Get Financially Fit! | Bad Money Habits

We've heard it time and time again—don't spend more than you earn. There are other not-so-obvious habits that can lead your finances astray. Kathryn Vasel, reporter for CNNMoney, shares with us bad money habits that are keeping us from getting rich.

It's no secret that spending more than you earn is bad for your budget. But there are some not-so-obvious habits that can lead your finances astray.

"The easiest way to becoming a millionaire for most people besides discipline is automation, priorities and goal setting," said Cary Carbonaro, a certified financial planner and managing director at United Capital.

Here are financial habits that money experts said can hurt your long-term savings:

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Get Financially Fit! | Ways to Save Money

Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account. America Saves shares with us 54 Ways to Save Money: http://ow.ly/sj972.

Get Financially Fit! | Mindful Money

Being mindful with your money can help you to reduce stress, focus your efforts and save money. Zina Kumok, a freelance writer specializing in personal finance shares with us How To Be Mindful With Your Money via Mint's blog, MintLife.

Cultivating mindfulness is all the rage right now – and for good reason. Learning to be more aware of your thoughts and actions is a crucial step towards a healthier, happier and more focused mindset.

Get Financially Fit! | Reduce Spending

WESTconsin Credit Union partners with Accel Members Financial Counseling to provide members with access to financial education and counseling services. These services are free of charge to all WESTconsin members. Accel, a financial counseling program, has been helping individuals for more than 40 years. Accel offers a variety of resources and tools such as the "How Americans Overspend" infographic below.

The first rule of personal finance is to spend less than you earn.  Pretty simple, right?  Unfortunately, this basic rule can be difficult to follow.  It takes discipline.  Here are some tips to help you reduce spending.  Day after day, these small savings can add up to big savings.

Get Financially Fit! | How to Use Your Tax Refund

TurboTax® has put together an article that address how to spend, save, or stretch your tax refund.

If you are receiving a tax refund this year, how do you plan to use it?

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Get Financially Fit! | Spring Break on a Budget

Spring Break on a Budget
Written by Jen Bailey, WESTconsin Credit Union

Spring Break is coming up! Do you still need to make travel plans? Well look no further! Here are a some tips to help you save money on your travel arrangements.

GUEST POST | Breaking Down Spooky Halloween Spending

INFOGRAPHIC: Breaking Down Spooky Halloween Spending
by Quinn Buchanan

It may not get as much press as Christmas, but Americans spends serious cash on Halloween. To keep the festivities from making your finances frightful come November, we break it down for you.

(Click here to enlarge.)

Saving on a Tight Budget

Saving on a Tight Budget

Source: http://www.americasaves.org/for-savers/make-a-plan-how-to-save-money/saving-on-a-tight-budget

How can those who currently aren’t saving afford to save money? And how can those saving only a little save more? Here are our top ten tips for saving money when budgets are tight.

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Ten Rules for Successful Money Management

Ten Rules for Successful Money Management

Always remember that the most important factor in using money wisely is not how much money you make, but how you manage your spending! Here are ten rules that can help you achieve financial success.

You Can Control Your Spending

You Can Control Your Spending 

You might be a person who does very well with your money. Your money management skills are serving you well. On the other hand, you might have some concern about your spending habits. Maybe you are an over spender.

Regardless of whether you are a controlled spender or an over spender, there are ways to improve your particular situation.

There are many tools and techniques to help over spenders transform negative habits into positive behavior. Here are a few:

7 Steps to a Successful Budget

Budgeting can be a simple and straightforward process.  It can also be a rewarding experience for all family members.  But, it takes interest and commitment.  Here are seven steps to help you create a successful budget.

Discuss Values – Determine what is most important to the people involved in your budget, or spending plan.  By understanding these values, you can make decisions that will provide you with the most satisfaction.

Set Goals – Begin setting goals by discussing with family members what each one may want to do with their money.  An example of a goal might be to save for a child’s education.  Have each member list the goal and a deadline.  Work on the most important goals first.

Put money aside in your budget for your priority goal.  Remember, to achieve your special goal, you must treat the money as a bill to be paid to you.

5 Money-Management Musts for New Grads

by Center for Personal Finance editors

McLEAN, Va. (5/19/15)—This spring will bring a lot of "firsts" for many college grads including first jobs and first paychecks (USA Today May 4).

In the months after graduation, financial experts agree on five things every new grad should be doing with his or her money:

• Create a spending plan. Understanding how much money you have coming in as well as going out is the first step you must take in keeping a successful budget. Become familiar with the difference between your gross pay and net pay so you know what you'll actually have left to live off of after monthly financial commitments.
• Pay yourself first. Start saving in an emergency fund—even if you only can stick a minimal amount aside each paycheck, that amount will add up quickly.
• Develop a student loan repayment plan. Understand financial obligations and how long it will take you to pay off debt. Get up to speed on details about your loan and pay attention to interest rates. Visit your credit union for information about refinancing or other student loan repayment options.
• Understand company benefits. Once you get a job, make note of important dates such as deadlines for signing up for health insurance and when you'll be eligible to participate in your company's retirement plan. Also become familiar with your company's vacation policy, corporate discounts, public transportation benefits and the like.
• Start investing in a retirement plan. Whether you open an individual retirement account (IRA) at your credit union, or a 401(k) through the company you work for, start saving for retirement now. It probably seems like retirement is so far away that you don't need to worry about it yet, but now is when time is on your side and the benefits of compounding interest are highest. If your company offers to match your contributions to your 401(k), contribute at least the amount you need to in order to get the match. If you don't, it's like leaving free money on the table.