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Ways to Survive and Thrive in Times of High Inflation: Savings Tips and More! 

Published December 21, 2022 

Inflation is on the rise, and it shows no signs of stopping. The high cost of living has made it more important than ever to save money and many may eventually struggle to make ends meet. In this blog post, we will discuss different ways that you can survive and thrive in times of high inflation, as well as saving account options at Neighborhood Credit Union! We will provide tips on how to save money and much more.

 

Focus on Saving

Saving money is one of the most important things that you can do in times of high inflation. We suggest keeping an eagle eye on your spending so that you have the most opportunity when it comes to saving your money. One great way to save money is to create a budget and stick to it. When you know exactly how much money you have coming in and going out each month, it becomes much easier to save. Another saving tip is to start using cash instead of credit cards. It's easy to overspend when you're using credit cards, so switch to cash and only spend what you have. 

The best method of saving money is to set aside a fixed amount each week or each month. This will help you to avoid spending unnecessary money and will also allow you to save money for future expenses. It is important to put an emphasis on saving, so it is recommended that you set aside at least 10% of your income each week or each month.

 

Automate Your Savings

One of the best ways to make sure that you can build up your savings is by automating your savings. Automating your savings means you will have a set amount of money automatically transferred from your checking account to your savings account regularly. This can help you ensure you can save money without thinking about it, which can be helpful if you find it difficult to save money. Additionally, automating your savings can help you to avoid spending all your money each month, which can help you to save money in the long run.

 

How To Automate Your Savings

One of the fastest ways to build up your savings is to automate your savings by setting up a reoccurring transfer in Online Banking or the MyNCU Mobile App.

 
Online Banking 
Step 1: Login to your Online Banking account. From the main menu, hover over Move Money and select Schedule a Transfer. 
Step 2: Customize your options according to your savings plan. 
FROM: Choose the account from which you want to withdraw funds. Select from the dropdown. 
TO: Choose the account the funds are to be moved to. Select from the dropdown. 
DATE: From the calendar, select the date you want the transfer to occur. 
REPEAT TRANSFER: to create a reoccurring transfer, check the Repeat Transfer box. 
FREQUENCY: from the dropdown, choose how often you want this transfer to occur. Click Save to confirm your selection. 
AMOUNT: enter the amount you want to have transferred each time. 
MEMO: if you'd like, type a description of the transfer for your records. 
Step 3: Click Make Transfer. You have successfully set up a reoccurring transfer in Online Banking

 
MyNCU Mobile App
Step 1: Login to the MyNCU Mobile app from your iOS or Android device. From the bottom menu, select Make a Transfers, then select Schedule.  
Step 2: On the Schedule page, select Schedule a Transfer.  
FROM: Choose the account you want the transfer to come from. 
TO: Choose the account you want the transfer to move to,  
AMOUNT: Set the amount of the transfer.  
FREQUENCY: How often the transfers occur.  
Step 3: Tap Schedule. Your reoccurring transfer has been set in the MyNCU mobile app.  

 

Saving Accounts at Neighborhood CU

Explore our saving accounts to find the one that's right for you! 
 
Account Minimum Deposit APY* More Information
Prize Savings $25 0.10% Learn More
High Yield Savings $10,000 2.00% Learn More
Certificates of Deposit (CD) from $500 2.65% up to 4.00% Learn More
Money Markets $1,000 0.10% - 0.10% Learn More
Individual Retirement (IRA) $100 0.10% Learn More
Christmas Club $25 0.10% Learn More
Kid's Savings $25 0.10% Learn More
Special Savings $25 0.10%
*APY = Annual Percentage Yield.

 

Check out Coupons

There are a lot of different ways that people can save money. One popular method is to use coupons. There are many websites and apps that offer coupons for a variety of products. You can also find coupons in newspapers and magazines. Another way to save money is to buy in bulk. This can be a great way to save on groceries and other household items.

 

Avoid Unnecessary Spending

People often spend money on things that they don't need, which can be hard on their finances. Unnecessary spending can include buying clothes you'll never wear to spending money on nights out. One of the biggest problems with unnecessary spending is that it can be addictive. Once you start spending money on things that you don't need, it's hard to stop. This can lead to financial troubles down the road. One way to avoid unnecessary spending is to create a budget and stick to it. This will help you track how much money you're spending and where it's going. If you're having a tough time sticking to your budget, try cutting back on your discretionary spending. This includes things like cable TV, eating out, and entertainment expenses. If you're still having trouble reigning in your spending, consider talking to a financial advisor. They can help you create a plan to get your finances back on track.

 

Focus on Your Debts

One final tip for surviving during periods of high inflation is to get rid of any debt that you have. This includes credit card debt, student loan debt, and any other type of debt. The sooner you can minimize debt, the better off you will be. 

Debt can be a major financial burden, and it can become even more difficult to pay off during periods of high inflation. If you have debt, plan to pay it off as quickly as possible. You may need to make some sacrifices but getting rid of debt will be worth it overall.

 

Negotiate your Bills

When it comes to negotiating rent, bills, and other utilities, there are a few things you can do to make sure you're getting the best deal possible. First, always be prepared. Have a list of what you want and what you're willing to pay. This will give you a starting point for negotiations. Next, be reasonable. Don't ask for something that's completely out of reach. And finally, always be polite. No one likes a pushy negotiator. By following these tips, you'll be able to get the best deal on everything from rent to internet service.


 

Conclusion

In times of high inflation, it's more important than ever to be smart about your finances. There are many things you can do to save money and protect yourself from the harmful effects of high inflation. Follow these tips, and you'll be able to survive and even thrive during times of economic instability.  

Girl smiling at camera
Skyler has been a Marketing Content Specialist at Neighborhood Credit Union since 2019. 

Who We Are 

As an active part of the community for 92 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, Ellis, and Tarrant counties. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of 60,000. For more information, call (214) 748-9393 or visit our homepage


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