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4 Monthly Budget Tips To Stretch Your Paycheck Further

February 14, 2018 If you’re wondering how to save money when you’re just getting by from one paycheck to the next, know that you aren’t alone. In fact, data shows that , much less pay for the things they want to do, like traveling or buying a home. So, how do you start setting something extra aside when life keeps getting in the way? Here are a few tips to help stretch your paycheck a little further each month:    
  1. Create a Monthly Budget The first step to stretching your budget is having a budget. Use our free to see where your money is going each month. Your budget should include everything from your rent or mortgage payment to the meals you eat out and everything in between. Be especially mindful of the sneaky expenses we tend to forget about, like monthly subscription services. We’d recommend tracking your spending over several months to get an accurate picture of your financial situation, as spending can vary depending on the time of year. First time making a budget? .
  2. Avoid Unnecessary Fees Some of the biggest money mistakes people make are just from a lack of planning. Late fees on credit cards are a great example. Did you know that a single late fee can be as much as $35? You can simplify your bills by combining multiple debts into a single , so you only have to worry about one payment per month. We’d also suggest setting up automatic payments wherever you can. Another budget drain? ATM fees. While they seem small at the moment, they add up fast. If ATM access is an issue, and have your choice of nearly 5,000 surcharge-free ATMs. Yasss!   
  3. Set Monthly Savings Goals You’ll have better luck sticking to goals if you quantify them. For example, if you’re wondering how to , start by deciding where you want to go and when. Calculate how much a plane ticket and accommodations would cost. Then, do the math (you can use our ) to determine how much you’d need to save per month to reach that amount. Whether your timeframe is three months or three years, having a specific goal you’re working toward will help you identify exactly how much room you need to find in your budget. Plus, imagining yourself on your dream vacation will help you stay motivated when you’re tempted to splurge on something in the shorter term.
  4. Cut Back on Spending Each Month Once you’ve done the homework to figure out how much you have and how much you need, you can start looking for ways to save in your . Remember: don’t give up everything you love. You still need (and deserve!) to enjoy your day-to-day life. But you’d be surprised how much you can save just by cutting back a little. Try cooking more meals at home, or limit yourself to one coffee per week instead of two. These small changes will be worth it in the end when you see how much you’ve saved, and what you can do with all that extra cash. European adventure? Starter home for two? Or hey, you could even .
Need help finding room in your budget to save for all your lofty goals? with a Summit Financial Advisor. You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA