Credit Union Shares Simple Tips to Help Lower Monthly Costs
SAN DIEGO, June 12, 2023 /PRNewswire-PRWeb/ -- Consumers are seeking ways to save money. With the economy still in recovery, many people are looking for ways to cut costs. By reviewing their monthly bills, consumers can find areas where they can lower their spending.
"The increasing cost of living means that people are more concerned than ever with saving money," said Margarita Guerra, Senior Vice President and Chief Financial Officer at BluPeak Credit Union. "Many consumers can lower their total monthly expenses by examining their spending habits and making some simple changes. By doing so, they can keep more of their hard-earned money in their pockets."
BluPeak offers the following tips and techniques to help save money and lower monthly costs.
Set up automatic payments. Many service providers and merchants give you a break on your monthly bill if you opt for automatic payment and/or choose paperless billing, which can easily add up to saving hundreds of dollars per year.
Double-check that all your automatic renewals still make sense. Many of us sign-up for free trials of subscription services, memberships, or products and then forget about them. However, the automatic renewals and ongoing monthly charges continue. Scrutinize your credit card and checking account statements to see if there are any subscription charges you can cancel and reap what could be significant savings each month.
Level up your personal financial knowledge. Check out the full range of free financial wellness resources BluPeak has to offer, to help make you a savvier consumer and better money manager. We've got tutorials, videos, and blog posts on a host of specialized topics, as well as calculators and other tools that let you compare costs of different financial scenarios.
Make a weekly meal plan and stick to it. Restaurant meals and meal delivery kits can be convenient, but they can also get quite expensive. Online recipes and free cooking apps that allow you to plan your meals can make cooking at home quicker, healthier and cheaper than takeout.
Buy staples in bulk. If you're living alone, it may not be a good value for you to stock up on perishable items in bulk. However, there are plenty of pantry and home goods that people use every day where buying in bulk can save you a bundle.
Pay down credit card debt. Credit cards are a convenient and valuable part of most people's financial lives. However, if you're in over your head and find yourself getting further behind, you're probably paying a lot each month in credit card finance charges. The average credit card interest rate is over 24%. As you're deploying the other bill-lowering tips, use the money you save to pay off your credit cards and create a budget that will enable you to live within your means.
If your credit card debt is really high, you might also want to consider a debt consolidation loan that rolls up all your high-interest debt into one lower monthly payment. It's essential, though, that you commit to paying off that loan and restrain credit card spending.
Want more? Check out our full range of free financial wellness resources.
About BluPeak Credit Union
Founded in 1936, BluPeak Credit Union empowers its nearly 60,000 members to achieve financial wellness through a full range of financial products and services, including checking and savings options, credit cards, loans, mortgages and more. BluPeak has more than $1.2 billion in assets and members can access their accounts through six California branches, nearly 30,000 surcharge-free ATMs nationwide, and 24/7 online and mobile banking.
BluPeak membership is open to all Californians who live, work or worship in Alameda, Sacramento, San Diego, Santa Clara and Yolo counties, as well as those employed by the state of California, and California university employees and students. Formerly known as University & State Employees Credit Union (USECU), the name changed to BluPeak in 2022. The new name reflects BluPeak's California roots, is more inclusive to its field of membership, and better conveys a passion for going above all others in member relationships.
As a community leader, BluPeak partners with local causes, events and organizations that speak to a commitment to health, wellness and inclusiveness. Learn more at BluPeak.com.
Kevin O'Brien, BluPeak Credit Union, (858) 795-6473, firstname.lastname@example.org
SOURCE BluPeak Credit Union