News & Promotions What's New Current Promotions Newsletters Tips to Managing Your Spending Want to curb frivolous spending? Give yourself and your family members a monthly allowance in cash. When you see your fun money disappear as you spend it, you’ll naturally think more about your purchases. Many digital wallet and person-to-person payment apps are beginning to charge for certain services. While these forms of payment are convenient, their costs could quickly add up. Stop and notice what triggers you to spend money frivolously. For instance, many people spend more when they are stressed or bored. Identify your triggers and create a plan to change these habits in the future. Implement more mindful spending by creating your own personal matching plan. For example, if you spend $100 on a new outfit, add that same amount to your savings account. It’s a great way to curb frivolous spending. Emotional spending is when an individual spends money in order to cope with stress or anxiety. You can combat this habit by deleting shopping apps, unsubscribing from retailer emails, or locking your credit card. When shopping for clothes, consider going alone. While friends or family may make the experience more enjoyable, their positive feedback on items may cause you to spend more than you planned. To get a better picture of how you spend money, sort your expenses into categories. For example: mortgage/rent, utilities, food, clothing, entertainment, etc. Knowing where you spend is the first step to saving more. Try using cash for certain expenses. For example, if you purchase lunch weekly, allot yourself $40. Once it’s gone, it’s gone. Watching your money decrease will help you pay closer attention to your spending habits. Prevent overspending at the grocery store by setting a budget and paying in cash. If you only take $100 to the store, you cannot go over that amount. It’s a simple trick that works. With consumer prices on the rise, take time to evaluate your spending. Switching to more generic grocery and medicine brands can save you a significant amount of money. Also try to cook more meals at home. It is now more important than ever to save money and spend wisely. Avoid shopping online out of boredom or anxiety. Unsubscribing or unfollowing stores will help ease the temptations to spend unnecessarily. Many people find it difficult to stick to a budget. If you fall into this category, consider organizing your expenses into two categories: Urgent and Non-Urgent. Doing so will help eliminate frivolous spending. Looking to save more? Avoid making drastic changes to your spending. Just like a crash diet, being too aggressive right away can cause your savings plan to crash. Instead, start with small changes that are sustainable. When trying to stick to a budget, identify what triggers you to spend more. For example, if busy evenings result in eating out more, try pre-cooking meals for the week so they’re ready when you get home. Many retailers allow you to enroll in receiving promotional text messages. While this is a great way to stay on top of deals with your favorite stores, it also increases the temptation to spend frivolously. Trying to reduce credit card debt? Treat it like a weight-loss program. While diets temporarily restrict calories, a lifestyle change alters how you eat. Don’t temporarily limit spending. Instead, change how you spend. Work to become more conscious of your credit card spending habits. Set limits or alerts to notify you when you reach a specific amount. Keeping your spending below 30% of your credit limit will also boost your credit score. Grocery stores thrive on customers’ impulse purchases. Save money by not getting a cart. Instead, use a handbasket and buy only what’s on your list. Once it’s full, it’s time to check out and leave. Trying to save money for your summer vacation? Every financial decision has a trade-off. Instead of dining out tonight, you can save that money and enjoy a nice meal while away on your trip. Subscriptions are so popular today that the FTC proposed a “click to cancel” rule – making it easier to unsubscribe from services. Calculate how much you pay in subscriptions monthly & set a goal to reduce it by 25%. Companies across all industries use the subscription business model to maximize revenues. From streaming services to car washes – subscriptions are everywhere. Do you know how much you spend annually on these services? When trying to save money, review your credit card statements for frivolous purchases. Identify what triggered you to buy. For example, many people shop when bored, stressed, or because of pressure from social media. Most online checkouts feature Buy Now, Pay Later (BNPL) options, tempting you with affordable payments. Yet, juggling multiple due dates can be tricky – missing one payment can turn costly. Always read the fine print. Can you go a day without spending money? What about a weekend? Or even a whole week? Challenge yourself to see how long you can without spending on non-essentials. It’s tricky and eye-opening just how often we spend. Give your credit card a break and go on a cash diet. At the start of the month, give yourself a cash allowance for non-essentials. This strategy makes you think twice before spending & helps cut down on interest charges. Lifestyle creep is when you begin to spend more as your income increases. While a raise or bonus is meant to help improve your financial position, don’t forget to increase your savings in proportion as well. Lifestyle creep doesn’t only result from an increase in income. It can happen as more credit is made available to you as well. For example, if you open a new high-limit credit card, you might be inclined to spend more. Go green and embrace reusable products to cut down on waste and save money long term. Consumers can now buy everything from reusable paper towels and grocery bags to silicone-sealable bags and reusable dryer sheets. “Spaving” is a term that describes marketing tactics that encourage you to spend more to save more. BOGO deals and free shipping thresholds are popular examples. These offers sound smart but often lead to overspending.