Do you want to feel like you have more control over your finances? Maybe you just don’t quite know where to start? Or have you tried different tips and tricks before but run into bumps in the road along the way, and then reverted back to your old spending habits? Does this sound like you? To help you get started with budgeting and saving and to be successful long term we hosted a Facebook Live question and answer session. Here’s the video and a brief recap of what was discussed.
I sat down live on Facebook with two financial experts from First Alliance Credit Union to get answers to some of the most common questions asked about budgeting and saving. Here’s a quick recap of the tips and advice our experts shared with me.
Best Budgeting and Saving Advice from the Experts:
- Saving should be part of your budget. It doesn’t matter if you pay your bills first and then save what’s left, or if you save money first and spend what’s left, so long as you are putting money into a savings or investment account every month.
- There are many types of savings accounts to help you reach your savings goals including Certificates of Deposits, Money Markets, WINcentive, Club Accounts, and IRAs.
- Cutting back on spending is only helpful for saving money if you then put that money into a savings account. If you just leave it sitting in your checking account and spend it on something else you didn’t really save money, you just spent it elsewhere.
- Set a specific amount of money to be direct deposited into a separate savings account so it never lands in your checking account. It makes accidentally spending the money more difficult.
Here's the Full Video from our Budgeting and Saving Q&A Session:
In case you missed the live session, here is the complete video for you to watch so you can learn more about budgeting and saving from two financial experts in less only 15 minutes.
The Budgeting and Saving Questions Our Experts Answered:
- What is the purpose of budgeting? (Time 00:15)
- What are some budgeting methods to consider? (Time 00:57)
- How can someone get started with budgeting if it feels overwhelming? ( Time 02:33)
- Does cutting out coffee everyday actually save you money on the long run? (Time 03:24)
- What types of savings accounts are available besides a traditional savings account? (Time 04:40)
- Should you pay off debt first or should you focus on saving money first? (Time 06:26)
- Is it more important to “save first” or “save what’s left”? (Time 07:50)
- How can I earn more interest without the higher balance requirement of a money market? (Time 09:08)
- What is an emergency fund and why it is important to have one? (Time 11:01)
- What easy things can you do to stop overspending every month? (Time 13:00)
Free Budgeting and Savings Tools and Resources from First Alliance:
Michelle and Hayley both mentioned some of the excellent budgeting and savings tools First Alliance Credit Union offers. Here are links to these free resources for you to explore:
- Budgeting Calculator
- Goal Setting Worksheet
- Debt Consolidation Calculator
- Compound Savings Calculator
- Electronic Bill Pay
- Direct Deposit
- Meet with a Member Advisor
If you ever have any questions about your finances don't hesitate to contact our team of financial experts. No question is ever too big or too small. We will provide you the answers you need to make smart financial decisions at every stage of life. No judgement, just guidance.