Follow These Easy Saving Tips And You'll Be On Your Way To Financial Freedom

Thursday, June 28th

If you want to build wealth you have to start with saving money. If you struggle with that right now, that's ok we'll help you.

Follow these easy saving tips from our friends at Family First Credit Union and you'll be on your way to financial freedom.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

You're here listening to this podcast right now because yeah. I'm hoping may he would answer because you wanna be more engaged with your finances you want to be free from the money stress that you have going on right now when it feels good it. Knowing that everything is going to be okay and it whale we're here to help you it is seven figures I can't see any riders each week we happen to financially savvy people and we've learned from that what do they know that we should now. The goal is to walk away with little nuggets of financial knowledge that you can put into actions day and yes feel comfortable. Feel confident about your future as an aside backed. A bonus is to be a better financial role model for your kids thank you to our sponsors I'm very proud to have them on the team family first credit union. Today's cash and agility and gas so loan officer and financial counselor at family first this actually is the last of. Our series with Jodie you can scroll back to budgeting 101 that's when we first brought you in Jodie and just a learn our numbers. Really understand where we are then we did easy ways to save money and that's cut the budget. And make those numbers work in your favor okay so now today's episode once we are. On the right path totally different spot and we were back when we were listening to budget 10 and let's start saving and building wealth now. Then I'll elusive thing that you think you can't do it there's there's so many UV rays pitcher cat. That's how we hear is really make sure you're saving get venue scratch your head and think well Howell. Right. Won easy re right up to that goal is to now use your captured Karen. And like type cap on your bike. Or your bonuses from worker even overtime. That is extra in your budget you can read it very easily just put it into any account out of sight out of mind they have carried. And that when we first started you were probably using that money because you and desperately needed. And true but after you've followed the budgeting one O line and the ways to save money now you. He's still why can't. Help but it's it's more effective if you did saint. The other day that you should consider doing and I'm paying yourself first consider putting your your paycheck right into the savings account. And then chances are what you need for the bill that we can. And then with what it laughs you know do decide what needs to stay. For upcoming bill and then what can be transferred to let cannot stay sometimes and of where locker split the path that. You could he have a portion of that. Going right to pass savings account if he didn't wanna put it right into your savings account right up. For me I have to treat it like it's a bill like there's no other option you have to pay yourself. Because there was a time handful of years ago that I made you know. One month I would skip it and I'm like well I'll catch up next month. And it would even make no debate in my phone in the notes in my iPhone and by the end of the year I would look back and I'm like oh my gosh. I can get caught up I just kept pushing it to the next month to the next month it's like if you stop going to the gym it's harder to get back into the routine of going to the jam. You have to commit to the routine of saving. You have to pull yourself account we need to pay yourself first is a big one we heard that phrase so many times but it is such an important phrase when it comes to saving okay yeah. Next. Treatment tag you. Raise your hand if you scramble at Christmas time or gift giving parent works Earth Day if UNL. Open an eight gift to slash whatever Christmas account and have a direct. Patrick go directly into the account even if it's only just five dollars BP. Many. Credit unions have aspect effect Christmas club account. Where if you take from your penal. Until. It ruled over like around act and it September early October so that you have the money strapped for Chris. Don't get a group rate way. Turkey forced savings for a specific perp back. Where you're penalized if you take money out of. OK so you act as the person holding us accountable. Is there a charge of seats even open up a cap and apparently. Not to open them. But to with a drop program early yat act could be at eight. Okay yeah it's sometimes what you mean I doubt that the deterrent to keep you couldn't hear earmarking. You know portrait met their gift giving time you're gonna pay a penalty if he would take it out there and I do you act as a mom. I think I need some mom yeah I can't the model up like yeah I like ash looked at it. Another great way to save is on making car payments just about tell your paying on your card out cards are being made to last longer. Once you're done paying cannot or are ready making neck pain. Make sure that came and twist savings account that you. When you are ready Erick need to get a new vehicle you can either a have a nice chunk of a down payment work. Be paid for it out right wouldn't that feel great. Well it's a good point you've already cut in a car payments usually are you know good handful of years you've created that in your budget. Out here used to paying out that money you're ready you lived how many years without it. Pay rate interest actual savings. You can and cannot credit union you can open that many savings account that you got content on and you could earmark one cart stating. And just continue to make that peanut Reagan and and like in fact you'll have a great down payment or be able to buy a vehicle out right hand it will save you from being what they call. Uptight gallon and a situation at. Where maybe you need to get a new vehicle and he's still a lot on the vehicle that you you're treating and that you owe more than what they're giving him. So that rolled over into the new loan know your paying more for them via you know per vehicle that not worth acts that's being called. Upside down. You get get it down payment or even paying for it you know you you're gonna eliminate debt upside down. OK another attorney we just came up with yet dancing around this act may it may not care and yet finance rob up and up I don't know we like to opt in Italy. One of these episodes I always try to give some. Parenting advice maybe a piece of this that you can done he you know he can tell your kids about is when their teen years and starting to work open up one savings it out they can take money out of money and but then also maybe this will be their car savings account as well. Yes and you know well I'd add good people advice would be. You say a thousand dollars you buy a car worth of property Alex you drive that car you continue state. Are you say 5000 out right now you can get a 5000 dollar car greatly keeps those kid great app. Yet there was a mom who emailed me Jerry and said that she listens to the podcast the seven figures by cast with her daughter. Maybe ten is it really is a lesson for all of us and why not start them young. Absolutely. Children learn from their parents how to manage their money so if your hat Mack thirteen year. I'm really good win your finances. They're gonna learn from me out absolutely have that frank discussion. Yelled out and get anger and great weather finances here's what to look into the podcast together so we can both learn. Or year really committed finance that you're gonna save your kid can't sit down with me and let. Let's go through that route it's a little things that kids pick up on tail. Yeah absolutely you know what's next. The world one case stating. So if you. A company match. For your for a one case meaning you need to at least contribute that what the company net net it's free money how can you turn down free Matty. Now let's explain this a little bit because everybody brings this up. I think they're every almost every single episode we bring this not this is the one thing that you showed DO. But explain it for those who may be don't really understand because even just saying 401K savings a lot of people like I don't know which started. You're not always gonna be able to rely on Social Security. If you're young you debt might be won by the wayside you never know about national security at a at. So you should be fading into your 401K and what Ed is it the seedings retirement plan. They that most employers stand up for their employees. And usually the company earned the employer will happen and sent camp where if you put a waste so much Val match. Fifty cents on the dollar or Dell match three person that I lecture putting. So if you contribute 1%. Belkin shipping you half back. Or if they do a match I percentage if you put in 1% they're gonna put in one attack and they go out to 3%. You should be mapping that out that. Six protect your data 3% U 3% from the pop. And that 3% from the company were never in that amount is that's the free money that you Akron to bring in Miami yeah. That's pretty instead with your very first day and the job you'll never miss the money that you never had. Exactly at race time war review time when you get an anti increase. Just increase here for a one case stating I approach that curtail you're never gonna net what you don't have. An idea that. I think that read I putt 1% rated by Carla K and I take to respect. I've done that for the past ten years. Tell along with the for a one K though there is on health savings account and help Eric ready to wage two K. As well. You know young healthy adults that are on these high deductible plan. He should be mapping out there HIK contribution. Every year if they cat. For its pretax money you know it's gonna go right into the health savings account you can you prefer any medical cabinet. Until you hear in her academy here till it's a no brainer you're gonna build that up by your healthy because. And are going to be spending cap and there's other vehicle NN health savings account. That you could put and then to make them grow quicker time institutions may offer a money market account to. To put it into to earn a little higher interest while at stating and then how they count. It again we don't know how long we're gonna have Medicaid and Medicare so I would strongly encourage. The younger adults to do health savings account. They act this is money pretax it's always yours yeah. Year after year after year just accumulates if you don't use at a crack. An even if they don't match. How their contribution limits for the year you know unveiling couldn't say 15100 dollars or without the Mallard again at race time. We've had a lot of. Now the con too they just be aware of is you are going to pay for her doctor's visits that aren't routine. I doctor charges you a 110 dollars for the you're gonna pay a 110 dollars from them. But that come about and an agent pitcher Max that out. Right not a year paycheck cost less significantly last to be apart of the insurance plan. The year that I and I switched from a co pay. The high deduct the well. What I did was I looked at the car to would be co pay plan. The cost of the on high deductible plan. And I made the difference in my HF bank. Erica and I on the money coming out of my attack but I would take my out into the HS OK at the post to get into. Debt insurance carriers. You know what my husband went through. Two hip replacement surgery while we Iran tied it up about all really down obviously I didn't have. 3000 dollars sitting in my agent many of the time to pay for the hospital belt but people that contributed payment plan. Medical providers will it stop it cannot can't plans for you if you don't have the funds that your health. Al OKC lounge that is good to know I always wondered that yeah so the minute money goes into the ages say you just use that money to pay off at bell about. Our paths rarely get to know that. I have a funny way of saving money don't you tell a great way to get kids involved okay I call it ain't gonna change. If you add to your packet and your wallet. Either everyday or every week of change and one dollar belt. You know get a anchor a boxer tanner company to put your change and and then get an envelope for the build the ballot built. And keep a running total an envelope on the out I predict the count of the bells. And had a rule which can't take any money how. You will be surprised how quickly the add back. Most financial institution. Offer alike at point count and Pino weeded out and for our members that afraid. It's fun to watch the kids base much the total collapse when it accounting. The point we had a bomb in a little boy and here's the other day and I have been any testing Jindal ivy and I can be. He had just been up and down a little something Donna McLean county are all going to. And yet not a good time yet he'd laugh it. No not yet we got more kids. And I ended up with a over 200 Alex. Can't kidnapped. And ignorant to go. What are we didn't do that mom she goes I think we could go to the you know you go to if I acknowledge my little off although it executed. Our but it change at about yeah. I have one laughs one yeah and it backs if you treat yourself. They're out Redding area and that may decide director and get a coffee I didn't Arendt. The amount that you and I met copy. You need to move anticipating. And if you can't afford to fade imagined I'm. Probably can't afford that tree and and she happened they. I'll leave you with an act. Would I like this one happened at the top one but not a time with the actual book. Their head and neck RA financial mom Jody every guy that's your new name now they are going to asks that you can sit down with Jodie go over anything that we talked about today. She's at the frown crossed branch at Tammy first credit unions. Thank you Jody for being on the podcast again. And thank you sandy. And if you want to reach out to me anytime CNV at Rochester does dot com thank you for subscribing to the pod cast in telling a friend about it. Have a great fourth of July enjoy your time with friends and families talk to you next time.