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Life Stages

Career Focused/Family

Careful with PlasticLife Stages - Career

The Plan: To withdraw each weekís spending money from the credit union in cash. When itís gone, itís gone.

The Purpose: Cutting back on impulse purchases.

Financial planners warn about never being able to reach long-term goals because daily buying decisions donít support the bigger picture.

Tuck your designated spending money into an envelope each week. Treat it like your allowance for the next seven days; all purchases—that special latte, movie tickets, a new dress—must come from this cash. Research has shown that merely the act of relying on cash makes you likely to spend less. Youíre giving up something physical, while with a credit card it almost doesnít feel as if youíre paying. Plus, few things make you question whether you really need that manicure like realizing you only have $20 left for the rest of the week.

Itís always good to keep a credit card for emergencies or for use when making travel deposits, etc. but donít depend on a card for everyday living. Kingsport Press Credit Union has a low-rate Visa card for those special situations.

Set up ďAuto-SaveĒ

The Plan: Set up regular account transfers or deposits that feed your savings on a steady schedule.

The Purpose: To sock away cash for retirement, an emergency fund, and fun goals like a vacation, before you can even miss it (much less spend it).

Doing this literally automates your savings so money for things you care about wonít get spent on things you donít.

Begin by making a list of everything you want to save for, from necessities (car insurance) to your dreamiest goals (next Christmas in Cabo). Once you take care of the basics, you can divide up whatís left. Open enough new savings accounts to hold each of your stashes. Kingsport Press Credit Union can assist with this and even lets you name the accounts according to your goal, like ďnew car fund.Ē Lastly, set up automatic transfers or direct deposits thatíll move money into each account on payday. Little drips add up: With just $30 from each paycheck, in a year youíll have $780.

It helps you to visualize where your money is going. After a while it becomes such a habit that you just get used to not having the funds in your paycheck and forget it exists until the big day comes that you have enough for that goal youíve been saving for!

Source: Redbook Magazine, Kenrya Rankin Naasel

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