Credit card bills. Auto loans. Student loans. Mortgage payments. Inflation. It’s easy for bills to pile up, which can make it hard to save. But by using some tools and tips to assist you, and being conservative with your spending, you can set aside enough money for all your expenses, plus have some leftover for savings and to help cover your eventual retirement.
To start, tracking your personal finances and identifying opportunities to save money is key. The process is ongoing, so try not to become discouraged if this feels daunting. The good news is there are easy-to-use tools available to help manage and track your finances digitally, making it simpler to save.
Read on to learn which tools and tips you can use to bring saving within reach.
Programs DCU Offers
Digital Federal Credit Union tries to live up to its namesake, meaning we take the “digital” part very seriously. With our Digital Banking experience designed for member convenience, we offer a range of resources to help simplify saving. They include:
FutureLook
Using FutureLook™ is a great way to track insights into your spending habits. When members opt into this feature, they can see forecasted information based on their total income and expenses within their checking account. This is a great way to look at recurring income — such as paychecks or other income — and it’s good for tracking recurring expenses, like utility and insurance payments.
Add all the information together, and you’ll see your estimated checking account balance a month into the future (on a daily basis) and one year into the future (on a monthly basis). The big idea here is using data to forecast your finances will help illustrate and identify ways that your money can better serve you.
BALANCE
Beyond short-term saving we also want to provide a more holistic approach to help safeguard your future. As a complimentary resource to its members, DCU offers BALANCE, an industry leader in providing financial education and counseling. Members get access to counselors and resources, which include articles, podcasts, worksheets, and more. From how to manage debt to budgeting for life’s biggest milestones, BALANCE is a comprehensive resource.
Auto Pay Planner
When funds are tight, it can be easy to lose track of how interest adds up. At DCU, we offer an easy-to-use payment planner that shows how much you can save on loans, how the math adds up over the repayment period, and how fast you can pay off loans.
Other Resources
Whether you’re a DCU member or not, there are additional tools and tips you can utilize to help simplify saving. They include:
- Set up automatic payments from your checking account. By paying your recurring bills, such as credit cards, car insurance and utilities on time, you will avoid late penalties and additional interest fees.
- Utilize banking alerts. Want to know when you have a low balance, when bills are paid or when other transactions go through? You can get automated alerts sent to you.
- Sign up for credit monitoring. Most banks, credit unions and credit card companies offer complimentary credit score checks to their customers on a recurring basis. Having access to this information will help you track spending habits and you’ll see how lenders view your finances.
- Cut unnecessary subscriptions Have a subscription service you never use, like Spotify, Disney+ or Netflix? If you don’t use it, why keep it? If you change your mind, you can always resubscribe later.
- Make sure you set aside an emergency fund. If you enter a rough patch financially, you want to make sure you’re covered with an emergency fund. Try setting aside 3 to 6 months worth of money for living expenses.
One-Stop Shop for Tools to Simplify Saving
There’s no one-size-fits-all perfect solution or a single resource to leverage that will give you everything you need to save. However, there is a credit union that provides a range of resources and tools to simplify saving: DCU.
We offer virtual tools and resources to our members to help them better manage their finances. In addition to programs like FutureLook™ and BALANCE, our not-for-profit credit union offers low-interest loans and refinancing options to help maximize savings opportunities. With free checking accounts and easy-to-use virtual tools, there’s never been a better time to become a member.
Please note, membership is required to open a DCU Savings Account. Visit our membership eligibility page for more information.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.
