Financial Education

It’s never too late to start saving more money. These five tips will help you trim spending, beef up savings, and reduce stress.

Pay off your credit cards to save money. Let's say you have a $3,000 balance at 18% interest. If your minimum payment is 2% of the balance due each month (in this case $60), it will take you 7 years and 8 months to pay it off and you'll incur $2,586 in interest. But if you increase your monthly payments to 8% of the balance due (in this case $240) -- much more than the minimum--you'll reduce the payback time from 7 years and 8 months to 1 year and 4 months, and your interest costs now are only $347. You've just "saved" $2,239.

Pay yourself first—set up automatic transfers to your share or share draft account. Have your paycheck automatically deposited to your credit union account. Consider using direct bill payment from your share draft account for recurring payments like household bills, insurance premiums, automatic investment and savings plans, mortgage payments, auto loan payments, and charitable donations. Set up a Christmas Club Account. Participate in your employer's tax-advantaged retirement plan.

Grab a calculator. Add up what you spend on so-called "little things" that end up being budget-busters:

Small changes mean big savings on your utility bill:

Regular automobile maintenance—including low-cost oil changes, filter changes, and tire rotation—can save big bucks by preventing costly repairs. Keep your engine tuned and your tires inflated to their proper pressure. On the road, stay within speed limits; gas mileage decreases when you drive faster than 60 MPH. Avoid "jackrabbit" starts, unnecessary idling, remove excess weight from the trunk and combine errands.

The long lazy days of summer have a way of flying by, and if you’re not careful, they can whittle down your budget just as fast. Avoid a budget burnout by watching for these budget-busters.

Rather than resorting to expensive day camps for the kids, check with your local library or city’s park and recreation department for free or low-cost programs available for children.

Park visits, beach days, and zoo days have a way of guzzling up your gas. Consider limiting day trips to a couple times a week, or parking in a central location and walking from there.

Busy summer days can make it tempting to give meal planning a break, which can mean last-minute trips to the store, or extra eating out. Consider foods that are easy to prepare and fun to eat, including meats and vegetables to grill.

Consider ways to reduce the length of time your air conditioner runs, such as opening windows at night, using fans, and keeping blinds closed on hot sunny days.

Be sure to shop your own closet before heading out for new clothes for the new season. If you still need new clothes for the season, consider classic items that remain trendy and are more likely to remain evergreen from summer to summer.

Tents, coolers, hammocks, lawn furniture—they all sound tempting for summer, but consider how much you’ll use each new item versus how necessary it is to have a new one.

There’s nothing wrong with a great summer vacation, but if it forces you to use credit, consider making smaller, less expensive plans and start saving up for bigger plans next summer.

With spring cleaning season upon us, many will take the opportunity to polish up home, health and finances too. Just as you likely have different methods for cleaning up different parts of your home, the different aspects of your finances require various degrees of attention, care, and scrubbing. Consider these financial not-to-do’s in order to clean up and polish just right.

During the holidays it’s important be on guard and protect yourself from scammers. As much as we look forward to the holidays, scammers enjoy this time of year even more. After all, it’s natural to let your security slip a little when you’re busy and spending a lot.

Scammers are using the pandemic to benefit themselves by stealing personal information from their victims. Using telemarketing calls, text messages, social media platforms, and even door-to-door visits to perpetrate COVID-19-scams, these scammers offer anything from COVID-19 testing and U.S. Department of Health and Human Services (HHS) grants to Medicare prescription cards in exchange for personal details, which can then be used to fraudulently bill federal health care programs and commit medical identity theft.

Maui FCU will be counting down the holidays with tips to revamp your Holiday Shopping Habits. It’s easy to get wrapped up in giving the perfect gift to everyone you know during the holiday season. But there is such a thing as being too generous, especially when it becomes a hazard to your finances. Consider these holiday spending tips to get you through the holiday season without crumbling your budget.

Make a list. Write down everyone you plan to give gifts to. Set a price limit for each person to keep your budget on track!

Price check. If you’re doing your shopping in-store, use your phone to see if you can find a better price somewhere else. Many stores will do a price-match if you can show them a better price is available at another retailer.

Get Rewarded. If you’re going to use a credit card for your holiday shopping, you may as well get something in return for doing so. If you’re not already using a credit card that features rewards, consider applying for a Maui FCU credit card to start earning reward points for all your holiday shopping.

Don't Procrastinate. You're more likely to overspend when you're shopping in a rush, so don't wait until the last minute to hit the stores. Plan ahead and take your time to watch for good sales.

Stay on Top of Your Spending. Pay your bills regularly and use online banking and account statements to keep track of your spending.

Avoid Shopping Sprees. Create a list of gift ideas and then stick to it when you enter a store. If you feel tempted to make off-list purchases, consider leaving the store for a few minutes to give yourself time to think about your purchases before making them.

Consider Making Gifts. A homemade gift may not work for everyone on your list, but a thoughtful gift - whether photos for grandparents or baked goods for teachers and neighbors - are good options for many.

After Holiday Planning. Now that you've survived the holidays, preparing for next year's season is probably the last thing you want to do. But trust us on this - taking the time now to plan and save for the next holiday season is the best way to ensure more joy and less stress next time.