Discover a Strategic Approach to Saving Money

As we move into the second half of 2024, many of us have felt the pressure of higher-than-expected inflation rates and rising costs for mortgages, home equity loans and credit cards. These significant challenges have changed our financial landscape. Mountain America Credit Union wants to offer you some specific strategies to navigate these economic times more effectively.

Start with a financial check-in

I encourage everyone to conduct a regular financial check-in. I do this by setting aside a few minutes each month to review my current spending trends and assess whether adjustments are needed to reach my financial goals. A thorough check-in will review specific budget categories, look over debt paydown goals and explore whether there are ways to cut back or save money. You can do this check-in on your own, with your partner or with the help of a financial coach.

Our financial guides can meet with anyone—members and non-members—at no cost to provide personalized guidance tailored to your needs.

Plan ahead for emergencies

An essential category in every budget is a savings plan for the unexpected. Nothing derails a budget faster than an unexpected car repair, home expense or vet bill that requires someone to take on debt or spend differently than anticipated.

If you don’t have savings in place for these kinds of expenses, start today! Even setting aside $10-$20 per month can help build a reserve for a rainy day.

Set up alerts and notifications

Automated subscription services are convenient, but they are also an easy way to overspend. Pay attention to these charges by setting up alerts in digital banking. These notifications will keep your purchases top of mind and give you the ability to adjust or cancel unnecessary subscriptions before months of extra charges go by.

At Mountain America, our priority is to empower you with strategic savings solutions while protecting your hard-earned assets. Our team is committed to providing exceptional member service and personalized guidance to help you navigate financial challenges and avoid potential pitfalls. We are here to help you define and achieve your financial dreams.

Sincerely,

Sterling Nielsen

More tips to save

1. Shift your mindset

   Budgeting helps you align your spending with your personal goals. Start by giving every dollar a purpose. Set up multiple savings accounts and automatic transfers to plan ahead for what is most important. This mindset shift can make budgeting feel more empowering and less confining.

2. Integrate spending with rewards 

   Spending is a vital part of budgeting. When you spend, prioritize sticking to savvy spending habits.

   • Shop for the best deals. Compare prices before making a purchase by using price comparison websites and apps. At checkout, don’t be afraid to ask if the retailer will match a competitor’s price.

   • Utilize cash back and rewards programs. Capitalize on credit card and loyalty programs to make the most of your planned, everyday purchases. Coordinate your purchases with sales and promotions whenever possible.

   • Consider equal payment plans. Research if your utility companies offer equal payment plans, which can make it easier to predictably manage your expenses each month. Look for other bills that are due annually or biannually—stagger saving or paying for these expenses throughout the year instead of all at once.

3. Evaluate your values and aspirations 

   Just as we do for our physical health, taking stock of our financial situation is crucial. Reflect on your values and aspirations. Then, evaluate your financial objectives against your values to gain clarity and direction.

4. Structure your savings 

   Look into certificate laddering, which gives you regular access to funds while providing you with the option to assess the best available dividend rates or withdraw the funds for needed expenses.