Winding Up With A Windfall

Unexpected expenses sure are stressful, aren’t they? But surprises can be nice! Sometimes we end up with a gift of money from a family member or a bonus from work.


It’s great to receive an unexpected windfall. But it’s also easy to fritter it away! The money we don’t expect is often the money we spend the fastest. We don’t budget for it, so we think it it’s ours, to do what we want! That means it can disappear pretty quick.


So if you find yourself with some extra cash, make it last!


Pay Down Any Extra Debt – If you’re carrying a big balance on your credit card, considering using your new wealth to pay that down. You’ll  save more money – and have more to spend – in the long run.


It Makes Sense To Save Some Cents – Be sure to save! You can always spend it later. But putting some or most of your windfall in savings means you’ll have time to think about what’s really important.


Don’t Forgot To Treat Yourself – Once you’ve been responsible, have some fun!  Figure out a reasonable amount of money, whether it’s ten dollars or a hundred, and use it for something enjoyable.

Buying A Car For Your Teen

The new school year is just a few months away, guys and gals! That means you might be shopping for more than just new school clothes.  If you have a teenager who just got their driver’s license, you might be thinking about getting them their first car.

Being the parent of a teen driver might be stressful – but it shouldn’t be a stress on your wallet. Before you hit the dealership with your child, consider the following tips.

• Get your teen involved. Not everyone has the budget to purchase a car for your child. That’s ok! Learning how to save for their first automobile is a great financial learning experience for a teenager. In fact, even if you can afford to buy them a car on your own, consider making them a part of that experience anyway by having them save for a down payment.
  
• Make sure the car suits the needs. How often will your teen be driving? Do they have a long commute to school, or do they travel on any poorly-maintained roads? Striking a balance between mileage and features will help keep the new car affordable.
  
• Safety matters. Whatever car you choose, it’s important to remember that teens have much higher rates of accidents. So choose a car that has good safety ratings, and then back this up with firm expectations about when and where they can drive.
  

Stay Cool With Electricity Costs

Wow! It sure is getting warmer around here. I’ve been running my air conditioning pretty much non-stop in my house. Of course, that means my electricity bill is a lot to handle!

From now on, I’m going to be smarter about my electricity costs. Why don’t you join me? Just follow these tips to keep your bills down and your savings up.

Don’t Overdo The AC – Here in Texas, you have to have your air conditioning on. But that doesn’t mean you need to be able to ice skate in your home! If you’re comfortable turning the thermometer up a few degrees, do it. You’ll save big on your electricity costs.

Save The Chores The Evening – We all need to wash dishes, dry our clothes, or vacuum around the house. But did you know that your electrical company might charge you less if you wait until the evening? Check out your provider’s website to see if you can save by saving chores for later.

The Little Things Matter. Do you have energy efficient window, or just better curtains? Doing things like drawing your curtains during the day or weatherproofing your home can keep you cool when the weather heats up. That means more savings in your pocket.

High Gas Prices? No Problem.

So Memorial Day has come and gone! I spent my weekend driving to a big family barbecue, and wow! Those gas prices sure were expensive.

You already pay big bucks for gas. But that you can still take control! Be a smart saver and follow these tips for creating a healthy summer budget.

Double Up And Drive – If you like your car, why not share it with a friend! Think about it – carpooling with one person every day cuts your commuting cost in half!  Plus, you get a little morning conversation, too!

Big Trips Mean Big Savings – Oh no! You forgot to pick up milk on the way home. Better head back out. And what about your dry cleaning? These little trips can add up, if you take them one at a time. Save up your errands for one big drive and you’ll save money.

Take Care Of Your Car - If your tire pressure is low or you haven’t changed an air filter since you drove off the lot, you might be hurting your mileage. Take care of your car and it will take care of you!

Keep Control Of Crazy College Costs

It’s getting pretty sunny out here lately! School is out and families are back together again, getting ready to survive the Texas heat. Whoa!

Of course, it’s not long before we start thinking about the start of the new school year. Older high school students might be thinking about college. Even the parents of younger children might be worrying about how much higher education costs.

College doesn’t have to be out of reach! Here are some things to think about for your child’s education.

Fill Out A FAFSA. Really! A FAFSA isn’t just fun to say! It’s the first step in getting federal help paying for college. It’s free, so it’s a great way to get starting holding down college costs.

Look For Scholarships In All The Right Places. You’d be surprised how many places offer scholarship! Talk to your financial aid office, or local organizations, business, or churches. There’s a lot out there.

Start Savings Early. Take advantage of things like 529 savings plans. You can start saving for college early, with possible tax benefits.

With tips like these, the only hard part of college will be the classes!

Get the Right Start With the Right Checking

Ok! So I bet you’ve been hard at work following all the tips we’ve shared over the past few months, haven’t you?


But now that you’re on your feet, you might be thinking: Now that I have some savings, how do I know I’m getting a good deal on my accounts? Is my financial partner a good one?


Picking a new bank or credit union doesn’t have to be scary! Just follow these tips.


Don’t Get Fee Syndrome: Wherever you go, you should know you’re getting a good deal! That means finding a place that doesn’t charge you an arm and a leg. Look for free accounts – they’re still out there!


Don’t Get Lost In The Crowd: Sure, the biggest banks might seem like they’re everywhere. But will they really care about you? Look at local institutions. They’re more likely to be able to be focused on you as a person.


Find The Right Fit: Have a lot of savings? Look for a good dividend rate or CD that helps you earn more. Use a debit card a lot? Find an account that gives you deals on debit card transactions. See, with the right account, everyone can be happy!


And remember – the mint makes it first. It’s up to us to make it last.

Budgeting For A Big Purchase

Hey there, everybody! If you’re like me, you’ve probably had to make a big purchase once, like when you bought your first house or first car. For a lot of us, those purchases were pretty stressful. But it doesn’t have to be that way! Whatever you’re thinking of buying, follow these tips:

• Save First. Borrow Later.
  Sure, you might have to take out a loan for that big buy. But that doesn’t mean you shouldn’t save! You can pay a lot less on those payments if you take the time to build up a down payment, first.
  
  
• Even The Big Stuff Gets Budgeted
  We all want the car or home of our dreams. But we should always pick one we can afford! Calculate exactly how much you’ll be able to spend each month. Then, shop in your price range. If something is too expensive, move on – or take more time to build up that down payment first.
  
  
• Shop Around. And That Means For Loans, Too!
  You wouldn’t buy the first car or home you see. You shouldn’t get any loan, either. Local credit unions can get you low rates on your purchase, and they can often have fewer fees as well!

Remember. The mint makes it first, but it’s up to us to make it last.