Savings Tips

Small Changes Make a Big Difference
Here are a few tips to help you reach your savings goal:

1. Give up premium cable channels. It’s a lot cheaper to rent one movie a week than to watch one on premium cable channels that may cost more than $500/year

2. Use only the ATM’s of your credit union. Using the ATM of another financial institution once a week could cost you $3 a withdrawal or more than $150 over the course of a year.

3. Eat out two fewer times each month. If it costs you $25 to eat out, but only $5 to eat in, then the $20 you save each time allows you to almost completely fund a $500 emergency savings account.

4. Raise the deductibles on auto and homeowners’ insurance: Being willing to pay $500-1,000 on a claim, rather than only $100-250, can reduce annual premiums by several hundred dollars.

5. Instead of heading to the bookstore, go to the library and borrow a book. Savings = $15.

6. Brown bag it - Pack your lunch. Think about it, ordering out for lunch every day ($6 per day x 5 days a week = $30 per week. $30 per week x 52 weeks = $1,560 a year).

7. Cut out one carbonated beverage a day and save $20 each month.

8. From 10 to 15 percent of your home’s electricity costs can be controlled with the flip of a switch – a light switch. Compact fluorescent bulbs (CFLs) use up to 75 percent less energy and last up to 10 times longer than incandescent bulbs. CFLs have improved tremendously since first introduced. They have become smaller, cheaper, brighter, and offer improved color quality.

9. Look for the best gas prices – which might not be the most convenient. Just 10 cents a gallon adds up to about $150 per year.

10. If you invest $5 a day for 40 years at 10% interest, you will have $1,000,000 in retirement.

11. On average, Americans spend 2% more than they make and save nothing. Each $1 of debt you have today equals $1,000 at retirement.

12. Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and more money for emergency savings

For more tips, visit www.militarysaves.org