Articles - Archived Expert Advice

Budget Maintenance and Rising Prices

I am finding it difficult to maintain a budget because food and gas prices continue to rise. Do you have any suggestions?

During tough economic times, it is still possible to save if you track your spending and look for areas to cut back. Here are several money saving tips to ease the strain on your wallet.

Pay off credit card debt. Making minimum payments on $1,000 at 20 percent costs you $200 each year. Consider a debt consolidation loan from your Credit Union.

Bundle services. Save about $50 per month by purchasing a package of cable, phone and Internet services from one provider.

Prepare meals at home. Dining out several times a week can leave a dent in your finances. Prepare more meals at home and take the leftovers to work for lunch.

Take advantage of free entertainment. The cost of a movie and refreshments for two adults can cost $30-$35. Borrow a video or DVD from your local library for free.

Control your thermostat. Replace that old thermostat with a programmable unit. Using a programmable thermostat saves energy when you are away from home or asleep. These units cost about $120, but will reduce your monthly bill by 10-20 percent.

Reduce your grocery bill. Clip coupons and buy in bulk. Items used on a weekly basis, like paper towels and detergent, can be purchased in large quantities, thereby saving you money in the long run. For an additional 10-25 percent savings, choose generic products.

For more suggestions, or help with tracking your spending and creating a budget, call LGFCU's Financial Wellness staff at 877.367.5428.