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Four Ways to Save In 2019

January 4, 2019
Even if saving has never been your thing and money is tight, the coming of a New Year is an opportunity to change old financial habits. Here are some ways to become a more efficient saver.

1. Budget
Budgeting helps you organize your finances so you have money left over to save each month. It may seem laborious, but budgeting doesn’t have to be hard. Mobile apps, such as the OC Federal Online Banking App, cut a lot of the work and can help you track spending throughout the month.

2. Pay Yourself First
Firmly commit to making a savings deposit monthly, even if you can only afford a small amount. Do this before paying your other bills. Using direct deposit or remote deposit capture can help with this.

3. Make Your Money Work Hard
OC Federal Credit Union offers share certificates, money markets, different types of savings accounts, and more to help your savings grow faster. 

4. Plug up Cash Drains
It’s not always the big expenses that sabotage saving efforts; small expenses can add up and be a huge cash drain. To rein in spending and increase your cash surplus:
• Shop around for the lowest possible rates on utilities, insurance, TV, internet and mobile plans. Also, make sure you receive all possible discounts.
• Monitor daily spending and cut back on extras like lunches out, donut runs or fancy coffee.
• Explore free and low-cost entertainment options, including parks, beaches and hiking trails, as well as local concerts, theater and sporting events.

Source: NerdWallet.com

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