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Practical Ways to Save Money

by | Jul 14, 2022 | ECU Blog, Wealth Mgmt

AUTHOR:  MADISON HOMAN

Key Summary:
Saving money often starts with changing “spending” habits. Here are some ideas that can help: Get cooperation from your family; Involve your kids; Control living expenses. Want to learn more practical ways to save money? A credit union can help!

When you’re on a mission to save money it might seem like it will take forever for savings to grow. Saving money often starts with changing “spending” habits. Here are some ideas that can help:

Get cooperation from your partner.

Controlling spending starts with you but, if you have a spouse or children, it’s essential to have buy-in from family members to make it work.

Talk with your partner first, then involve your kids in age-appropriate ways. Discuss money management as a couple—get organized, put goals and details in writing, and schedule a money management meeting. Also:

  • Develop a spending plan together.
  • Agree on who will take responsibility for what.
  • Learn more about your finances. Honesty is key. Know details so you know what you’re dealing with.
  • Set SMART goals: specific, measurable, attainable, results-oriented, and have set time periods.

Involve your kids.

Once you and your partner are on the same path, involve your children:

  • Make it fun — Have a weekly contest to see who can save the most. When grocery shopping, see who can find the best deal on a certain item.
  • Be consistent — Make sure you and your partner agree on what you’ll teach your kids about money management and how you’ll do this.
  • Stay flexible — Realize that life happens. If you can’t save as much one week or month, that’s OK. Get back on track as soon as you can.
  • Be a role model — What you do in front of kids makes more of an impression than what you say.
  • Separate wants and needs — Maybe your family would like to take a vacation, but you also need a different car. You don’t have to go without everything, and you can make adjustments to plans. For example, consider a “staycation” where you take day trips around town instead of scheduling a family road trip this year.
  • Pay bills together — Let your children watch as you pay bills online or write checks.

Control living expenses.

We often accept expenses as they are without trying to change them. Here are some areas where, with just a little work, you might be able to reduce your bills:

  • TV, Internet, and phone — Check with providers to make sure you’re getting the lowest rates. Contact providers before the promotional periods end to find out what future rates will be. Don’t hesitate to contact providers at any time to ask for the best deal. Find out if bundling services can help you save.
  • Insurance — Compare policies. Check the National Association of Insurance Commissioners website for price comparisons and the Insurance Information Institute for advice about picking reputable companies. Consider raising deductibles. Ask about discounts for kids away at college and not using vehicles, and about good student discounts for kids in high school.
  • Food — If you fall into the routine of going out for dinner or picking up takeout, try cutting back. Stop at the grocery store and buy ingredients for a fun meal—have a taco night or make your own stir fry. Bring leftovers to work or have healthy options at home to use for lunch. Use coupons when grocery shopping. If you don’t get the newspaper, consider downloading the flipp app to your phone or tablet. The app allows you to browse ad flyers for stores in your area and highlights the top deals.
Saving money often starts with changing spending habits.

Your credit union can help.

The professionals at your credit union can help you—and your family—get on track with saving:

  • Use direct deposit and automatic transfers from checking into savings. Chances are, once you set up transfers to savings you won’t even miss the income—and you’ll establish a great habit.
  • Automate anything you can by using online or mobile bill pay and reminders. This will help you make consistent progress on financial goals, and help you avoid late fees.
  • Refinance your mortgage or car loans to take advantage of lower rates, if you qualify. Talk to a credit union loan officer about options to reduce your debt load or to retire debts faster.

Give yourself credit for your progress and accept that reducing spending and increasing savings will be a lifelong effort. But it also pays lifelong dividends.

Practical Ways to Save Money. (n.d.). Default. https://www.yourmoneyfurther.com/blog/post/YMF/2022/03/16/practical-ways-to-save-money

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Totaling it Up: The True Cost to Drive Your Car

by | Jul 14, 2022 | Autos, ECU Blog

AUTHOR: MADISON HOMAN

Key Summary
The true cost to driving your car can include the following factors: financing, depreciation, maintenance and repair, insurance, and your driving habits. Learning how to save on these costs can make all the difference.

As every car owner knows, cars are expensive to run. According to the 2021 edition of the AAA’s “Your Driving Costs,” you could drive a small sedan 15,000 miles a year for 48 cents per mile. The cost can reach 66 cents per mile if you put 15,000 miles on a four-wheel drive. That’s an annual cost of $9,900. And that’s just the beginning of your annual costs. Many factors feed into the cost of driving: financing, depreciation, repairs and maintenance, insurance, and driving habits. Let’s take a look at how you can save on these costs.

Financing

Credit unions often offer the best rates on new car and used car loans, according to data from Datatrac—with an average of 48-month loans more than one percentage point lower in each category. But loan rates alone do not tell the whole story. On a 60-month, $20,000 loan, the monthly payment would be $378 at 5% and $387 at 6% — not much difference. A meaningful comparison must include other factors, like loan terms, fees, and prepayment penalties. If the dealer offers a rebate or low-rate loan, don’t automatically accept a low-rate loan. Use this calculator to determine whether the low-interest rate or the rebate is the better offer for your situation.

Depreciation

Depreciation happens after the salesperson hands you the keys and you drive off the dealers’ lot. Even before your new-car joyride is over, your car has lost value. The rate of loss can be considerable. In fact, AAA estimates the average annual depreciation on 20% to 30% by the end of the first year.

Maintenance and Repair

You’re going to need to keep your car in top shape, which isn’t cheap. AAA estimates the maintenance costs of sedans at about nine cents per mile.

Insurance

The insurance expense for the average sedan with full coverage is about $1,555 per year, which would cover a driver with a good record and good credit. Drivers who are male, younger than age 25, poor students, or have a record of moving violations and/or accidents are more expensive. Drivers who combine several of these drawbacks find insurance the most expensive. Regional factors can matter: Big-city rates tend to be much higher than rural ones. Raising the deductible and reducing the maximum coverage on the policy can lower premiums substantially, but both options also increase your risk. Make sure to ask about discounts for multiple cars, good driving records, lower annual mileage, and good grades (for students).

Driving Habits

The way you drive can make a huge difference in overall costs as well.

  • Drive safely. Accidents always cost money, even if you’re insured, and you’ll be lucky if the consequences are limited to finances. Drive defensively and try to stay off the road late at night when accidents are most common.
  • Keep tires inflated. This improves mileage, preserves tires, and decreases the chance of a dangerous blowout. Inflation pressures should be listed on the sticker inside the glove box, or in the owner’s manual.
  • Drive mild, not wild. By accelerating slowly and coasting up to stoplights, you can save as much as 40% in fuel consumption. The higher your speed, the more fuel you will burn.
  • Use cruise control. Tests showed a 4% to 14% improvement in mileage from this simple step. It may also prevent the dangerous speed creep that can lead to a costly speeding ticket, which may, in turn, increase your insurance costs.
  • Drive less. This will reduce costs for gas, oil, maintenance, and depreciation.
  • Don’t drive. Think about carpooling, taking public transit, biking, or walking. After all, a gallon saved is $3 or more earned—and remember, fuel is only a small fraction of the overall cost of driving.

Totaling it Up: The True Cost to Drive Your Car. (n.d.). Default. Retrieved July 14, 2022, from https://www.yourmoneyfurther.com/blog/post/YMF/2022/03/16/totaling-it-up-the-true-cost-to-drive-your-car

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Atlantis Wealth | Are you on track?  Mid-Year Review from Atlantis Wealth

by | Jul 13, 2022 | ECU Blog, Wealth Mgmt

Hey there!

With the first half of the year in the rearview mirror, summertime is a great chance to touch base. A mid-year financial review can help to take stock of your accomplishments and uncover any needs for adjustments. It’s important to regularly evaluate your financial situation, and a small investment of review time can help ensure you’re on track for both short and long-term objectives. Here are a few areas to examine:

Review financial goals. Take stock of your overall financial resolutions and long-term goals to determine whether you are making appropriate progress or if there’s a need for adjustments.

Revisit your budget. Assess any significant life changes that may impact your financial needs such as marriage, the birth of a child, divorce, or job change. Determine if any recurring costs could be eliminated or any spending habits tightened up.

Tackle taxes. Do you only focus on taxes right before tax time, when it may be too late to implement effective tax-saving strategies? Review your investments and tax withholdings to make sure you’re incurring the smallest tax burden possible. Also, look for opportunities to maximize charitable deductions, use an FSA account, or make adjustments that could lighten your tax load.

Assess savings. You should have at least three months of living expenses in your emergency fund. If you’re not there yet, don’t worry! Look to see how you can start building it up and consider setting up automatic deposits. Also, check on your progress toward other savings goals.

Review retirement. Check on retirement savings to assess progress and determine if you need to increase contributions or not. Consider account types, contribution sources, and tax implications.

Check on credit. It’s a good practice to pull a free credit report every year and examine for any discrepancies or suspicious activity and review your score. The three major bureaus offer a free report every 12-months. If needed, adjust where possible to improve your credit score.

Evaluate debt. Debt can be a major expense and a hindrance to making progress on goals. Review outstanding debt and what progress has been made toward eliminating it, adjust any habits to prevent you from incurring more.

The year is still young! Even if your review reveals a diversion from your goals, there is still time to modify and put things back on track. Identify the areas that require a bit of extra attention and make needed changes to improve them by the end of the year.

If you would like to hold a mid-year review together, click the link below to schedule a time that works for you!

SCHEDULE A MID-YEAR REVIEW!

Thanks for being a great client!

Christy

Securities are offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Atlantis Wealth are not affiliated. Cambridge does not provide legal or tax advice.
Atlantis Wealth, 302 Vinca Cove, Madison, MS 39110, United States, 615-620-5499

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Atlantis Wealth | Why I’m an optimist (good stuff inside)

by | Jul 11, 2022 | ECU Blog, Wealth Mgmt

Happy Monday!

For the past few months (years, really) it seems like there’s a 24/7 stream of bad news bombarding us all the time.
Markets, the economy, housing prices, grocery store prices, gas prices, and that whole COVID thing that’s still happening.

It’s a lot.

So, what do we do?

Do we give in to doom-scrolling and negative headlines?

Or do we look for the bright spots in our lives?

Gratitude and optimism always get my vote.

I don’t mean putting our heads in the sand and ignoring what’s happening.

I mean actively taking a look around and appreciating the blessings in our lives.

Our families.

Our friends.

Our neighbors and communities.

Our progress.

Our place in this beautiful world.

I think the pros call that practicing “conscious gratitude.”

What are you grateful for right now? Can you hit “reply” and let me know?

It’s pretty common to hear financial people like me say “focus on your long-term goals” or “stick with the strategy we built together.”

That’s easier for some people. They look to the horizon, take a deep breath, and keep on going.

Other people find the uncertainty of what MIGHT come next challenging.

If that’s you, what if we focus on being present and connecting with what’s going well right now?

So, what’s great in your world? What inspires you right now?

Can you let me know?

I wish I could tell you it was all going to be rainbows and unicorns ahead.

But it won’t be. There will be bumps and rocks and potholes.

But amazing things are coming as well. I’m optimistic about what’s ahead and I’m looking forward to sharing it with you.

As always if you would like to chat about anything going on in your life right now, click here or the button below, and let’s schedule some time together.
I’m grateful to have you in my life! Have a wonderful and grateful week!

Optimistically,

Christy

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Sales Tax Holiday 2022

by | Jun 27, 2022 | Community, ECU Blog

Clothing, School Supplies, and Computers

Tennessee’s traditional sales tax holiday on clothing, school supplies and computers begins at 12:01 a.m. on Friday, July 29, 2022, and ends at 11:59 p.m. on Sunday, July 31, 2022.  Click here for more information about what items are tax-exempt during this holiday. 

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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Food and Food Ingredients

For 2022, Tennessee’s General Assembly has approved a sales tax holiday on food & food ingredients (grocery sales tax suspension) which begins at 12:01 a.m. on Monday, August 1, 2022, and ends at 11:59 p.m. on Wednesday, August 31, 2022.  Click here for more information.     

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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Gun Safes and Safety Equipment

For 2022-2023, the Tennessee General Assembly has approved a sales tax holiday on gun safes and safety devices that begins at 12:01 a.m. on July 1, 2022 and ends at 11:59 p.m. on June 30, 2023.  Click here for more information.

Source: Sales Tax Holiday. (n.d.). Www.tn.gov. https://www.tn.gov/revenue/taxes/sales-and-use-tax/sales-tax-holiday.html

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15 tips and ideas for cutting car insurance costs

by | Jun 23, 2022 | Autos, ECU Blog

Jan 27th 2021

Have you ever opened your auto insurance bill and wondered how you could save a few bucks? Wonder no more. We’ve got you covered. Let’s look at a few options. 

The price of car insurance can be daunting. However, if you’re savvy about using the 15 tips and tricks listed here, you may be able to cut your costs.

First things first

Did you know your car’s make, model, and safety rating all play a role in the cost of your car insurance premium? Before you even buy a car, it’s a good idea to find out which automobiles get the lowest insurance premiums by consulting the Insurance Institute for Highway Safety (IIHS) ratings and asking your insurance agent for insight.

The biggest factor

The biggest factor in your premium is often your driving record. Most states use a “penalty points” system for driving infractions, giving a certain number of points for each motor vehicle offense. Some states will allow you to expunge your older points, while others will eliminate points if you take a driving safety course. You can learn more from your DMV.

Good credit

Insurance companies have done studies showing that people with good credit are less likely to make an insurance claim. If you make a point of paying bills on time and get rid of credit card debt before you purchase car insurance, you could be rewarded with lower premiums.

More than one driver on your policy

Generally, if you insure more than one driver on your policy, such as a family member or co-owner, your car insurance premium can be reduced. The downside is, any teenagers added to your policy will likely increase your premiums.

Teenagers can get insured with parents

Teens typically pay the highest insurance premiums on the road. However, if a parent simply adds a teen to his or her existing car insurance policy, the added cost will be only a fraction of the individual teen rate.

Group insurance plans

Some employers offer group car insurance plans with lower premiums than you would get on your own, so consider asking your workplace human resources department about this. You might also want to check if any organizations you belong to, such as professional associations or service clubs, offer group plans.

Shop and compare

The way companies insure different cars and people can vary by thousands of dollars. Insurance agents suggest you shop around, getting at least three different quotes from three different companies before purchasing.

Bundling

If you already have homeowner’s insurance or another kind of insurance, or if you are considering buying more than one insurance policy, ask your insurance agent if it is possible to “bundle” your insurances. Companies may offer significant discounts if you bundle.

Anti-theft and safety devices

Consider asking your insurer if they will lower your car insurance premium for installing anti-theft or safety devices on your vehicle. Usually, the company will require a specifically approved device in exchange for a discount.

Low mileage discounts

Don’t drive too often? This could mean you are a low risk for your insurer. If you keep your annual mileage under the limit set by some companies, you can reduce your premiums.

Higher deductibles

If you have a solid driving history and a healthy emergency savings fund, taking a higher deductible on your insurance might significantly reduce your monthly premium. It’s important to remember you have to pay that deductible if you have an accident.

Foregoing certain insurance

Many drivers carry collision insurance, which covers damage to your car in a collision, and comprehensive insurance, which covers theft and damage from natural disasters. However, if you have an older vehicle that is only worth $1,000, the added cost of these insurances might not be a good exchange for you.

Skipping the extra frills

Even if you cut collision and comprehensive insurance, there can still be other “extra frills” embedded into your standard liability policy, such as roadside assistance or rental car coverage, that cost you money. It’s a good idea to examine your policy word-for-word to make sure that you do not pay for frills coverage you don’t really need.

Avoiding monthly payments

Frequently it is cheaper to pay your annual insurance costs in one lump sum or in two six-month installments. Monthly payment plans can have additional charges for processing.

Other discounts

Happily, insurers provide all sorts of special discounts for long-time customers, good students, military veterans, and other groups. Your insurance company can tell you whether you fall into any of these cost-saving categories.

Source: Learn how to save money on your car insurance policy. (n.d.). TruStage Insurance. Retrieved June 23, 2022, from https://www.trustage.com/learn/managing-money/cut-auto-insurance-costs

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