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Savvy Saving and Budgeting tips from our friends at the REALTORS® Federal Credit Union!

December 2, 2010  |  by Anne

Savvy Saving

  • Emergency savings are for times like this. If you have saved some money, pat yourself on the back – you deserve it. Take out only what you need and spend prudently.
  • If you do not have a savings account to fall back on, don’t despair. However, this is a good example of a situation where an emergency savings would be helpful, and may be the perfect motivation to start one.
  • Ask your employer to have money deducted from your paycheck and deposited into a savings account. Three to six months of accessible expenses in a liquid account is standard.

Budgeting Basics

  • Financial planning begins and ends with a realistic budget. If you haven’t reviewed your goals, assets, income, expenses, and debt in a while (or ever) now is the time to do it. Sit down and do the numbers crunch. It is worth the effort.
  • Once you have an accurate idea of where your money is going each month, take a good, hard look at it. Are there areas you can reduce or eliminate? Just how important is the $4 morning muffin and coffee? Five times per week will run you $80 a month. This is your opportunity to analyze when and how you spend your money – and make positive decisions about what you may want to change.
  • Track your expenses. It’s a great habit to get into, and you may be able to prevent “money leakage” – the fast cash $40 that seems to evaporate before you leave the ATM machine. By plugging the holes now, you can save more efficiently for the times when you will really need it.

For more information on the REALTORS® Federal Credit Union, visit

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