Salal Credit Union

News & Updates

Miniature Shopping Cart

Studying Your Spending Habits Can Save You Money

Review Your Spending

How often do you take the time to study your spending habits? Do you look at your debit and credit card transactions every month? If you aren’t, and you’re looking for ways to cut back on your spending in an effort to save money, you may want to consider making it part of your monthly routine. When you do, you’ll start to identify areas you can cut out.

Underused Subscriptions

Go through your list of subscriptions–if you don’t have a list, take the time to make one–to review exactly what you’re spending on these subscriptions, whether it be for  software, streaming, or online services. Ask yourself which ones you can eliminate, then cancel them on the spot. Performing this review could save you hundreds of dollars each year.

tacos on a plateBuying Lunch Every Day

Meal-prepping is a great way to stick to healthy eating or follow a specific diet, but it can also help you stick to your budget. There are even “budget-friendly prep plans” available that help you spend less at the grocery store. The more food you can prepare at home, the better off your food budget will be. If you’re aiming to hit major financial goals this year, going homemade is one of the simplest ways to cut back without making drastic sacrifices.

Disposable Water Bottles

Disposable water bottles aren’t only a waste of your money, they’re bad for the environment. While you get into the habit of meal-prepping and packing your lunch, include fill up a water bottle to avoid grabbing one on your way to work. The savings will add up, allowing you to get closer to your savings goal.


On average, we spend more than $100 a month on cable. Are you getting what you want out of this service or are you also spending on streaming services such as Hulu, Netflix, and HBO? Consider keeping your streaming services and cutting the cable cord to reap major savings over the course of this year.

Excess Groceries

Americans lead the way when it comes to the amount of food that is tossed out each day–150,000 tons–which is about a pound of food per person each day. Think of the money that’s going down the drain! Before you go to the grocer, think about the meals you’ll make for the week and write down exactly what ingredients you’ll need to prepare them. When you get to the store, don’t get anything that’s not on your list.

Person online shopping holding a credit cardLate Fees

Late fees can really mess up your monthly budget. Plus, there’s the consideration of your credit score; a missed payment can lower it, which affects your ability to borrow money for bigger purchases in the future. Setting up automatic payments online for fixed costs such as insurance, internet, cable, and utilities, you’ll avoid missing a payment. For expenses like rent that can’t be paid online, set up reminders in your phone or calendar and pay them at the same time each month so it becomes routine.

It’s possible you’re spending money on things you don’t really need. Taking the time to study your spending habits will help you save money by redirecting those dollars toward your savings, retirement, or investment accounts.


Content courtesy of BALANCE.