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TIPS FOR SAVING $
While you may not have control over the economy, you do have control over the actions you take.
From BALANCE, a financial fitness service available to Virginia Credit Union members, here are 10
ways to manage your finances during these challenging times:
| 1. |
Keep track of your spending. If you know where your money is going, it will be easier to make changes
if you need to. Try using BALANCE's Fritter Finder form (pdf) for a week or two to find out where
your money is going.
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| 2. |
Separate wants from needs. Do you really need that 42-inch flat screen television? When money is tight
it should not be spent unless absolutely necessary.
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| 3. |
Avoid using credit to pay your bills. While it may make things easier now, using credit only increases your
monthly payments in the future.
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| 4. |
Save regularly. Have some of your paycheck directly deposited into your savings account or set up an
automatic transfer each month from your checking to your savings account.
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| 5. |
Check your insurance policies. Review the coverage for all your plans. You may have too much and be
wasting money, or too little and not be adequately covered.
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| 6. |
Be careful about spending a significant amount of money on periodic purchases, like gifts and vacation.
While you may feel good while you are spending the money, you may wish you had the money later.
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| 7. |
Cut or downgrade your services. Can you get a cheaper cable package or have no cable at all? If you have
a cell phone consider cutting your land line.
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| 8. |
Try lowering your energy bill. Turn off appliances and lights when they are not needed. Purchase
energy-efficient light bulbs. When you can, use a fan instead of air conditioning or put on a sweater instead
of turning on the heat.
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| 9. |
Consider signing up for online bill payment. Not only will you save on stamps, you can make sure your
payments are received on time. Virginia Credit Union's online Bill Pay is free for members.
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| 10. |
Cut down on take-out ordering. Even if the meal is not expensive, doing it frequently can really add up.
A $10 pizza once a week will cost you over $500 a year!
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Visit the BALANCE web site now.
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