SeaComm Federal Credit Union OFFICIAL BLOG

How to Save Money on a Low Income

Building your savings on a low income is much easier than you think. Here are four tips to help you save money while living frugally!

Time your purchases. You may not be able to time a vet bill or unexpected car repairs, but with discretionary purchases, it’s important to plan ahead to get the best deals. For example, if you are in the market for a new TV, you may want to wait until February (Super Bowl season) or Black Friday to take advantage of the most competitive prices. If you are looking for a new car, October, November, and December are the best months to buy, as the car dealerships are trying to meet their end-of-year quotas. Timing your purchases will allow you to save a great deal of money, and apply more to your savings!

Master the art of getting discounts. There are plenty of ways to save money on a variety of purchases – you just have to look for them. Your Benefits Plus® checking account with SeaComm is always working for you to provide you with exclusive savings and deals! Benefits Plus® gives you access to discounted gift and eGift cards, travel and entertainment savings, as well as a free Grocery Coupon Club with printable coupons. Stop by your nearest SeaComm branch to enroll!

For complete information, terms, conditions and exclusions please visit www.benefits-plus.org or call 866-329-7587.

Consolidate your high interest debt. If your loan balances and interest rates are so high it feels impossible to build a substantial savings, it’s worth consolidating your debt into one monthly payment. A consolidation loan with SeaComm enables you to combine all your outstanding balances into one convenient monthly payment. This makes it easier to work out a reasonable period to pay off your debt, without feeling overwhelmed.

With SeaComm’s loan pre-approval program, LoanEngine™, you might already be pre-approved for a consolidation loan! If you qualify for a pre-approved offer, you’ll be presented with it through our SeaComm Mobile app or NetTeller in the “My Offers” tab, via email, and/or a letter through the mail. Click here to login to your NetTeller™ to view your current offers. If you don’t have any offers at this time, be sure to check back every 60 days.

Be diligent about saving for the future. Having a robust savings will allow you to use your financial safety net for emergency expenses, instead of having to borrow from credit. Your savings should be a fixed item on your monthly budget instead of something that only occurs if there’s money left over. To help you save more, try the 50/20/30 rule, which calls for 50% of your income applied to living expenses, 20% of your income applied to savings and financial goals, and 30% of your income applied to flexible spending. Click here to discover a variety of savings options available to you at SeaComm!

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