Saving Money During the Holidays

There’s no doubt that the holidays are the most expensive time of year. Between giving gifts, decorating, and sending cards, the expenses can add up quickly.

Here are a few ways to make the holidays a little less stressful and a lot less of a financial burden.

Plan Ahead

If you haven’t started to consider holiday costs, now is the time to begin! Adding up projected costs is a great place to start. In addition to considering gifts, remember to think of small items such as wrapping paper, holiday cards and postage. At this time of year, small lifestyle changes are amazingly helpful. It’s as simple as packing lunch instead of going out or having a family movie night at home.

Shopping lists aren’t just for the grocery store! Before you go out, make a list of what you need. Don’t get sidetracked by all of the appealing deals. Even though something is on sale, you are still spending money.

Give Homemade Gifts

All homemade gifts don’t have to look homemade! By making a gift, you are also giving your time. Take advantage of something that you’re good at. If you’re a baker, a delicious treat is a perfect option. You can even package them so they look store-bought. If you make jewelry, do that! These homemade items are also perfect for gift exchanges, such as a Secret Santa.

Collect Coupons and Look for Sales

Collecting coupons can take some time and organization, but it’s definitely worth it in the long run. One easy way to do this is with technology. Apps can find the best deals and coupons – and keep you organized.

If you know what you need ahead of time, keep checking for sales. Remember, Black Friday isn’t the only time to shop! Save by paying attention to the regular price of an item. If the original price is what you’re hoping to spend and you find the item on sale, don’t worry about buying more to make up the difference.

Use Cash Back and Rewards

A lot of credit cards offer rewards, and this is the time of year to take advantage! Keep an eye on what promotions your credit card may have for the holiday season. Often, you can get cash or gift cards back for your regular purposes. Also, keep an eye out for store rewards. A lot of stores offer loyalty programs and you may be lucky enough to have money available.

It can take a bit of preparation, but planning your holiday finances will definitely benefit you in the long run. Remember that financial planning doesn’t have to only take place during the holidays. Financial One is there to help you with your finances whenever you need it.

Save on Road Trips This Summer!

Summer is here, and for many, this means summer vacations are calling. But with airlines’ increasing fees and charges, you may find yourself opting to hit the open road instead of the sky.


Slow down speed racer; if you’re not careful, road trips can get pricey, too! Since we all deserve a break and some fun in the sun, we’re giving you our best tips to pinch every penny and make the most out of your next road trip.

Budget First

Make travel a piece of your monthly budget. Determine how much your ideal trip will cost and how much you can reasonably set aside. Start saving months in advance. This way, when trip time rolls around, you aren’t scrounging through the couch cushions digging for nickels.

Plan, Plan, Plan

Once you’ve got the cash, the real fun begins. Start researching your destination(s) and planning activities and restaurants you’d like to visit while there. Often tickets to parks, events, concerts, etc. are cheaper in advance. A simple Google search of “destination and date and events” will let you know what’s going on.

You’ll also want to set up accommodations before you go. Booking sites like Hotels.com and Booking.com search for the best deals, so you don’t have to. There’s also Airbnb and campsites if you’re going the nontraditional route.

Mapping out your route not only saves you time, but can save you money by helping you avoid tolls, travel the least amount of miles, and drive through more affordable areas. Apps like Waze can help you find the best route and automatically change routes if something pops up – like construction or car accidents.

Guzzle Less Gas

Gas isn’t cheap, with the average price sitting somewhere around $3 per gallon. Use GasBuddy.com to calculate how much you’ll be spending, and make sure this number finds its way into your budget.

Use less fuel and save more money by:

• Packing the vehicle as lightly as possible
• Following the speed limit
• Avoiding aggressive driving
• Filling tires to the correct pressure and making sure tire tread is sufficient
• Renting a fuel-efficient vehicle

Pack Snacks

Driving for hours can really get the tummy rumbling, but constantly stopping at convenience stores to grab food can put a major dent in your wallet. Pack a cooler with the essentials like granola bars, fruit, cheese sticks, crackers, chips, bottled water, and other drinks. Pro tip: buy in bulk and separate into individual bags – or go family style and dig right in.

Packing “picnic lunches” can also save you lots while on the road. Toss some bread, peanut butter, and jelly in the cooler for a quick lunchtime meal that costs you pennies.

Dine In

If dinnertime rolls around and you’re absolutely famished, skip the drive-thru and opt for a mom-and-pop shop instead. These places are often tastier and have better deals than big name restaurants. Plus, they allow you to get a little flavor of the area you’re in.

Check for Coupons

Coupon clipping isn’t just for Moms on TLC. If there are specific stops you’d like to make or attractions you’d like to see, check online for any coupons. Do this simply by typing, “destination and coupon” into Google.

You can also use GroupOn before heading out to get deals on food and fun.

Get Going!

Now all that’s left to do is jump in the car and go! Don’t forget to call your bank and let them know you’ll be on the move. Oh, and don’t forget your chargers either – a good road trip calls for lots of photos!

Factors to Consider Before Buying A New Boat

The open water and sunny days are calling, but what are the actual costs of purchasing a boat, and is it worth it? Part of advising our members on financial decisions is revealing some of the hidden costs you need to be aware of before you take the plunge into a life on the water.

The Purchase Price

Whether you’re shopping used boats or new, sailboats or speed boats, obviously the biggest part of your overall price is the ticket price.

Insurance

Boat insurance generally covers collision, property damage, theft, and/or bodily injury liability. Your cost will vary by state, the type of motor and boat, and whether you’re boating on freshwater or open ocean.

Boat License

Watercraft licenses are required in most states for boats over a certain length. In Minnesota, boat dealers will help you apply for title and registration, and are good for three years.

Trailer

If you plan on visiting other lakes or taking your boat on the move, you’ll need a trailer, not to mention a vehicle that can tow something as heavy as a boat.

Storage in Winter

With many local options for winter rack storage, these storage facilities make sure to prep your boat, wrap it, and store it for a monthly or annual fee. Some boat owners choose to store their boats on their own property over the winter, which still requires winterizing and boat wrap.

Dock and/or Marina Space

Now that you have your boat, where will you dock it? You may be purchasing a dock for your own property or renting marina or dock space on a nearby lake, both additional costs to take into consideration.

Maintenance

Last, don’t forget the costs for cleaning, repairs, and maintenance to the boat, sail, or motor.


For additional advice on making a boat purchase, or questions about recreational vehicle loans, contact us at Financial One.

How to Set a Personal Budget for 2018

In a season known for indulging and overspending, the holidays can be the last time you want to think about a budget.

However, the start of a new year is the perfect time to revamp the way you think about your money. It’s a way to set yourself up for 2018 to make your budget work for you, instead of working for your budget.

With that attitude in mind, take these three steps as you begin budgeting for 2018:

1. Start with the Basics

You might feel tempted to go way into detail when you first set out to budget, but that’s not necessary. Divide your budget into simple categories in a program such as Microsoft Excel so you’ll easily be able to make edits and be realistic with the amounts you set for each category. Don’t be too hard on yourself.

Think about how much you’re already spending in each area and visualize what you could cut back on. Draw your budget as such.

Be honest about the best way to keep your budget. If you like math, it could be pen and paper. If you’d like to be more hands-off, try a budgeting program such as Mint, which categorizes your purchases as you make them.

2. Save for the Worst

Build an emergency fund into your budget. This type of savings account will give you a financial buffer in the case that illness or injury, hospital bills, or other times of need make money tight. Putting money into the fund can be as easy as the change from your lunch, cutting unnecessary expenses, or saving your tax return.

Build the fund with the requirement that it be used strictly for emergencies, and not as general savings. Don’t use the fund for holidays or planned expenses. This way, when the unexpected happens, your money will be ready.

3. Don’t be Afraid to Make Changes

Your budget shouldn’t be set in stone. As you start spending in 2018, see where your estimates and actual spending don’t match up and take a look at why that is.

If money is tight, it’s tempting to underestimate costs as you set your budget. Don’t set yourself up for failure. Allow room for fun and an occasional splurge. Get too restrictive too soon, and it will be harder to follow the budget as the year goes on.

If things still don’t add up, think about adding to your income instead of cutting from your expenses. An extra part-time job, some freelance work or selling something you’re not using can free up some space in the budget.


No matter your budgeting goal for 2018, Financial One Credit Union is here to help.

How to Find the Keys to Financial Happiness

When it comes to financial happiness, many people think of big houses, nice cars, vacation homes, fine dining, and heaps of cash in the bank. The truth is, financial happiness is really a subjective and personal choice. Like many things in life, people will differ in their definition of financial happiness and how to obtain it. To help you start pondering what true financial happiness means to you, check out our tips below. The first two are more abstract and deal with your personal values while the last two address behaviors of so-called financially happy people.

Setting and Reaching Goals

You’ve heard the age-old mantra that money can’t buy happiness, right? Well, it can, to an extent. Money certainly can buy happiness when you are spending it well. It’s not about how much you have, but how you use it! That’s why it’s important to know what you value most so you can create goals. Goals - big and small - help direct where you spend your dough. Writing out your short-term goals (ex. getting a pet) and long-term goals (ex. saving for retirement), along with ballpark figures needed to achieve them, will increase the likelihood that you reach them. People with clear goals are typically more financially happy people because they have focus and direction for their money.

Maintain a Positive Attitude

Your relationship with money has a lot to do with your sense of happiness. What messages did you receive growing up from the adults in your life? Were you taught to view money as a tool, as a means of exchange, or as a scarce resource to chase and hoard? Spending some time reflecting on your attitude toward money will help bring your inner dialogue to light. Rewrite that inner dialogue to help conquer your money fears and build self-esteem.

Stay Organized

Few people want to hear this, but most financially happy people are organized. They have a handle on what’s coming in and what’s going out. While it isn’t always fun, creating a budget is a tried and true method for taking control of your personal finances. Tracking your credit score is another great way to stay in control. Improving your score could mean the difference in interest rates and thousands of dollars in interest saved over the years. It takes discipline, but it feels good to be in control of your money; one of the best ways to do that is to get organized.

Make Wise Investments

This last tip will vary from person to person. Some people are fascinated by stocks and bonds and will jump in head first to start investing. Others will feel comfortable with a less risky option of opening an IRA. Still others would rather trust an advisor or firm to handle investment decisions for them. Whatever the case you’re in – if you have a little to invest or a lot – a common thread in financially happy people involves some sort of investing. Setting aside what you can, as early as you can, might play a large role in your long-term financial happiness.


Have these suggestions sparked your internal dialogue around money? How do you define financial happiness?

Simple Money Saving Summer Tips

It is easy to overspend during the summer. Taking trips and entertaining the kids can make your money feel like it flows through your fingers just like the water you wade through on hot days. There are many easy ways to save money that will actually enhance your summer you might not have thought of. Try some of these tips to put some extra cash in your wallet while the warm weather is here.

Turn Up The Thermostat For The Air Conditioning

Almost every home has some kind of air conditioning to make their home more comfortable during the hot temps, but almost every home also has their thermostat set too low. It is actually more comfortable during the summer if the temperature outside is not drastically different from the temperature inside your home. Your body will adjust to the warmer temps and you will not stress your body with the severe differences in temperature. The best part about adjusting your air conditioning to run less is that every degree you turn up the thermostat saves you 3% on your utility bill. The ideal temperature for most people is around 75 degrees. If your thermostat is set lower than that, turn it up

Cook Outside As Often As You Can

During summer months, it heats up your house to cook on the stove top or bake in the oven. Avoid cooking inside the house as often as possible to reduce the need to run the air conditioning and refrain from using kitchen appliances. Grilling outside is the epitome of summer fun, but also consider cooking in roasting pans, slow cookers, outdoor stoves, or single burners on your patio. This is especially wise when hosting parties because the extra bodies already heat up the house. Move the party outside to cook and converse and save money!

Switch To A Push Reel Mower

You might be surprised how easy and enjoyable it is to mow your lawn with an old-fashioned reel lawn mower. Switching to a push reel mower is especially feasible if your yard is a quarter-acre or smaller. You will no longer need to spend money on gasoline, oil, spark plugs, or filters. Plus, it will decrease air pollution and create a quiet, calm activity out of something that used to be loud, smelly, and a nuisance. The use of push reel mowers has increased in popularity in recent years. Enjoy mowing your lawn again and save money doing it!

These tips can not only save you money this summer but also make your summer the best one you have ever had! By changing the temperature in which you live, the way you prepare your meals, and how you mow your lawn you can save more than you ever thought!


If you’re interested in other money saving options - such as consolidating your debt or taking out a line of credit, contact Financial One Credit Union.