How to Save Money When Buying Cu Tablets

In a changing economy, your carefully planned budget can be disrupted by unexpected costs like rising fuel or grocery prices. The good news? Budgets are fluid, and small adjustments can make a big difference. Cutting costs doesn&#;t have to feel restrictive. Here are 10 cost-cutting strategies to help you keep your budget on track and move forward on your journey to financial success, whatever that looks like for you.

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1. Track your spending. How are you spending your money? Are there trends month-to-month? Understanding your cash flow is the first step to finding areas you can save.
2. Separate wants from needs. Do you really need the latest ? A new outfit? Those limited-edition sneakers? You know what you like to spend money on, but it&#;s important to identify what your &#;wants&#; are. For those wanted items, consider implementing a waiting period. Pausing can allow you to evaluate the priority of your purchase and look for the best deal. You may be surprised by (and maybe a little proud of) how often you change your mind or decide to delay what could have been an impulse buy.
3. Avoid using credit cards to pay your bills, if possible. While it may feel easier to charge it, using credit only increases your monthly payments in the future due to interest.
4. Pack your lunch. Buying lunch or ordering delivery on the regular can add up quickly. By swapping dining out with a little meal prepping, you can rack up the savings.
5. Check your insurance policies. When&#;s the last time you reviewed your coverage? You may be spending extra on unnecessary coverage, or you could find you&#;re not adequately covered, a key to your financial health. There could also be better rates out there for the same coverage. Virginia CU Insurance Services can help you find the right coverage for you and your family at the right price.
6. Plan for irregular expenses. Property tax is typically billed once or twice a year. If you&#;re lucky, you go on vacation every now and then. These shouldn&#;t be a surprise. But, we often forget to account for irregular expenses, like gifts around the holidays, because we don&#;t pay for them every month. When you build a budget, be sure to set aside small amounts every month for these periodic purchases.
7. Evaluate your services. Look at your fixed monthly expenses and consider which services are musts and which could be adjusted. Consider cutting or reducing your cable package, pausing a streaming app (or two!), and ensuring you&#;re not paying a subscription for that mobile app you meant to cancel before the free trial ended.
8. Reduce your energy use. By choosing energy efficient habits and purchases, you may be able to save big on your energy bill. According to the U.S. Department of Energy, turning back your thermostat 7°-10°F for 8 hours a day could save you as much as 10% a year on heating and cooling. Leaving the house? Be sure to turn off appliances and lights when they&#;re not needed. And, when it&#;s time to purchase new appliances or light bulbs, research energy-efficient options. While you&#;re thinking about your bills, go ahead and sign up for online your bill pay (free to Virginia Credit Union members!) to save on stamps and avoid late fees. You can also consider enrolling in budget billing through your utilities company. By signing up for a consistent, prorated payment, you won&#;t bust your monthly budget with seasonal changes to energy use.
9. Create spending speed bumps. Like the speed bumps on the road, creating slow-down barriers can help keep your spending on track. Speed bumps like, removing your payment information from shopping apps or mobile devices, creating a barrier between your shopping cart and checkout. Or, unsubscribing from promotional emails or texts if you find it hard to say no to a sale. For more spending speed bump ideas, check out our video here.  Removing the convenience of spending can be a great way to save some of your hard-earned dollars and keep you on target towards your financial goals.
10. Evaluate your rates. Are you getting the best rate on your loans? If your credit has improved since your vehicle or home purchase, refinancing your auto loan or refinancing your mortgage into a lower rate can offer savings potential not only monthly but thought-out the lifetime of your loan.

Adopting just one or two of these tips can put some relief on a tight budget and even free up dollars you were previously spending monthly. If you find yourself with a balance at the end of the month, consider putting some of those found funds toward your most important bill &#; your own savings! Ready to shape up your savings? Watch our video to up your saving smarts here or learn strategies for saving here.

You don&#;t necessarily need a windfall or a raise to save more money. The key to boosting your savings, according to experts, is to be intentional&#;and a little bit creative.

&#;It&#;s almost like you have to find ways to manipulate yourself into the right habits,&#; says Mary Lyons, a financial advisor and founder of Benchmark Income Group in Dallas. &#;You have to make it easy.&#;

Whether you&#;re saving to build an emergency fund or pay off debt, to fund a down payment on a house or set yourself up for a long retirement, resisting the temptation to spend can be hard. However, the right strategies and tools can make saving money less of a chore.

Here are five tips that can help boost your savings.

1. Check your tax withholding

Most people equate taxes with money out the door, except for the tax refund they might get once a year. But when the government sends you a refund, it means you overpaid income taxes. It&#;s just cash you could have had sooner. Luckily, how much tax gets taken out of your paycheck is in your control.

Your tax withholding form, or W-4, tells your employer how much of your paycheck to set aside for income taxes. It&#;s possible you haven&#;t touched a W-4 since starting your job. Experts, however, say it should be updated at least once a year, plus if you have a baby, get married or experience another life change.

According to Brian Heckert, a financial advisor and founder of FSM Wealth, an Illinois-based wealth management firm, withholding too much tax from your paycheck can be a huge barrier to saving money.

By instructing your employer to take less for taxes, you could get bigger paychecks. However, your annual take-home pay won&#;t change. &#;The only thing they&#;re giving up is that spending spree that they get in the spring from that refund check,&#; Heckert says.

Rather than spending the excess income, Heckert advises &#;reallocating&#; the money to an emergency fund or retirement account. If your employer takes $100 less out of each paycheck for taxes, for instance, increase your automatic savings contributions by the same amount.

2. Pick the right accounts

Where you save your money is as important as how much you save, says Lyons. Part of the reason is that when you use accounts that pay interest on your balance, you boost your savings without extra effort.

If you&#;re saving for a goal with a shorter timeline, such as a down payment on a house or travel, you&#;ll want an account with low risk and easy access, such as a certificate of deposit, high-yield savings account or money-market account.

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The best savings accounts were paying up to 4% interest as of February. That is an extra $40 a year for every $1,000 saved. You may find even higher CD rates; just remember that you&#;ll have to lock up your money for a period to collect the full interest.

Tax-advantaged investment accounts, including 401(k)s and individual retirement accounts, can also supercharge your savings for retirement by generating returns and deferring taxes on those gains.

3. Set up automatic savings

Research from Duke University suggests that a trick to saving money consistently is eliminating decisions about when and how much to save. In other words, make it automatic. Work retirement plans are designed this way, and you can replicate the strategy in other accounts, too.

If you get paid via direct deposit, ask your company&#;s payroll team if you can split your paycheck into two or more accounts. Or set up your own recurring transfers from checking to savings on the days you get paid.

One benefit of this setup, sometimes called paying yourself first, is that you know how much money you can safely spend and reduce the temptation to go over budget.

4. Make small increases

If you have access to a 401(k) or similar workplace retirement plan, a good starting point is to contribute at least enough to qualify for a full match from your employer, if it offers one. (For context, most of the 4.7 million 401(k) accounts managed by Vanguard in had access to employer matching contributions with an average match of 4.4%.)

Then set a reminder to check in every six months and bump up your saving rate by 1%, Heckert recommends. If you boost your savings twice a year, that&#;s an extra $1,000 a year saved on a $50,000 salary. The increases are so small that it&#;s like &#;tricking&#; your paycheck into saving more money, he says. Over time, those incremental increases can boost your nest egg.

Ultimately, many experts recommend aiming to save 10% to 15% of your salary toward retirement, but some offer more nuanced formulas to figure out how much you should save.

The same increase strategy can be applied to nonretirement goals by periodically adjusting the dollar amount you automatically transfer from your checking account to a savings account or through direct deposit.

5. Gamify with saving &#;rules&#;

Find the fun in saving money by turning it into a game. Consider using a budgeting app with creative, automated saving features. Chime, for instance, rounds up debit card purchases to the nearest dollar and transfers the excess to a savings account. Each time you spend, you&#;ll also be saving.

Another app called Qapital lets you set up &#;rules&#; that trigger transfers into savings for specific purchases, deposits or behaviors. For example, you can make a rule to transfer $3 into savings every time you complete a workout or spend money in a particular category.

According to an analysis of Qapital users&#; data by the Consumer Financial Protection Bureau, these if-then rules were associated with a $126 to $142 increase in savings balances, on average, over a year. Users who set &#;guaranteed&#; rules, like automatically transferring a set amount into savings every Friday, saved even more.

Meet the contributor

Tanza Loudenback is a contributor to Buy Side from WSJ.

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