Here are 5 Ways to Save in 2018!
1. Make your coffee at home
According to Business Insider, if you buy coffee you spend $1-$5/cup whereas brewing a cup of coffee at home costs ~17 cents/cup. In other words, purchasing coffee every work day costs you $240-$1200/year and making your own coffee only costs about $45/year. Brewing coffee at home could save you $195-$1155 a year!
2. Refinance your debt
See if you can get a more competitive interest rate on your mortgage, car payments, or student loans. Lowering your interest minimally will save you a significant amount of money in the long term. If you are interested in refinancing through First Oak Bank, contact a representative!
3. Get rid of your cable plan
The market research firm NPD group estimates that the average cable bill is $123/month which adds up to almost $1500/year. Streaming services like Hulu and Netflix offer lots of great entertainment options for $7.99-$10.99/month. Switching from cable to one of these services saves you about $1400/year!
4. Create a meal plan in advance
Plan out your meals for the week before you go to the grocery store so that you only buy the ingredients that you need and know you’ll use. This prevents impulse buying and the inevitable waste that results from shopping with your stomach.
5. Make saving automatic
Set up an auto-transfer from your savings account to your checking account for every paycheck. If the money is deducted first immediately, you won’t even know that it is missing! This will put you on the right track to saving the recommended 20% of your income and will allow your money to start gaining interest ASAP!
Ask a FirstOak Bank representative how to enhance your current savings, money market, IRA or CD or how to get started with one!