2008 Winners of $50 Visa gift cards

December

November

Jennifer Baker
Enid, Okla.
Member, Tinker Federal Credit Union

My husband and I started feeling the effects of the economy several months ago. We decided to sit down and assess our monthly bills to see where we could save some money. We found that we were paying for some things that we wanted, but not necessarily needing. We concluded that we could cut services on our land line, Internet, cell phone plan, and cable. By cutting the services that weren't "needed", we are saving over $130 per month! We try to put what we save towards extra payments on outstanding loans or put it away for our next vacation.

Carlton Beasley
Weatherford, Okla.
Member, Tinker Federal Credit Union

I use an Excel cash flow calendar spreadsheet as described by Mileah in the November challenge column. In conjunction with that tool, I build a buffer in my checking account to smooth out some of the timing bumps ... by not crediting my account when I receive any type of windfall. For example, I have a health club membership that is $41 a month. Recently my health care provider started reimbursing qualified health club memberships. I still subtract this debt that I've been paying out of my check register but I don't credit it back when it is reimbursed.

Another way I fund the buffer is through returns on purchases. For example, I went to the hardware store and bought too many items for a project I was working on. I returned the remaining items but did not credit back to my check register.

Another thing to do is round up those few cents on checks you write to a whole dollar amount. It takes a little bit of discipline. You have to live by your check register's pseudo-balance. The actual balance is the balance that I access online. So, it's OK to go a little negative on the checkbook register but always subtract that negative balance on payday. Don't write it off or your buffer will disappear. When the buffer gets over $1,000 I transfer what's over $500 to my savings or double up on another obligation.

Tiffany Janssen
Kodiak, Alaska
Member, Alaska USA Federal Credit Union

For me, money management is all about the little things. I teach financial literacy courses in my town and one of the most common problems I hear is "My budget doesn't work!" The way I mainly manage my money is only buying what I really want, not everyday splurges such as $5 coffees and lunches out. I brown bag my lunch and save that money every week. I calculate that by bringing lunch from home and not succumbing to every craving while on the go, I save at least $25 every week. Now this method of saving does require some willpower because you are not experiencing immediate gratification everyday as a result of your frugalness. I go on two week vacation abroad next spring completely paid for in cash.

Mileah Lyon
Long Beach. Miss.
Member, Keesler Federal Credit Union

I have an annual schedule of bills broken down to 12 months. Each month is broken down by pay periods. We have one person paid every two weeks and the other paid twice a month and this helped me keep better track of what was due or coming due each pay period. I pay bills more often, but I use my credit union's online bill pay and schedule automatic reminders with auto pays. I perform "maintenance" on it once a month to make sure all expenses are covered and then review on paydays.

I created a table using Excel. This allowed me to schedule out all of our bills for a month based on pay periods and due dates. We work on a very tight budget with less than $100 wiggle room each pay period. We withdraw our budgeted living expense in cash and do not use our ATM or debit card. This helped tremendously. We found ourselves better able to live on the weekly allotted amount.

David VanMiddendorp
Maryville, Ill.
Member, Scott Credit Union

We are all aware how important it is to save for retirement, but it is often very hard to make ourselves give up any of our paychecks for our savings. A few years ago, I decided to take a portion of my annual raise and send it straight to my retirement account before I ever saw an increase in my take-home paycheck. My pay still went up and so did my retirement investment. After a few years of this, my retirement savings is beginning to add up.

October

Lancie Dilley
Kyle, Texas
Member, A+ Federal Credit Union

Believe it or not, I am actually managing our money by purchasing a house. We have been paying $900 per month in rent for the past four years, which totals out to be $36,000. Recently, my husband and I looked into buying our first house and realized that we would save $1,200 per year if we owned our own home. We have finally decided to make this huge commitment and close in two weeks. It is very scary, but we are finally doing it! I hope this helps someone else save money as well. Don't throw your money away, save it!

Sarah Dunn
Kodiak, Alaska
Member, Alaska USA Federal Credit Union

When I started my new job and a new account at my credit union, I had nothing in savings. I made it a point to have a goal, plan for something good, and save up for it. My goal was to have $3,000 in savings by the end of the year. To accomplish this goal, I set up automatic distributions to come from every paycheck and be deposited into my share savings account. This works really well, especially when you don't pull any money out of it. Any money that I do have to pull from savings, I put right back as soon as I can afford it. As my savings increased, I created certificates of deposit to help add even more, which will go back into savings. When the certificates mature and everything is in savings I will move it all to a money market share account, which makes twice as much dividends as the regular savings. This plan is working out great, and by December 31, 2008, I will have reached my goal and gone even further.

Tammy Martin
Glasgow, W.Va.
Member, CAMC Federal Credit Union

When I write a check to pay bills, buy groceries, gas, and so on, I round up the amount to the nearest $5. If I owe Dish Network $72.47 I log $75 and subtract that amount from the ledger. Every three months I actually look at my statement bottom line vs. what I have in the ledger and there is usually a nice chunk of money in my account. I transfer that amount over to my savings account and start the process again. I actually ended up with $1,100 to spend on vacation doing this process. With the market being what it is today I will be leaving that chunk in savings for other needs. Even if you can't afford to round up in $5 increments you can round up to the nearest dollar and that will add up as well and you don't miss the pocket change as much.

Timothy Pawlowski
Urbana, Ill.
Member, American Airlines Credit Union

As a full time student (part time worker) who has to deal with a house full of roommates and make sure the bills are paid on time, I definitely realize that having a little extra forethought can go a long way. I start by asking all the housemates if they want to split any essential items that we go through a lot of every month (examples being toilet paper, paper towel, pasta). I then go to either Wal-Mart or Sam's Club and buy those items in bulk, saving a substantial amount at the end of the year. Then thinking about the proper storage of perishables is also very important. I am located in Urbana, Illinois and my family lives in Chicago, so I purchase all my favorite fresh breads, meats, and cheeses and make sure that the bread goes in the freezer and cheese is properly sealed, as well as the meats. Trying to resist eating out can be difficult with so many tasty options along with the added convenience, but once you have developed certain habits (cooking for yourself, storage) and taken advantage of patterns (the use of certain bulk products) then you will really see a benefit with your budget.

La Tanya Pointer
Athens, Ala.
Member, Redstone Federal Credit Union

When I graduated college and moved out on my own I really did not think about the money I spent. Once I got married I still did not think about the money that we were spending at the grocery store. Every week I would spend $80 to $100 on groceries for two people. Most of these items were things that we did not need or things that would spoil because we waited too long to eat them. I never took the time to make a grocery list and only buy what was on the list.

After a year of marriage we became pregnant and had a baby boy. We started to realize how much more expensive things got once we started to buy milk, baby food, and other items for the house. We still did not make a list before we went to the grocery store. We started to wonder where some of our money went and soon realized that we buy a lot of unnecessary things at the grocery store.

I started by making a list and going to the grocery store, but that still did not work in saving money. That's when I got the idea to sit down and make a weekly menu and set an amount of $60 to spend at the grocery store. This has worked out great! Not only have I made life easier on deciding what I was going to cook, but by the end of the year I will have saved anywhere from $960 to $1,920. Breaking it down monthly I am saving anywhere from $80 to $160 a month from what I used to spend when I did not keep track. I have found this experience with saving to be both rewarding and educational. It may not mean much to others, but every little bit counts. Oh, as far as using coupons I do use them and always remember to trust the list.

September

Cynthia Bales
Arlington, Texas
Member, American Airlines Federal Credit Union

Delete your long distance service from your land line. My bill was around $36 a month for just the long distance portion. I spoke with others who use their cell phone for long distance and are still charged $16 a month on their land line.

If you prefer to call long distance on your land line, Costco has a 700 minute card for $19.99. Most people will not use that many minutes in a year. If you do the math for just a year on the minimum charge of $16 a month you would save $172.01 (192 minus 19.99) and you haven't lost a thing; you can still call out with your calling card.

Ayesha A Gaston
Gwynn Oak, Md.
Member, NASA Federal Credit Union

With the Holiday Savings Account, NASA Federal Credit Union allows an automatic payroll deduction of any dollar amount to go into this special savings account. The account accumulates dividends monthly until the funds are automatically transferred into the member's checking account right in time for the holidays. I use that benefit annually to avoid the headache of not having funds available for the holiday season. This is a great resource for saving.

Kris Heidelberger
North St. Paul, Minn.
Member, City & County Credit Union

Visit your local library-if you haven't been there for a while, you'll be surprised, as I was, to see what they have to offer. Aside from current books and magazines, you can get free or very cheap DVD rentals: New releases are only 50 cents! In addition, our county libraries have free museum passes-this gives you no-cost admission to many area museums and attractions. No strings attached. It's a great way to get truly free entertainment.

Marvin Lyle
El Reno, Okla.
Member, Oklahoma Employees Credit Union

My idea is a simple one that many more people should take advantage of-cutting and using coupons for grocery store items.

Every Sunday one of the first things I do is hunt for the coupon sections of the newspaper. I cut and organize the coupons my family will use for our weekly grocery store visit. I set aside the money I save and deposit it into my interest bearing savings account. It may not sound like a lot, but it does add up over time; you will be surprised how much you save in a year.

Brian O'Connor
Lewiston, Idaho
Member, Potlatch #1 Federal Credit Union

A little over two years ago our money was managing us. We decided we'd had enough. We started writing a budget out each month and started telling our money where it was going to go! We got rid of all of our credit cards and switched to a debit card, and we started paying cash for groceries, household supplies, clothes, and so on. We stopped spending more than we made and got a handle on our debt.

It's easy to build wealth when your money isn't going out to credit cards and car loans. When you spend with a credit card you will spend 18% to 24% more money than if you use cash. Having a long term financial goal is very important. We have been debt free except our mortgage since October 2006. We are now able to put money away for retirement and our daughters' college fund and will start paying off our house with extra payments within this year.

August

Chris Demianew
Pendleton, Ore.
Member, OnPoint Community Credit Union

I purchased an energy cost analyzer, a device I easily attached to the electrical meter to my house that gives me real-time analysis of my electricity usage in kwh and in dollars. Since I installed the monitor my energy use has dropped dramatically and my energy bill has dropped by 30%. I guess when you see how much electricity you use in real-time dollars and cents it makes it a good tool of persuasion to turn off the lights or investigate what appliances or fixtures are the most expensive to run.

The $30 power monitor [cost subsidized by the local utility] paid for itself in the first month.

Felicia Guilbe
Midlothian, Va.
Member, DuPont Fibers FCU

When my family and I moved into a new house in July 2007, we went from an all-electric 2,100 square foot house to a gas and electric 2,600 square foot house. At the beginning we had a small gas bill of about $50 a month, but the electricity bills kept getting higher and higher. It went from $173, to $256, to $303--and I started to panic. We were going into the fall and I knew the gas bill was going to start rising because of the colder weather. All I could think about was that we were going to have a $300 electricity bill and a $300 gas bill. So after reading an insert in my electricity bill about energy efficient bulbs, I purchased them for every single light in our house, inside and outside. It was pricey but I felt it was an investment.

Next, I sat my family of five down and explained that we could either pay a high electricity bill or we could eat; which would you like? I explained that we were going to turn off all lights when we are not in the room. We also were going to turn off the computers and not keep them running through the night. We were going to watch the same program on one television instead of on two televisions in different rooms.

It worked. The next month our electricity bill went down to (hold onto your seats) $151. The next month it went down to $126. The month after that it went down to $124. Imagine my surprise when we actually received a bill for $102!

Alice Keys
Portland, Ore.
Member, Northwest Resource FCU

The key to financial security is to always pay yourself first. Until I figured this out I spent years paying everyone else and hoping to have something left over for me at the end of the month.

I thought that once I finished school, once my income increased, once my student loans were paid off--then I'd be able to start saving. Oh, there were times that I'd get a bit saved for a month or two. Then something would come along that I wanted or needed and back to zero savings I'd be. It seemed like I'd never get down payment money for a house, emergency bailout money set aside, or started moving toward my retirement savings goal.

Then I learned that I can keep some of what I earn just for me. I set up automatic savings at the beginning of each month. I started with an amount that I figured could work, $25 dollars to go straight into a special savings account. Not for a trip or a new car. Just for me. After three months, the amount became invisible. I didn't notice it was gone. I have gradually inched up this amount. I added any "extra" money. Extra work pay. Tax refunds. I now have six months of living expenses set aside. I am surprised by how much better I sleep at night.

Ben Pollen
Biloxi, Miss.
Member, Keesler Federal Credit Union

I changed my home owners insurance to a high deductible, which resulted in a huge savings. I put the difference between what I was paying and the new premium in a savings account. The savings account is a reserve for insurance losses. It's like being partially self insured, but I'm still covered for major losses.

Bridget Randall
Lansing, N.Y.
Member, Cornell Finger Lakes Credit Union

I love sales. But, I've learned that an item on sale is not necessarily a bargain. My husband and I are learning to curb the urge to purchase. We see something on sale, and know it is a "great" deal, but we rethink it. Do we need it? Would we actually use it, or is it going to sit in its box? Do we have something similar at home already? Like I say, we are still working on it, but thinking about my purchases has helped me lower my non-necessity spending. It has also helped us work on uncluttering our home.

July

Ann Hannam
Annapolis, Md.
Member, NASA Federal Credit Union

For the past two years, to help us reach our goal of saving for a down payment to buy a house: Every Sunday, I take $400 cash from our checking account for my family to spend for the week. We use the cash for groceries, dining out, and gas-basically everything except paying bills. Once the cash is gone, we are not allowed to purchase anything else until the following week.

You would be amazed how frugal you become when you have to hand over your cash for payment. I no longer buy daily $3.50 coffee or overspend on incidentals at the grocery store or clothes store. Each month, this has saved us about $500 and our savings account is now up to $12,000.

Justin Manning
Madison, Wis.
Member, Great Wisconsin Credit Union

When I graduated from college in 2005 I found myself with a whole mess of debt between student loans, credit cards, and even a car payment. Well, after graduation I found a pretty good job. My salary was quite good, and I thought I was all set. But I was living paycheck to paycheck; how could this be? Even worse was that I was saving nothing outside of my 401k.

So here is what I did: I documented every bill/expenditure I had in a given month. From there, I could break it down to different categories such as groceries, entertainment, auto payments, student loans, credit cards...you get the picture. I found out that I was spending a lot of unnecessary money in many areas. I also discovered that I was more than $80,000 in debt and I was only 23. This was a real eye opener and also was the beginning of a real budget for me. I cut back on going out, paying for premium movie channels, food, and so on. With that little bit of extra money I was able to put a little in savings to build up an emergency fund as well as send more than minimum payments to my credit cards.

Once I got on the budget I really went crazy. Every single penny that I spent was recorded. I categorized my spending and tracked it over time so I could adjust my budget and plan for upcoming expenses. I could also know if I was about to go over budget for a particular category. I could see trends in categories and make predictions depending on what time of the year it was.

When I got raises, I would bump up my 401(k) a bit, but otherwise I would not alter my spending habits. All of that extra cash went to my credit cards and after a series of raises and a lot of dedication my credit cards were paid off! My budgeting had really paid off, and the payoff was more that I could ever want.

Now that my credit cards are paid off and I am still on a similar spending plan, I have a lot of extra money to save, send towards higher interest student loans, or even treat myself to something nice- within limits. I find that I have a great balance of saving and spending and the budget keeps me in line. Now it did take a couple of years to get on track, but it was well worth it to be financially secure at 25.

Keep on it! I found that I really enjoy doing the budgeting and adjusting each month. It really gives you a sense of control over what is happening. It is your life after all.

Melissa Plourde
Jay, Maine
Member, Otis Federal Credit Union

With a growing family of five active members, with a father who is a health teacher and passionate about teaching his kids healthy eating habits, our grocery bill has doubled in the past year and a half. We had little experience with growing a garden, but found that the $100 dollars we invested to create a raised boxed garden (built it, filled with organic compost, and bought seedlings) in our back yard was a great investment. We had a blast watching it grow, gathering our crop and saving the money we saved on our grocery bill. In the prime eight weeks of our growing season we saved $150 dollars on "organic" vegetables and were able to freeze vegetables for months after. This year we have added a second garden and plan to eat, freeze and can the veggies and fruit for well into 2009. We are eating healthy, involving the kids, and saving cash!

Ben Pollen
Biloxi, Miss.
Member, Keesler Federal Credit Union

When I was 32 years old I started saving at least one half of the net result of each raise I got and put it into a savings account. The one rule I followed was to never use it before I retired. Over the years it moved into CDs (some at very high interest rates), and eventually tax-deferred IRAs and insurance annuities. I never invested in the stock market. At 62 years old I am retired and have no debt. My savings is more than enough to last the rest of my life.

Amy Williams
Hawthorne, Fla.
Member, Sunstate Federal Credit Union

I try to find ways to cut food costs without sacrificing quality and variety. When a cut of meat that I like is on sale, I ask the butcher at my local grocery store to cut or grind the meat for me. There is no additional charge and I save a considerable amount of money. For example, center cut pork chops are often $5 a pound in my area. Pork loin, purchased on sale, generally runs $1.75 to $2.25 per pound. Once sliced into chops, they are the same as the center cut and I can choose the thickness of my chops. Another example is ground sirloin, which usually runs about $4.50 a pound. I purchase sirloin tip roast when it is on sale and have it ground. The sale price is usually around $2.00 a pound. Once the items are cut, I take them home and package them for the freezer, putting enough meat for one meal into each package.

June

Shasta Bruce
Austin, Texas
Member, Members Choice of Central Texas Federal Credit Union

My idea: If you usually use your check card to purchase everyday goods-gas, groceries, dining out-use a credit card instead. Log entries in your checking account like you would normally. Then when your statement is ready, send in the complete payment. You won't accrue any interest on your credit card if you pay the entire balance, and you'll continue to accrue more interest on your cash by having more funds in the credit union.

Donnell Hayes Jr.
Watonga, Okla.
Member, Oklahoma Employees Credit Union

The key for someone to start saving money requires two simple techniques: 1.) discipline, and 2.) more discipline.

Start by saving at least 5% of each paycheck. As your salary increases, don't increase your spending but increase your investing. I started investing 7% of my pay four years ago into a Thrift Savings Plan. Two years ago I began investing 10% of my pay and in less than five years my Thrift Savings Plan has over $20,000.00 accumulated. And the beauty of it all is that I don't miss the money.

Just remember this quote that an old army friend told me years ago. "Spend less than what you make, invest the difference, and watch the magical power of compound interest."

Patricia A. Holland
Sand Springs, Okla.
Member, Oklahoma Employees Credit Union

With budgets tight, and fashion always changing, I have found a way to make things work and be within my budget. I will select one or two good basic pieces of clothing, preferably on sale, for example a good fitting simple dress or suit or something like a good pair of attractive shoes. Then I take the item with me to resale, discount, or even thrift stores, for "change up" articles that change the look of the new item. Spending $2 to $6 for a blouse to go with a suit or a jumper allows for more than one blouse; jewelry for $.50 to $4 means several changes of the "look" for much less than buying accessories at a department store. I get to be fashionably me without spending a large hunk of my budget.

Charles M. Poskas
Florence, Ky.
Member, Cintel Federal Credit Union

I am paid an hourly rate. Every dime is allocated for spending on bills, savings, or our Christmas Club account. There are occasions where I am able to earn overtime or receive compensation for driving my car for business trips. This "bonus" money goes into a special account. My household uses this money for fun weekend trips. I have a friend that used this method to buy a boat. This allows for our monthly budget to be used for "grownup" things like planning for home repairs and living. Anything extra from overtime is a bonus and is used as a reward to the entire family.

Judy Tomer
Ann Arbor, Mich.
Member, MidWest Financial Credit Union

I keep a binder in the kitchen that contains warrantees for all of the major and small appliances purchased, sales receipts, and related instruction booklets. That way things can be easily found; there's no wondering where something may have been filed.

May

Edward Blyden
Owings Mills, Md.
Member, State Employees Credit Union

My wife and I use SECU certificates of deposit to boost our savings. We open up one 12-month CD every month, and we have done this for two years now. So now, we have a CD maturing each month for the next year. In this downturn in the economy, this process helps us safeguard against a job loss but we can earn a higher rate than having the money in our savings account. This way, we always have access to a certain amount of money. In good times, we renew the CDs for another year and keep the streak going.

Alida Drewes
Houston, Texas
Member, Premier America Credit Union

It is a good idea to reward yourself—within your budget. I try to buy one big item every year. This does not affect my budget and gives me something to plan and look forward to getting.

Rob Fox
Saint Paul, Minn.
Member, Postal Credit Union

Instead of clipping coupons and filling out rebate forms I spend my time figuring out how I can get better prices on things like home, auto and health insurance, or better interest rates on my auto and home loans. Sure, these areas are usually rather complicated and we'd all like to be able to just deal with them once and forget about them, but with a little effort one can save a lot of money by doing some comparison shopping every year or so.

For example, I just took an in-depth look at my home and auto insurance policies, and after asking five companies to give me their best rates I switched insurance companies and I am now saving over $1,200.00 per year! That's an extra $100 per month that I can use to combat the rising price of gas, food, and other necessities. As an added bonus to the money I am saving, I am also covered for much more liability that I ever was through the old company! Yes, I had to read some fine print and spend about four hours calling agents, giving them my information and comparing policies, but it is more rewarding to save $100 per month than $.50 on a loaf of bread.

Karen Gibbs
Canyon Lake, Calif.
Member, FAA First Credit Union

Each time you use a credit card for a purchase, write a check to the credit card company and put it in a envelope until the statement arrives. Deduct the check from your balance on the day you write it, even though the statement may not come for a few weeks. When the statement arrives, you are able to pay it in full with the checks written throughout the month. It really makes you stop and think if the purchase is necessary and helps to cut out impulse purchases.

Charla McMillan
Tahlequah, Okla.
Member, American Airlines Federal Credit Union

I save a lot of money by setting aside one day a week to run all of my errands instead of running a few every day. I group errands geographically and map out a course to make a loop around town and backtrack as little as possible. With my list of groceries and other errands made ahead of time, placed in order so I will not drive back and forth, my car already in town after work, and having planned to make an evening of it, I save gas, money, time, and energy.

I have discovered that Monday evening is the least busy time of the week when traffic is the lightest and fewer people are in the stores. I am going to the gas station less often, spending more quality time with my family in the evenings, have more energy to enjoy it, and eating at home more during the rest of the week instead of grabbing something on the run.

April

Steve Barrymore
Oklahoma City, Okla.
Member, Oklahoma Employees Credit Union

Every year we start saving for our next vacation as soon as we return from one. Each month we have a fixed amount transferred out of checking into a money market "vacation account" that receives dividends. My wife and I have an agreement that this account is only to be used for vacation savings.

In addition to our monthly transfer we also agree to deposit any money we receive from Christmas, birthdays, rebate checks, and so on into this account. We keep a couple of little piggy banks that say "vacation savings" on the side. Periodically when we are carrying a little extra cash we will put a $5, $10, or $20 bill into these banks; every couple of months we clean out those banks and deposit the money into our vacation account. We also place all extra change into a jar and every few months deposit it into our vacation account.

To get an even higher yield, as savings build in our vacation account we transfer money out and buy six-month certificates. Often we will have CDs maturing almost every month that we redeposit into our money market vacation account as the date for vacation draws nearer.

The result is that we are able to save a lot more money that otherwise would just be squandered on incidental expenses. We call it "sweeping the gold dust out of the corners." We look forward to vacation every year and, since it is completely paid for before we ever start, it is even more enjoyable.

Bonnie Garrett
Oklahoma City, Okla.
Member, Oklahoma Employees Credit Union

Ask your credit union if you are eligible for a small line of credit to be tied to your checking account. If you ever accidentally overspend your checking account it will pull the balance from your line of credit. Instead of paying hefty non-sufficient fund fees, you'll pay a small amount of interest�and you won't have to worry about your savings being depleted by automatic overdraft transfers.

Beth Kayser
Bakersfield, Calif.
Member, Energy One Federal Credit Union

When we get unexpected money form a bonus or tax return, we pay down debt. Doesn't always have the bling that we look for, but it sure does help through the year when those monthly credit card bills don't come in.

Jo Lindstrom
Charlotte, N.C.
Member, Educational Community Credit Union, Kalamazoo, Mich.

We support our local Goodwill Stores by donating to and purchasing most of our clothing and household items from them. The savings is outstanding, and although it takes quite a bit of time and effort to find things that fit, or matching linens in the right colors, it's worth the savings we achieve of well over an estimated $6,000 annually for a household of four.

We maintain our clothes in good repair, so that when they no longer fit or are wanted/needed, we turn around and sell them at our local consignment store and receive 60% of the selling price if they sell. If they do not sell, we donate them back to Goodwill or the shelter for the homeless here in Charlotte. This, too, takes effort and time to put items back in fine repair (buttons, iron, and so on), but again, well worth the benefit.

Diane Marshall
Tavernier, Fla.
Member, American Airlines Credit Union

Save money�and the earth�by conserving energy and water. Start by contacting your energy utility to perform a free [or available for a low cost in some areas] energy audit. If your utility doesn't offer one, do your own. State and federal environmental offices provide free information on what to look for such as replacing your incandescent light bulbs with the lower-energy compact fluorescent bulbs, turning off the water when you brush your teeth, and keeping your air conditioner and heater filter clean. Follow the recommendations and watch your utility bills go down. Put the money you save each month into your credit union savings account and watch your balance go up.

March

Carol Bayer
Coral Springs, Fla.
Member, American Airlines Credit Union

When my children were young and I had the expense of diapers, wipes, formula and the like, I celebrated their becoming potty trained or moving to solid foods by taking the money allocated to those expenses and increasing my payroll deduction to my credit union savings account by the amount I had been spending on the diapers and formula. It was a painless was to increase my savings.

Janet Homann
Columbus, Ind.
Member, Centra Credit Union

Avoid soft drinks. Choose water instead. This may not only save a family hundreds of dollars a year, but will be so much healthier�potentially saving future medical expenses. And it will keep disposable containers out of our landfills, which also saves everyone by limiting overuse of our landfills.

Cathy McKaige
Flower Mound, Texas
Member, Metroplex Federal Credit Union

For a real free benefit in your long term return on your retirement savings, always contribute the maximum amount to your 401(k) that is matched by your employer. It is amazing to watch your balances grow with the matching dollars and it's like getting an additional holiday bonus.

Dana Ostrenga
Baltimore, Md.
Member, NASA Federal Credit Union

Create a chart for each incoming paycheck and assign which bills that paycheck will go to and an amount designated to go to a savings. Then also project an amount that you would spend for gas, groceries, and entertainment. I charge those expenses to a credit card I insist on paying off every month from my budget, then I also earn the miles for flights to help pay to see family.

Sheila Yancey-Bicknell
North Richland Hills, Texas
Member, American Airlines Federal Credit Union

I get an investment check each month and immediately put it in my credit union savings account. Until I need to spend it for bills and other expenses, I leave it to draw the most interest possible. Then I can transfer only what I need into my checking account to make my payments.

February

Cyndee Bruder
West Bend, Wis.
Member, Glacier Hills Credit Union

Create a monthly budget of income and expenses, then track actual expenses and compare them to the budgeted expense. This is really simple to do in an excel spreadsheet. It can be a real eye opener to show where you are actually spending your money.

If expenses are greater then income, you pretty much have two choices: Reduce expenses or increase income.

Aaron Davis
Tulsa, Okla.
Member, American Airlines Employee Federal Credit Union

Build a home inventory list complete with pictures, cost basis, and resale values. You can use Quicken home inventory or even an MS Word document.

John O'Connor
Westfield, Mass.
Member, MassMutual Federal Credit Union

If you have debt problems you need to change your way of thinking. Are you willing to do the things necessary to help yourself get out of that hole you're in? I'm talking about getting tough with yourself and saying enough is enough. Little things like make your own coffee in the morning, bring in your lunch, [use] basic cable TV, and so on.

Whenever you have change, put it in a jar; every month when that credit card bill comes in put that change towards the bill. It took you some time to get where you are and it may take some time to get out of it�but it can happen if you want it to.

Jamie Reaser
Sinking Spring, Pa.
Member, Riverfront Federal Credit Union

When we pay off a recurring bill such as a car loan, we continue to deduct the same amount of money from our budget each month. We have set ourselves up for payroll deduction in that amount to go into share accounts to save for a new vehicle or pay for unexpected car repairs and insurance.

Andrea Smolen
Laurel, Md.
Member, NASA Credit Union

When I was saving for my first house I needed to halt my excess spending. So I made lists for each shopping trip (i.e., grocery, mall, or Target), but I always went with only enough time to get what was on my list. I would shop on my way to work or right before the store was closing; being hurried, I only got what was on my list and I dealt more in cash, keeping my purchases in line. I still shop only with a list and it keeps my spending in check.

January

Tonya Basnight
Belleville, Mich.
Member, Midwest Financial Credit Union

When you receive your paycheck, whether direct deposited or otherwise, take out the cash you need for things such as groceries, gas, and miscellaneous, per your budget. This cash should be budgeted to last until your next paycheck. When you are out of cash, you are out of cash. You should not go into your credit union account to withdraw any more funds. This teaches you two things:
1) How much you are spending on things outside of bills; and
2) Whether you are overspending.
[Others submitted a variation of this idea; Tonya's entry was the first.]

Reba Brommer
Winona, Minn.
Member, Northern States Employees Credit Union

Log on to your local grocery store's Web site. Some stores offer online only coupons. Print out the weekly online coupons before grocery shopping each week. I saved $71.00 at Festival Foods in 2007 by doing this.

Donna Fitzgerald
West Concord, Minn.
Member, Federated Employees Credit Union

I established credit union savings accounts when our children were born. I have automatic payroll deductions taken out each paycheck and placed in a special account earmarked for each child.

This account comes in very handy when there's a special event or opportunity. For example, we paid for the cost of a school band trip to Chicago out of this account. Another situation, the senior year of high school is very expensive: senior pictures, cap and gown, graduation party--all those important parts. I didn't have to be concerned about where is the money coming from or how will I rearrange the budget to cover this cost.

Margaret M. Isler
Columbia, Md.
Member, Library of Congress Federal Credit Union

Use electronic bill pay. This saves money in stamps, ensures that regular payments, like mortgage, rent, or insurance are always on time (which will improve your credit score and credit rating), and it provides an easily accessible record of payments.

Kim Stewart
Arlington, Texas
Member, American Airlines Federal Credit Union

Most people think about writing a will to protect their financial assets when they pass away but they do not think about getting a power of attorney (POA) and medical power of attorney to help someone take care of their finances when/if they become incapacitated.

No one can pay bills for them without the POA and their credit can be ruined. Another group who needs these items is the children of the baby boomer generation, because the responsibility to take care of their parents will be their job. You do not want to go through the guardianship process if you can avoid it.

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