turned to the Credit Union National Association to provide tips to consumers in an article Thursday on re-evaluating or creating a savings plan.
Paul Gentile, CUNA executive vice president, strategic communications and engagement, gave this advice in the article, "How to Create a Successful Savings Plan":
- "No matter what, put something away each month. Do it automatically and forget about it. Then one day you'll wake up and be surprised by how much you have."
- Refinance your mortgage since rates are so low. He noted the average rate consumers pay on mortgages is still around 7%, but rates have been below 4% for more than a year. The money saved should go directly into savings.
- Try to get a lower interest rate on your car loan and apply the difference to savings. "We are seeing lending opening up a little bit more."
- Call your telecom provider bill to try to get a reduction in your bill. "More often than not, you'll get off the phone with your carrier with a cheaper plan because they don't want you to turn to another provider." He noted he received $40 off a $190 a month bill that way.
To read the entire article, use the link.