A recession can lead to economic setbacks for consumers, including a job loss or reduced income, higher prices on everyday goods and services and lower returns on investments. While most economists don’t think we’re in a recession yet,1 inflationary prices and rising interest rates have many worried about how best to manage their finances.
In uncertain times, it’s not uncommon to let fear get the best of you, especially when it comes to making decisions about your finances. Having smart savings strategies in place can help protect your long-term security and weather life’s temporary ups and downs. Here are five saving moves to help you make the most of your money.
Do you know where you stand financially? Taking the time to create or review a financial plan can help you make the most of your money.
Here are some simple tips to help you get there.
By Susana Raya
Susan is a financial expert with GreenPath Financial Wellness, the national nonprofit organization that provides financial counseling, education and products to empower people to lead financially healthy lives. Through their work with GreenPath, Susana has helped people with debt and credit management, homeownership education, and foreclosure prevention.
Many Americans are trying to figure out how to juggle expenses and keep current with housing and other essentials. Continue reading
Apart from the pain of a family member or close friend’s passing, settling their financial matters can be time-consuming and difficult. You may have to comb through paperwork from bank accounts to life insurance policies. Although not exhaustive, these steps can ease the process of sorting through the deceased’s finances. Continue reading
Set Specific Goals
Saving tends to be easier when you have a certain purpose in mind: Saving for your first house, retirement at a certain age, a child’s college education, or even a trip around the world. The important thing is to be specific.
No matter where the road may take you, there are ways to plan smart, save money and keep your finances secure while you’re away. Here are some tips to make your future journeys more enjoyable.
Travel Planning: DIY or Travel Agent?
Thanks to the Internet, many consumers have become well-versed in online vacation shopping to snag the best travel deals. However, sometimes you may want to consider using the services of a travel agent, which can be a real time-saver, and in general, costs about the same as a do-it-yourself booking. Getting that expertise may be worth it when you have specific travel dates and destinations in mind for a special getaway, and you can sometimes save a lot on airline and hotel costs. And don’t forget the travel benefits that may come with your credit card. For instance, SchoolsFirst FCU MasterCard® Rewards Card1 offers both the MasterCard Concierge Service, designed to help you plan and book travel, and Priceless Cities, which offer one-of-a-kind deals on hotels, restaurants and shopping. Both are free.
Should you buy, or rent? Pay off debt, or build an emergency fund? The trouble with money questions is the answer usually is, “It depends.” Because personal finance is more personal than finance. Here are three techniques for making good decisions.
Off to school? The first time away from home is an exciting time, but it’s also the first time you’ll be living on your own. Doing a little homework before you go can help make the transition to college life much easier. If you’re a student or the parents of one, here are some tips to help with managing finances, protecting personal belongings and guarding against identity theft.
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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or BALANCE counselor who can help tailor a solution for you.
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