Were you forced to use your savings account during the early weeks of the COVID-19 pandemic to make ends meet? If you did and are wondering how to rebuild it, we have good news for you! You can save money by making a few financial changes and prioritizing what’s most important. You can also utilize our banking and lending services to help save money at your own pace! Try these three tips from our credit union in Harlingen to make saving money easier.
Cut Back on Unnecessary Expenses
Cutting back on unnecessary expenses can save you plenty of money each month! These expenses can include movie/music streaming subscriptions, cell phone data plans, and so on. According to the U.S. Securities and Exchange Commission, expenses that you should prioritize include:
- Mortgages or rent
- Furniture, food, and childcare
- Education necessities and loans
- Phone and vehicle payments
- Utilities like electricity, gas, water, and sewage
- Insurance, health care, retirement plans, and property taxes
Pay Off High-Interest Debts
Another great way to rebuild your savings is by paying off debts. Doing this first can free up your finances in the future to invest in your savings account. We offer consolidation loans at fixed rates to make paying off your debts manageable.
Prioritize Your Banking Needs
Once you save money, prioritize putting it away. We provide several ways to make this possible at our Harlingen credit union:
- Money market accounts to earn interest as you save with easy access to withdrawals.
- Savings accounts to keep your money protected and gain a little interest the longer you save.
- Individual retirement accounts (IRAs) that allow you to save money for retirement.