Strategic Moves to Give Your Wallet a Break

The holidays can be hard on anyone’s wallet. Start the new year off right by putting cost-cutting strategies in place to recoup some of the money. Mountain America Credit Union has 10 tips to hang on to more of your cash.

1. Use cash whenever possible—Your credit and debit cards probably get quite a workout during the holidays. It’s so easy, right? When you’re ready to cut back, put your cards away at home and only use cash. After a few days, you’re likely to begin to think through your purchases more as you physically see the money go from your pocket to someone else’s. Being more thoughtful about your spending can help you cut unnecessary expenses from your budget.

    

   Because many merchants are discouraging the use of cash during the pandemic, it may be necessary to wait to fully implement this tip. Until then, make it a habit to log into your mobile banking app or online banking site often to review your purchases. You could also create “electronic envelopes” with secondary savings accounts to help you designate funds for specific purposes. Checking in regularly will help you understand where your money is going and where you can make cuts.




2. Become your own chef—We know it takes time to plan your meals, shop for groceries and make the food, but preparing your own food instead of going out every day can save a significant amount of money. If you’re not into cooking every day and night, just make more of what you DO cook at home. Leftovers make great lunches! Even if you only do it a few days per week, it can make a big impact on your budget. Bonus benefit—not only will you save money, you’ll probably make healthier choices, too.




3. Cancel unwanted subscriptions—Now’s a great time to review all those subscriptions and memberships that you’ve signed up for over the years. Whether it’s for a streaming service you no longer watch, a gym that’s no longer in your neighborhood or a personal styling service that you no longer need, consider canceling.




4. Use the “unsubscribe” button—There’s a little bit of FOMO (fear of missing out) that happens when you open those promotional emails that flood your inbox. Do you need those walking sticks from the sporting goods store? No—but they are 50% off! Unsubscribe from those emails. You may miss a sale now and then, but you’ll also be a lot less tempted to spend money just to get a deal.




5. Negotiate your bills—Loyalty is worth something. If you’ve been with a company for a while, give them a call and ask if you can get a discount. Had the same credit card for a long time? Ask for a break on your interest rate. Maybe you’ve been using the same pet groomer for years—ask if they offer a discount or loyalty program. Or, if you haven’t yet, ask about bundling your phone, cable and internet to save money.




6. Search your closets—You don’t have to wait until springtime rolls around to declutter. Open your closets and take inventory—if you haven’t worn something for more than a year, take it out. Anything in good condition can be considered for resale. Remember those beautiful boots you bought three years ago? They looked gorgeous on your feet but, boy, are they painful! They are what we like to call “sitting down boots.” Now’s your chance—apps and sites like Poshmark, Mercari, Facebook Marketplace and eBay offer an easy way to get your wares out there. Or, drop them off at your favorite consignment boutique. Don’t stop there—the garage, shed and basement are great places to find forgotten items that could also bring in cash.




7. Don’t forget to redeem your rewards points—Rewards credit cards can be a great source of extra cash. Don’t leave them for “a rainy day”—now is a great time to redeem those points for something you can use. Have cash back benefits? Those dollars add up!




8. Flex your DIY muscles—We may be in the heart of the holiday season, but there are plenty of other gift-giving celebrations coming up in 2021. Try your hand at a homemade gift for the next birthday, anniversary or graduation. You don’t have to be the craftiest person on the block to come up with something gift worthy—curate photo books from the pictures on your phone, make your own vanilla extract and bottle it up for your coworkers’ birthdays. Have other creative talents? Write a special song for someone you love, knit a hat for your cousin’s new baby or paint a simple terra cotta pot for your plant-loving sister-in-law. Chances are the recipient will appreciate it more than any store-bought gift.




9. Rethink your social options—Finding a budget-friendly option for catching up with friends isn’t that difficult. Try cocktails instead of dinner, popcorn and a steaming movie at your place or coffee instead of brunch. Quality time doesn’t have to be expensive.




10. Commit to a budget—Sticking to a budget is a big part of a successful financial strategy. January 1 is quickly approaching—if you are inclined to make resolutions (and even if you’re not), commit to following a budget in 2021 and see exactly how much cash you can save!