To 8 Back to School Saving Tips
The new school year is right around the corner and it’s time to start your back-to-school shopping. Follow these 8 budget-friendly tips to help you save on all the essential school supplies this season.
Many people find themselves needing to change their surroundings for a variety of reasons. If you ever find yourself weighing whether to renovate your home or move, ask yourself these questions for a better understanding of which option is a better choice for you.
Wedding planning is meant to be an enjoyable experience for both you and your partner, yet it is easy to get overwhelmed by the seemingly “endless” to-do list. A perfect way to start feeling excited for your special day is by feeling in control of your finances — get started with these budget-friendly tips.
As your children grow older and enter high school, their expenses will grow with them. Buying a car, saving for college, signing up for a camp, or pursuing a hobby all have significant costs associated with them. So, it’s important at this stage of life to teach them how to manage their personal finances in pursuit of their goals and dreams.
Sometimes life sends you signals your finances aren’t quite where they should be, such as an overdraft fee on an account or a denied credit card application. Here are several common financial red flags you should address — plus easy ways to eliminate them.
Stimulus checks from the U.S. government have started to be deposited to provide economic relief during the coronavirus pandemic. Eligible taxpayers can expect to automatically receive their one-time payment of up to $1,200, depending on adjusted gross income.
MSUFCU’s mission of building dreams together goes far beyond just helping members achieve their financial goals. It also includes supporting small businesses in communities where its employees and members live and work. This helps keep local economies strong, good jobs close to home, and strengthens communities.
Becoming a parent is one of the most joyful and exciting times of your life, but it can also be financially overwhelming. You must prepare for everything from buying diapers, to paying for doctor visits and daycare, all while trying to achieve your financial goals and sticking to a budget. Here are a few tips to help build a baby budget into your financial plans.
Create an Emergency Fund
Consider all of your financial needs when trying to prioritize your expenses. It’s important to have an emergency fund with at least three to six months’ worth of expenses. Once you reach this goal, contribute a set amount each month to continue growing your account. Having this fund established will help bring you peace of mind.
Keep Saving for Retirement
Even though you have additional expenses with a new baby, you should continue to contribute to your retirement savings. According to Investopedia, it's a good idea set aside at least 15% of your income or contribute to a 401(k) if your workplace offers one to help set yourself up financially for retirement.
Costs for child care will add up quickly. Work to pay down and pay off credit cards, car loans, student loans or any other debts you may have. These debts will prevent you from focusing on your financial priorities. Paying these down quickly will help you get on the right track and give you more money each month to put toward your savings.
Update Your Budget
When your baby arrives, your household income may be affected. One or both parents may take unpaid maternity leave, or one might stop working. Cutting your expenses or practicing living on less will put more money in your pocket for costs that come with a new child. Getting used to a smaller budget can help you save for daycare and other immediate expenses.
Most expenses for a new born baby won’t last forever, but new expenses may arise as your child gets older. To help reduce these costs try these options:
• Buy secondhand and shop Mom2Mom sales
• Shop around for different child care providers
• Look for discounts on items such as diapers, formula, and strollers.
Planning goes a long way, even though unforeseen circumstances may arise and you may not be able to contribute to all of your financial priorities every month. Having a baby is a wonderful gift, but there are costs involved. Creating a plan beforehand will help you reach your financial goals and make the transition a little easier.
January is a great time to start something new. When it comes to your finances, the New Year also is a good time to set goals and strategies. Here are five ways to help you start 2020 on the right financial track: