Make a Payment Rates About Careers Contact Locations

Ready To Stop Living Paycheck To Paycheck? Two Steps You Can Take Now.

April 13, 2016 The dollars in your account are ticking down, down, down. And you’re not sure you can stretch your paycheck until payday. That is one bad feeling! But don’t let it make you feel bad about yourself! Because you are not alone. Every month there are 38 million households in the U.S. in your shoes. And most of them aren’t technically poor; they just have a hard time managing their money.1 (Sound familiar?). Start here: Get in the right mindset about your money. Make a conscious decision to take control. You probably didn’t just get here—you made choices that brought you here. Do you spend money to fit in? For comfort?  To avoid confrontation? Figure out what’s behind your spending and give yourself permission to take charge. Know what you’re spending your money on. And we mean every penny. Write it down and track it. Look for trends and opportunities. Sure, we all need the occasional coffee shop latte—we hear you!—but is an everyday fix or too much retail therapy jeopardizing your budget? Get your family on board. Got a partner, spouse or kids? Then you know your best-laid plans can collapse because of their needs and choices. Help everyone understand the pain living paycheck-to-paycheck is causing, the benefits of better financial management and how they can help make it happen. Set financial goals and create a plan. Decide what’s important and write down the steps to get there. Be realistic and patient: It takes time to change. This can be a good time to work with Summit. We’ve helped thousands of people get on a better financial track and we’d like to help you too. Then add this: Mindful choices. Ask yourself: Do I need this or do I want this? About to buy? Back away from the credit card and consider why you’re about to part with your hard-earned dollars. Is this a short-term thrill to make up for a bad day? Or a purchase that matches up with your financial goals? Just say “no”—sometimes. Your kids want to see a movie. Your friends want to check out that tapas place. Your sister hopes you’ll split a vacation rental. Do you have to swear off fun? Of course not! But make sure your choices match up with your financial goals. Don’t feel pressured to do things you can’t afford, and be prepared to offer alternatives. Pay yourself first. Sure, this is an oldie, but there’s a reason: It works! Set up separate accounts for longer-term goals like school and rainy day funds and make automatic deposits with every paycheck. Some experts suggest setting up those accounts at a different institution so it’s harder to dip in for everyday expenses. You can break the paycheck-to-paycheck cycle! And Summit can help. Good luck! 1 “The Wealthy-Hand-to-Mouth,” authors Greg Kaplan of Princeton University, Giovanni Violante of New York University and Justin Weidner of Princeton University cited by the Brookings Institute 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