According to a recent study by AARP, financial problems are the second leading cause of U.S. divorces.
  • Mental health. Money stress can severely affect your mental health, causing depression, restlessness, anxiety and more.
  • Physical health. Stressing over finances can directly impact your physical health, leading to recurring symptoms like headaches, fatigue, insomnia, high blood pressure and an increased risk of heart disease and stroke.
  • Work life. Money worries can make it difficult to focus at work, which can also bring down productivity levels and hamper career growth.

What are the leading causes of money stress?

According to a survey by Credit Wise®, 73% of Americans rank money issues as the top stressor in their lives. Here are the top causes for financial stress:

Barriers to financial wellness and how to overcome them

Unfortunately, there can be barriers that make it difficult to get and keep financial wellness. First, because it hasn’t been taught in school until recently, many people lack basic financial knowledge necessary to manage money responsibly. Second, many mistakenly believe that budgeting and saving are time-consuming and tedious. Finally, some consumers have fallen so deeply into debt they’ve lost hope of ever pulling themselves out.

Here are simple steps you can take to get financially fit:

  • Get educated. Check out financial literacy blogs, personal finance books, podcasts or online classes to learn about money.
  • Have the money talk with your partner. It’s important to be on the same financial page as your partner. Talk openly and honestly, being careful not to be judgmental, and discuss your individual and shared money goals. Then, come up with a plan to reach them together.
  • Pay all bills on time. If you can’t take aggressive steps toward getting out of debt just yet, be sure you’re making at least the minimum payment on each credit card bill.
  • Create a budget. Giving every dollar a destination makes it easier to spend mindfully and cut down on extraneous expenses.
  • Start saving. Every dollar counts, and once you get the ball rolling, you’ll be motivated to pack on the savings until they really grow.

Let’s get those money muscles into shape! Follow the tips outlined above to stay financially fit at all times.

What to Buy and What to Skip in August

Q: I’d love to get some great bargains as summer winds down. Which products go on sale in August and what should be pushed off for now?

A: The tail end of summer brings with it some fantastic finds, but some marked-up products, too. Here’s what to buy and what to skip in August.

Buy: Patio furniture

Pick up a sweet deal on patio furniture at the end of the season. While giving your patio a facelift, you’ll also find grills, outdoor decor and similar items on sale in August.

Skip: Major household appliances and mattresses

If you’re in the market for a major household purchase, you’re best off waiting until September. Retailers tend to slash prices on these items by 30% or more during Labor Day weekend sales.

Buy: Swimwear

Stores and online retailers need to clear their summer stock to make room for the autumn and winter line, which gives you the perfect chance to snag a super swimsuit deal! Stash your treasures for next year’s beach season or keep them for a winter getaway to warmer climates.

Skip: iPhones

If you’re looking to update your iPhone, you’re best off waiting a month or two. The new iPhone 13 is expected to be released in mid-September, and older models typically see a price cut when new models hit the market.

Buy: School supplies and kids’ clothing

August is already deep into the back-to-school shopping season, when school supplies and kids’ clothing tend to see generous markdowns. Stock up on supplies to last all year and get your kids outfitted for the coming season at rock-bottom prices.

Skip: TVs

Don’t run out and buy a new TV just yet. If you need a new flat screen, you’re best off waiting for Black Friday to get the best deal.

Buy: Office supplies and furniture

Back-to-school sales means you can also cash in on office supplies and furniture. Restock your home office with basic supplies, upgrade your office chair or spring for a new desk at bargain prices.

Skip: Fall clothing

Fall apparel will be just hitting the stores in August, so you likely won’t be seeing steep discounts on fall wear until October.

Preparing Financially for a New Baby

Congratulations! You’ve expecting a new baby and you’re breathless with excitement — and nerves. A baby means big changes, and a part of those changes is lots of new expenses. How will you pay for it all?

We’ve got the tips you need to prepare financially for a new baby.

Pay down debt

Don’t let your debt grow along with the baby bump. It’s best to get your finances in order to make it easier to manage all new expenses and prepare for your child’s future. Make a plan today to kick that debt for good!

Adjust your monthly budget

Babies don’t come cheap. When your little one arrives, you’ll need to spring for gear and furniture, a new wardrobe, diapers and possibly child care as well. Most of these expenses will be ongoing, so it’s best to make room in your budget for these new items before your child is born.

Set up a baby account

All those expenses can be overwhelming, but if you break them down into bite-sized pieces, they’ll be easier to manage. Why not set up a separate savings account for all baby expenses? You can automate these savings by setting up a monthly transfer from your paycheck or checking account to your “baby account.”

Estimate prenatal care and delivery costs

It costs how much to have a baby?

Some folks can pay close to $10,000 in prenatal costs and delivery. Of course, these amounts do vary by location and insurance provider, but it’s a good idea to work out exactly how much it will cost you to have a baby so you aren’t in for an unpleasant surprise after the baby is born. Start saving now!

Start saving for college

Believe it or not, your little one will, one day, be all grown up and ready for college! This can mean paying a small fortune in tuition. The sooner you start saving for your child’s college education, the easier it will be to save. You’ll spread the costs, and also give those savings the best chance at growth.

Consider opening a 529 plan before your child is born where your college savings can grow tax-free.

How to Save on Wedding Costs

Did you know the average U.S. wedding costs $28,000*? That’s a lot of money to spend on one event!

But it doesn’t have to be this way. Here’s how you can have the wedding of your desire and your budget, too.

Choose your top priority

Most couples-to-be have some fantastical dreams about their wedding day. It might be a huge wall of flowers, a custom wedding gown or a wedding aisle fitted with hundreds of floating candles.

Whatever your dream, count on it costing a pretty penny. To avoid going into debt for your special day, choose the one item for your wedding that is most important to you as a couple. That one must have you are willing to get at almost any cost. Trim costs in other places to leave room in your budget for your top priority.

Skip the invites (average cost: $590)

Snail mail is so last millennium. Bring your wedding up to date and make some budget breathing room by creating a cost-free e-invite that includes all the wedding details and the ability to RSVP electronically. You’ll be doing your wallet, and the environment, a favor!

Go nontraditional with the venue (average cost: $10,500)

A typical venue can eat up a wedding budget fast. Make your wedding extra-special and save on costs at the same time by choosing an out-of-the-box venue, like an art gallery, your favorite upscale restaurant or even atop a scenic lookout point.

Ditch the rehearsal dinner (average cost: $1,900)

Why not put that money toward something with lasting value?  If you feel like you need a rehearsal to make sure everything goes smoothly, ask the officiator and the members of the wedding party to practice the ceremony with only a short, no-food run-through.

Choose a non-bridal gown (average cost: $1,600)

Everything on your list gets more expensive when you tack on the word “wedding.” Save on one of these expenses by purchasing a gown that’s not designed exclusively for a wedding. Any floor-length white gown from a department store or boutique will do, and you can always add embellishments to dress it up a bit. You’ll still save a fortune.

Limit your guest count (average cost per guest: $70)

So many parts of your wedding, from the catering, to the bar, to the cake, cost more with each added person. Keep your wedding intimate by only inviting guests who really count. You can limit the plus-ones, specify that the reception is adults-only or restrict the guest list to people who are currently in your life, instead of inviting every acquaintance you’ve ever had.

Rethink your cake (average cost: $500)

Consider a shorter or narrower cake for pictures and cutting, and have the caterer serve a frosted sheet cake so there’s enough for all your guests.

7 Tips for a Budget-Friendly Road Trip

Ready to hit the open road? Before you do, check out our budget-friendly road trip tips so you can set out in style and without breaking your budget!

1. Save on food costs

Here’s how to save on food costs during your road trip:

  • Shop your local stores for staples before setting out.
  • Get your “kitchen” into gear. A good knife, cutting board and small cooking appliances like a portable grill and plug-in burner are great starting points.
  • Plan a mix of meal types, alternating between home-cooked meals, dining out on fine cuisine and tasting local street foods.
  • Save the dining out for delicacies unique to your current location.

2. Camp out instead of sleeping in hotels

Sleeping under the stars when possible adds a whole new layer of awesomeness to your trip. And it can be super cheap! Check out recreation.gov, where you can book spots among 3,600 facilities and 103,000 individual sites across the country.

3. Find free attractions

Most tourist hotspots have a wide selection of free activities and sights to see at no cost. Check out local websites or ask around on the street to find the best-kept secrets at every stop.

4. Map out your route for greater savings

Instead of blowing money on gas, create a detailed schedule of all your stops before setting out, choosing the most efficient and inexpensive route. Look up local attractions in the areas you plan to stop at and book reservations in advance when possible.

5. Download GasBuddy

Download the GasBuddy app to find stations with the lowest nearby gas prices throughout your trip. You can save hundreds of dollars on gas costs using this game-changing app.

6. Check in on Sunday

For those nights when you must have a hot shower and comfortable bed, you’ll probably be checking into a hotel. If you can, check in on a Sunday. According to a study from the travel app Kayak, hotel reservation rates are lowest on Sundays.

7. Explore more and drive less

Hit the brakes and get out of the car! Spend some time covering miles on foot by hiking through local trails or backpacking through city streets. You’ll enjoy an enriching experience and save on gas costs at the same time.

How to Make a Vacation Budget You Can Keep

Summer is here, and it’s time for your getaway!

While it’s great to get away for some fun in the sun, sticking to a budget is a must, even when on vacation. This year, attack your vacation with a financial plan you can actually keep by following these tips:

Rethink vacation

Before you start working on a vacation budget, consider an alternative to a conventional getaway that can provide an escape from real life without the prohibitive price tag.

  • Staycation. Spruce up a spare bedroom with scented hand towels and mini soaps and shampoos to give it a hotel feel. Sleep there during your “vacation” and spend your time trying out local attractions, festivals and restaurants you’ve always wanted to experience.
  • Swap houses. Have friends or family who live out of your area? Ask about switching houses for a week. Then, you can all get an inexpensive vacation.
  • Camping. If you have camping gear or can borrow it from a friend, camping can cost next to nothing. It can also be a fantastic way to enjoy a rejuvenating break from the grind of life.

Create a budget

If you just gotta splurge on a typical getaway, here’s how to create a realistic budget:

  1. Review your savings. If you’ve been steadily saving up for this vacay, you’ll know how much you have to spend. If you haven’t saved anything, consider an unsecured loan through your credit union and/or saving up until your vacation by trimming your discretionary expenses.
  2. Prioritize. Before assigning dollar amounts to categories, pick what’s most important to you while on vacation. List your priorities from most to least important for future reference.
  3. Assign dollar amounts to big-ticket items. Choose and price a destination. Set aside money from your budget to cover what it takes to get there, as well as accommodations.
  4. Divide and conquer. Now, assign a realistic dollar amount to your remaining categories. Include food, tickets to entertainment venues and attractions, gifts and souvenirs, transportation costs, and pack in some “miscellaneous” money for unplanned expenses.

Stick to your budget

Now comes the hard part: sticking to your budget while on vacation.

First, consider using cash. You’ll be forced to stick to your budget with no way to overspend. Just make sure you plan for how to keep it secure at all times.

Next, make advance reservations when you can. This way, you have fewer spending choices for when you’re actually on vacation.

Finally, keep a copy of your vacation budget handy while you’re away so you can pull it out whenever you come up against a spending challenge.

Don’t let your budget go on vacation!

Post-Pandemic Money Moves

Mask mandates are going away and restaurants are opening again. Finally, life is going back to normal! Here are some forward-thinking money moves to make as you adjust to post-pandemic life.

Review and adjust your budget

Pandemic budget rules were unique, as people cut down on costs, like dining out and updating work wardrobes, but spent more on things like at-home entertainment. Others may have had to adjust their spending to help them coast during a stint of unemployment. The pandemic may have also shifted something in people’s mental list of needs and wants, as they found they can live with a lot less than they’d thought.

As you adjust to post-pandemic life, take some time to review and tweak your monthly budget. Be sure to incorporate any changes in income, as well as a readjustment to pre-pandemic spending or changed priorities.

Rebuild your savings

If you are one of the many Americans who were forced to dip into savings, or even to fully drain them, during the pandemic, create a plan to get your savings back on track. Tighten your spending in one area until you’ve built up an emergency fund that can keep you going for 3-6 months without an income, or use a windfall, such as a work bonus or tax refund, to get the bulk of your emergency fund in place.

Once your emergency fund is up and running again, continue to practice basic saving habits, such as setting aside 20% of your monthly income for savings, or whichever approach you prefer.

Rethink your long-term and short-term financial goals

The pandemic has prompted lots of people to reevaluate their goals. Take some time to rethink your long-term and short-term financial goals, then adjust your savings and budget accordingly.

As you move through this step, be sure to consider any long-term goals you may have put on hold during the pandemic. Have you stalled your contributions to your retirement accounts? Have you been making only the minimum payments on your credit cards? If any of these apply to you, be sure to revert your savings and debt payments back to pre-pandemic levels as soon as you can.

Spend with caution

It’s perfectly fine to enjoy a shopping spree in celebration of a return to pre-pandemic norms, but spend with caution.

First, prepare to encounter inflated prices wherever you go. Gas prices have jumped, and the cost of many consumer goods has spiked. If you planned on purchasing a big-ticket item like a new car, consider waiting until prices cool off.

Also, you may be eager to make up for lost time, but no number of nights out on the town will bring back the months you spent at home. To avoid irrational overspending, set up a budget before you hit the shops and only spend what you’ve planned.

Tips for Recent Homebuyers

Becoming a homeowner is a major milestone. There’s a thrill in owning your own place, and you’ve got a new, large investment to maintain. Successful homebuyers are those who can perfectly balance that new freedom and responsibility.

There are several upcoming firsts for recent homebuyers. Check out these common homeowner situations, and you’ll be prepared for a possible setback.

1.       Something major breaks

As a renter, if the refrigerator breaks, the landlord repairs it. In contrast, when something like an appliance or major system breaks in your home, you’ll be responsible to fix it.

If you’re counting on homeowner’s insurance or a home warranty to cover you, check your policies carefully. Most home warranties end at the walls of your house, and insurance won’t cover damage outside of a disaster. If your home needs significant work, you’ll probably be covering the costs yourself.

Consider practicing self-insurance. Start a home repair and renovation fund, and build major expenses into your monthly budget. These expenses become manageable when spread out over the course of several months. Expect to spend 1-4% of the value of your home in repairs and maintenance annually.

2.       Costs increase

When considering a budget in your new location, housing costs aren’t the only thing likely to increase. If you’re moving from a smaller apartment into a larger home, utility costs will rise. If you’re moving into an older house, appliances won’t run as efficiently.

Additionally, transportation costs may rise if you’ve moved further away from work. A larger kitchen might encourage more cooking and entertaining, increasing the grocery budget. Lawn maintenance costs may appear on your budget for the first time.

During your first month as a homeowner, document your new living expenses so you can budget for them properly. If, after a month, you see that your expenses are too high, you’ll have an idea about where you can make cuts.

3.       Tax bills come due

Property taxes can wreak havoc on your budget. While many mortgage companies include these costs in your regular mortgage payment, other homeowners are responsible to pay them at tax time. If that’s the case for you, it’s important to determine what your tax bill might look like.

The U.S. average property tax bill is under $3,000, or $250 per month. Here also, setting the expense aside monthly instead of paying it in one shot makes it manageable.

4.       Maintenance requirements increase

There are dozens of things around the house, such as smoke alarms and toilet bowl seats, that decay with time. Some of these objects can damage your house if they don’t work properly.

Make a list of chores that need to be done monthly, weekly or annually. Keep a spreadsheet so you know the last time maintenance was performed on major items in your home. As always, it’s a good idea to fix little problems before they turn into big ones.

5 Steps to Take Before Making a Large Purchase

Bitten by the gotta-have-it bug? It could be a Peloton bike that’s caught your eye, or maybe you want to spring for a new entertainment system? Before you go ahead with the purchase, though, it’s wise to take a step back and follow these steps.

Step 1: Wait it out

Often, a want can seem like a must-have, but that urgency fades when you wait it out. Take a break for a few days before finalizing a big purchase to see if you really want it. For an extra large purchase, you can wait a full week, or even a month. After some time has passed, you may find that you don’t want the item after all.

Step 2: Consider your emotions

Before going ahead with your purchase, take a moment to identify the emotions driving the decision. Is this purchase being used as a means to fix a troubled relationship? Or maybe you’re going through a hard time and you’re using this purchase to help numb the pain. Be honest with yourself and take note of what’s really driving the purchase. Is it really in your best interest?

Step 3: Review your upcoming expenses

What large expenses are you anticipating in the near future? Even if you have the cash in your account to cover this purchase, you may need that money soon for an upcoming expense. Don’t spend money today that you’ll need tomorrow.

Step 4: Find the cheapest source for this item

If you’ve decided you don’t want to go ahead with the purchase, there are still ways to save money. In today’s online world of commerce, comparison-shopping is as easy as a few clicks. You can use apps like ShopSavvy to help you find the retailer selling the item at the best price.

Step 5: Choose your payment method carefully

Cash can be your go-to choice if you have the funds on hand now. A low-interest credit card may offer purchase protection, just make sure you can meet your monthly payments. Finally, a buy now, pay later program can be just what you need if you have 25% of the purchase price saved up and you can afford to pay off the rest in fixed installments.

If you’re ready to make a large purchase and need a loan, contact Olean Area Federal Credit Union to explore your options!

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