The personal banking experts at Hawaiian Tel Federal Credit Union  know there are two essential strategies to growing your savings: increasing your income and cutting your spending. Their trusted financial planning services are designed to boost your savings and investments for a comfortable, financially stable life.

3 Steps To A Better Financial Future

Whether you’re fresh out of college living paycheck to paycheck or a 50-something ready to retire, these three basic financial tips from our personal banking experts can help you build your stockpile, reduce your debt, and raise your disposable income:

1. Save First

Most people pay off their bills and random expenses first, then save whatever money is leftover. However, financial experts suggest the opposite. By setting aside a predetermined amount each month, you can avoid overspending and depleting your potential savings. Whether it’s $20 or $200 from each paycheck, putting a fixed amount into a savings account will force you to save even when you feel like you don’t have the funds to do so.

2. Keep Your Savings Untouchable

Many people dip into their savings account when they “need” to. While medical emergencies are one thing, some people define needs as extra groceries, electronic repairs, and even occasional luxuries. If you frequently borrow from your savings account for non-necessities, move your savings to an online bank or credit union where you don’t have as much access to the money. Doing so may force you to reevaluate your true needs.

3. Spend Less

The key to saving more is spending less. Though this may sound obvious, most people don’t grasp this concept until they are forced to live on a minimal budget. To prevent a limited lifestyle, find things to trim from your expenses now. Whether it’s a pricey haircut or daily cappuccinos, trimming excess expenditures will save you hundreds of dollars a month. For every purchase you pass up, place that money into a separate savings account.

The personal banking experts at Hawaiian Tel Federal Credit Union want to help you store resources for a rainy day. For the tools you need to invest wisely, call (808) 832-8700, or visit the website to learn more about their account service options.