Daily Dupaco

Wednesday, January 02, 2013

Simple ways to save

The new year is here, and there are a lot of resolutions going around.

Why not resolve to do something that will save you in the long run? 

Tami Rechtenbach, vice president of member services at Dupaco, offers three simple ways to give your savings a boost this year:

  1. Review your monthly expenses. Evaluate your expenditures, and look for places where you can cut spending and redirect those funds to your savings account. Start with simple goals: eat out half as much each week; eliminate or limit your soda and coffee purchases; never shop on an empty stomach; and always stick to a shopping list. To get started, check out Dupaco's budgeting worksheet, or use a savings calculator to find out what it's worth to reduce your spending.
  2. Practice systematic saving. Make yourself a set expense, and pay yourself first. In other words, have a predetermined amount automatically taken from each paycheck and deposited into a savings account. "If you make yourself a set expense, that savings will tend to grow faster," Rechtenbach says. "And if you let us take it out of payroll before you get it, you don't even notice it's gone." Use one of Dupaco's budget calculators to determine how much to set aside each paycheck.
  3. Get a Dupaco Money Makeover. Work one-on-one with a Money Makeover artist, who will take a look at your financial picture and make sure you're on the right track to cutting costs and building savings. "Let us take a look at your loans and credit cards, cut some of your rates and lower those payments," Rechtenbach says.

By Emily Kittle

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