It’s January, and the traditional topic of conversation is New Year’s resolutions. The old favorites typically focus on health and well-being, self-improvement, and finances. When you think about it, however, becoming more financially secure, saving money, and paying off high-interest loans are all things that promote a person’s self-improvement and well-being. That’s why we’re starting off 2022 by sharing some creative ways to save money all year long – and beyond!
Save Money by Refinancing Your Auto Loan
Saving money by refinancing long-standing loans is always a smart solution. If you’re looking to add more money to your savings account, pay off other outstanding bills, or help out your monthly budget, refinancing your auto loan to a lower interest rate is one option you should consider.
The current average interest rate for new cars is 3.65% APR (Annual Percentage Rate) and 5.35% APR for used. With Members 1st, it can be as low as 2.00% APR, depending on loan terms and repayment period. If your current interest rate is higher, it’s worth a conversation to see how refinancing with us can help strengthen your budget in 2022.
Save Money with Low-Interest-Rate Credit Cards
Credit card rates traditionally carry the highest interest rates, and it’s so easy to find yourself deep in debt before you even know what happened. Ditch the high-interest cards with a Members 1st Visa® credit card. Our current interest rates are as low as 9.50%, nearly half of the current average.
By switching to a Members 1st credit card, with no balance transfer fees, you can significantly lower your monthly payments and quickly improve your financial health. On top of that, other benefits we offer, such as no annual fee, the opportunity to earn rewards, and the option of Member’s Choice Borrower Security, make this decision one of the easiest you’ll make all year.
Consolidate Debt With a Personal Loan
The topic of debt consolidation can make some people nervous. You definitely don’t want to go from one bad loan to another. Members 1st, however, offers personal loans that are a smart and healthy solution for paying off high-interest loans.
Secured and Unsecured Loans, Personal Lines of Credit, and Bill Consolidation Loans are all great choices for eliminating unwanted, high-interest payments and getting one, low monthly payment in return. Free up extra money, pay off bills faster, and make your budget happier with the savings.
Save Money With Positive Lifestyle Changes
All the debt consolidation and refinancing in the world will not help if you harbor poor money-spending habits. Here are some even more creative ways to save money that you can begin today – no application required!:
Quit an Expensive Habit
Memberships, subscriptions, and the like can put a big dent in your budget. If you want to save more money this year, reevaluate that wine club, your entertainment subscriptions, season ticket purchases, or gym membership. See if you can eliminate or save money with an alternative.
Nix Impulse Buying and Make Shopping Lists
Impulse buying is the bane of budgets. The old adage of don’t go grocery shopping when you’re hungry always applies, but making a shopping list every time you go out – and sticking to it – is an easy way to keep yourself honest.
Adopt the Envelope System
In addition to planning your shopping trips, using the envelope system can also help control spending. This works especially if you set a budget and have money allotted for specific categories every month. Place money in an envelope, label it for its purpose (i.e. groceries), and use that money only for that specific purpose.
Set a No-Spending Day(s)
This is a great solution for learning to spend less. Set one day or more a week where you choose not to spend any extra, unnecessary money. This can really help break a habit of impulse buying.
Repair Rather Than Replace
It’s easy in our day and age to just chuck out the old and bring in the new. But if something chips or breaks, consider if repairing is a possible and more economical solution.
Direct All Windfalls Into a Savings Account
Do you earn commissions, or have you received a bonus or monetary gift of some sort? Don’t spend it. Instead, put it into a savings or money market account, and let it grow.
Piggy Bank It!
You can also open a savings account in your own home. You can always take your loose change and save it until you’re ready to convert the coins into cash. Another trick that some people employ is taking every $5 dollar bill they have and putting it into a jar or envelope. This can add up to hundreds of dollars by the end of the year!
Find Free Events
Who says saving money can’t be fun? Follow local community pages that promote free activities and events. While you may spend money at a “free” festival, you’ll still save money versus, say, a stadium concert, and if you employ the envelope solution, you can make sure you stay within your limits.
Eat In – Not Out
Plan your meals as you plan your shopping lists. Eating in is usually not only healthier, but cheaper. If time constraints are a factor in your dining decisions, compare meal kit delivery services, and see if one of them might be both a time-wise and budget-wise solution for you.
There are so many creative ways to save money. Getting financially healthy in 2022 should not only be a priority, but a resolution you can keep by finding what works for you, your budget, and your goals.
Let Members 1st of NJ Federal Credit Union make it easier for you by taking advantage of our many solutions for saving money and paying off high-interest loans. See our current interest rates for all our loan options or speak with one of our member representatives today.