Archive for Money Management

705 Travel Hacks for Vacation Costs

· Monday, July 3rd, 2023

Vacationing with a prepared spending plan on hand is one of the best ways to have your fun, and your financial wellness, too. However, transportation costs can take a big bite out of a vacation budget. The good news is, there are loads of tricks and hacks you can use to bring those costs down. Here’s how to save on transportation costs while on vacation.

Book early

One of the most effective ways to save on transportation costs is to plan and book your travel arrangements in advance. By doing so, you can take advantage of early bird discounts, promotional fares and special offers. Whether you’re booking flights, train tickets or rental cars, comparing prices and booking ahead of time can significantly reduce your transportation expenses.

Travel offseason

Timing your travel during off-peak seasons can yield substantial savings on transportation costs. Popular tourist destinations often have peak and off-peak seasons based on factors such as weather, holidays and local events. By choosing to travel during less-crowded times, you can take advantage of discounted transportation services.

Take advantage of public transportation

Public transportation can be a cost-effective option when exploring a new city or country. Many destinations offer efficient and affordable public transportation systems such as buses, trains, trams and subways. Research the available public transportation options and consider purchasing daily or weekly passes for unlimited travel within the area. You’ll save loads on your transportation costs and enjoy the unique experience of rubbing shoulders with local residents.

Get moving

Think outside the box and consider exploring your vacation destination on foot or by bicycle. Getting from point A to point B outside the confines of a vehicle will give you a more immersive and intimate travel experience. Many cities have well-planned walking and cycling routes, making it convenient and enjoyable to navigate through popular areas and attractions. You can rent a bike for the duration of your stay, or opt for a daily rental when needed. You can also choose to participate in guided walking tours to save on transportation costs while staying active and getting up-close and personal with the destination.

Share rides and carpool

If you prefer the convenience of private transportation, sharing rides or carpooling can significantly reduce costs. Services like Uber and Lyft often offer shared ride options, allowing you to split the fare with other travelers who are heading in the same direction. You can also link up with fellow travelers through websites and apps dedicated to carpooling, helping to reduce expenses while meeting new people.

Use travel passes

Many destinations offer travel passes or city cards that provide discounted or free access to various modes of transportation, attractions and activities. Research and compare available travel passes at your destination to determine which best aligns with your travel plans. These passes can provide substantial savings, especially if you plan to visit multiple attractions or use public transportation frequently.

Seek out local discounts

Keep an eye out for local discounts and offers that can further reduce your transportation costs. Look for tourist information centers, visitor bureaus or websites that provide information on discounted transportation tickets, car rentals and more.

Rent smartly

If you do plan to rent a car, be sure to do it right to score the best deal. First, use an app like Hopper or Hipmunk to learn about special deals. Next, choose a smaller car for big savings. Finally, don’t ask for recommendations. The hotel concierge who shares the name of a rental place is likely getting a kickback from the company for every referral, which significantly increases your price.

Don’t let your transportation costs kill your budget! Use the tips outlined here to save big on vacation transportation costs.

Resources:
https://www.mintnotion.com/travel/10-travel-expenses-youre-forgetting-vacation-budget/
https://ordinarytraveler.com/save-money-travel-transportation
https://marketbusinessnews.com/save-on-transportation-costs-while-traveling/310060/

Categories : Budget, Money Management, Savings Hacks, Summer, Travel

5 Steps to Take Before Making a Large Purchase

Posted by Emily Beatmann

· Monday, July 19th, 2021

Have you been bitten by the gotta-have-it bug? It could be a Peloton bike that’s caught your eye, or maybe you want to spring for a new entertainment system, no matter the cost. Before you go ahead with the purchase, though, it’s a good idea to take a step back and follow the steps outlined here to be sure you’re making a decision you won’t ultimately regret.

Step 1: Wait it out

Often, a want can seem like a must-have, but that urgency fades when you wait it out. Take a break for a few days before finalizing a large purchase to see if you really want it that badly. For an extra-large purchase, you can wait a full week, or even a month. After some time has passed, you may find that you don’t want the must-have item after all.

Step 2: Consider your emotions

A bit of retail therapy every now and then is fine for most people, but draining your wallet every month to feed negative emotions is not. Before going ahead with your purchase, take a moment to identify the emotions driving the desire. Is this purchase being used as a means to fix a troubled relationship? Or to help gain acceptance among a group of friends, neighbors or workmates? Or maybe you’re going through a hard time and you’re using this purchase to help numb the pain or to fill a void in your life. Be honest with yourself and take note of what’s really driving you to make this purchase. Is it really in your best interest?

Step 3: Review your upcoming expenses

What large expenses are you anticipating in the near future? Even if you have the cash in your account to cover this purchase, you may soon need that money for an upcoming expense. Will you need to make a costly car repair? Do you have a major household appliance that will need to be replaced within the next few months? By taking your future financial needs into account, you’ll avoid spending money today that you’ll need tomorrow.

Step 4: Find the cheapest source

If you’ve decided you do want to go ahead with the purchase, there are still ways to save money. In today’s online world of commerce, comparison shopping is as easy as a few clicks. You can use apps like ShopSavvy and BuyVia to help you find the retailer selling the item at the best price.

Step 5: Choose your payment method carefully

Once you’ve chosen your retailer and the item you’d like to purchase, you’re ready to go ahead and make it yours! Before taking this final step, though, you’ll need to decide on a method of payment.

If you’ve saved up for this item and you have the funds on-hand for it now, you can pay up in cash or by using a debit card. This payment method is generally the easiest, and if it’s pre-planned, it will have little effect on your overall budget.

If you can’t pay for the item in full right now, consider using a credit card with a low interest rate. Most credit card payments have the added benefit of purchase protection, which can be beneficial when buying large items that don’t turn out to be as expected. Before swiping your credit card, though, be sure you can meet your monthly payments or you’ll risk damaging your credit score.

Another option to consider is paying for your purchase through a buy now, pay later program. Apps, like Afterpay, allow you to pay 25% of your purchase today, and the rest in fixed installments over the next few months. This approach, too, should only be chosen if you are certain you can meet the future payments.

Large purchases are a part of life, but they’re not always necessary or in the buyer’s best interest. Follow these steps before you finalize an expensive purchase.

Reach Out to a Loan Officer to Talk about Your Options for a Big Purchase!

Resources:
https://www.thebalance.com/before-you-make-large-purchases-2385817
https://www.fool.com/retirement/2018/07/23/4-things-you-should-do-before-making-a-big-purchas.aspx
https://www.thesimpledollar.com/save-money/my-strategy-for-making-large-purchases/
https://moneywise.com/insurance/home/how-to-think-through-a-big-purchase

Categories : Budget, Credit Union, Finances, Home, Money Management, Online Shopping, Retail Therapy

Tags : Big Purchase, Financial Tips and Tricks, Savings Hacks

6 Reasons to Switch to E-Statements

Posted by Emily Beatmann

· Monday, June 7th, 2021

Are you constantly dealing with a barrage of junk mail that clogs up your mailbox? Drowning in papers needing sifted through? Are you always afraid to throw out any paper from your financial institution, fearful that you’ll be throwing sensitive material into the trash and making it an easy steal for would-be scammers?

If this sounds familiar, you may benefit from switching to electronic account statements.

Electronic statements (E-Statements) are similar to paper statements, except for the fact that they’re delivered electronically. At the end of each statement period, which is generally monthly for checking accounts and quarterly for basic savings accounts, you’ll receive a notification from 705 Federal Credit Union informing you that your statement is ready to view through the online banking portal, app, or by downloading from a secure site. Once you access the E-Statement, you’ll find it has all the information you’re used to receiving in your paper statements. You can also access your E-Statement by logging into your online banking site or app at any time throughout the month.

Quick, convenient and clutter-free, E-Statements are the way of the future. Here are six reasons to consider switching to E-Statements.

1. Check your accounts at a glance

With E-Statements, there’s no need to wait for your monthly statement to arrive in the mail. Just a few clicks and you get your account statement at any time, from anywhere, using the mobile device of your choice. Some financial institutions also offer members the option of signing up for financial alerts, such as a warning when your account is running low and in danger of being overdrawn. With E-Statements, managing your accounts is easy.

2. Clear out the clutter

Why bother with piles of paperwork when you can access your accounts online? It’s neater, cleaner, and helps cut down on the correspondence you have flooding your mailbox. You’ll also save time sorting through papers when you can find your last account cycle balance with just a few quick swipes.

3. Keep your information safer

No matter how careful you are with papers containing sensitive data, there’s always a chance you can miss something and it’ll end up in the wrong hands. It can also be a pain to keep track of every incoming piece of mail and to dispose of it properly. With E-Statements, you’ll never have to worry about losing a paper that contains confidential banking information, or mistakenly tossing it into the trash where it can be easily accessed by identity thieves.

Some people are wary about sending sensitive information online and are fearful that an E-Statement can easily be hacked. However, you can access your account balance online with confidence, knowing that 705 Federal Credit Union uses several layers of protection to keep your information absolutely safe.

4. Monitor your accounts frequently for fraud

When you have instant access to your accounts throughout the month, it’s a lot easier to check for signs of fraud. Plus, when you spot the fraud sooner, you can take steps to mitigate the damage earlier and have a better chance of a full recovery.

5. Eco-friendly

When you choose to receive your monthly account statements electronically, you’ll be doing the environment a favor. Less paper statements means less paper waste and fewer trees getting cut down for something that will ultimately be tossed. Go green for the environment with E-Statements!

6. Safe and secure storage

Filing cabinets are so last century. With E-Statements, you’ll never stress about misplacing your account statements again. Your online banking portal or app acts as a convenient and secure filing cabinet, storing your account statements for you to access as needed.

Ready to make the switch to E-Statements? Signing up is easy. Log into Online Banking to sign up, today!

Categories : Credit Union, E-Statements, Finances, Financial Self Defense, Member, Money Management

Tags : E-Statement, Electronic Statements, financial safety, Online Banking