6 Tips for Upcycling at Home

Upcycling, or reusing unwanted items by giving them new life, is an environmentally friendly way to save money. Here are seven tips for upcycling at home.

Identify what you have

Before you start upcycling, take inventory of repurposable items you have at home. Walk through your home, paying close attention to stuff you no longer use, such as old furniture, clothes or household items.

Choose a project and get creative

Once you’ve collected some items for upcycling, choose a project to work on. You can look up ideas online or ask experienced upcyclers to help you choose the perfect project. Of course, you can also dream up your own idea. The possibilities are endless – let your imagination run wild!

When choosing a project, pick one that suits your skill level and the materials you already have on hand.

Prep your tools before you start

It’s best not to get started on an upcycling project until you have all the tools you need on hand. Depending on your project, you may need to prepare sandpaper, paint, a glue gun or a sewing machine. If you plan to upcycle often, it can be worthwhile to invest in some versatile tools you’ll use often.

Don’t be afraid to ask for help

If you’re new to upcycling, or you’re working on a challenging project, you don’t have to go it alone. Reach out to friends or family members who have experience with upcycling, or join a local upcycling group to get inspiration and advice. You can also find a wealth of information online.

Share your work

Once you’ve completed your upcycling project, share it with others. Post a photo of your project on your favorite social media platforms, or enter it into a local or online upcycling competition. By sharing your work, you’ll inspire others to take up upcycling, too.

Take it to the next level

If you want to take your upcycling to the next level, there are plenty of projects that involve more advanced skills. You can build a desk out of old pallets, or even a chicken coop out of a trampoline frame!

Upcycling is an easy way to reduce your environmental impact. Have fun and see what you can create!

Going Organic on a Budget

Going organic is a great way to improve your personal health and the health of the environment. Fortunately, it does not have to mean spending big. Here’s how to go organic on a budget.

Prioritize your purchases

If you’re on a strict budget, you likely won’t be able to go completely organic all at once. Start with what’s most important to you. You can move on to another area as the budget allows until you’ve completely embraced the lifestyle.

Buy in bulk

Look for bulk b ins at your local natural grocery store for steep savings. If you can’t finish all your bulk organic purchases before they’ll go bad, partner with a friend and split the costs.

Shop the seasons

In-season produce generally tastes better than off-season fruits and vegetables, and it’s cheaper. Choosing organic produce grown locally while it’s in-season can really bring down your grocery bill. A quick Google search can tell you what’s in season now in your area of the country.

Grow your own

If you have the time and space, consider growing your own organic greens and herbs. This way, you’ll have access to inexpensive produce that’s fresh and ready to eat.

Shop the farmers market

Your local farmers market is a great place to find fresh, locally grown produce at affordable prices. Plus, it supports local business.

Stalk your favorite organic brands on social media

Brands will alert followers to fantastic deals and discounts that may otherwise be missed. As soon as you find an organic food brand you love, follow it on Twitter, Facebook and Instagram. This way, you’ll never miss a sale.

Look for store brands

Lots of grocery stores now offer their own line of organic products. These tend to be cheaper than companies that are not affiliated with a specific store.

Shop smart

Finally, follow the basic rules for smart shopping to save on your purchases. Plan your menu around the sales, shop with a list and take a smaller cart, or even a basket. If all else fails, shop with cash.

Follow these tips to make the switch to an organic lifestyle without breaking the bank.

Travel Hacks 1 of 12: 5 Ways to Save on Airfare

Planning a trip overseas? Airfare will probably be your largest vacation expense. Fortunately, there are many ways to save on airfare to leave you with more to spend while at your destination. Here’s a list of five ways to save on airfare.

1. Be flexible with dates and destinations

If you’re willing to be flexible about the dates and destination, you can potentially save hundreds on your airline ticket. Instead of choosing a date and destination for your vacation and then searching for the best prices, select a date and destination based on the best available deals.

2. Shop smart online

Harness the power of technology to score the best airfare price. Searching sites and apps, like Expedia, Orbitz and Priceline, is like using multiple travel agencies to find the best flights for your vacation. Kayak, another popular travel app, plugs your preferred dates into its search engine and searches airline sites and agency sites to provide you with all the prices and options available.

3. Act quickly to snag mistake fares

When an airline accidentally discounts a ticket, you can snag a flight for as much as 90% off its conventional price. Mistake fares get snatched up fast, so check your favorite airlines and flight apps often so you don’t miss a deal.

4. Consider booking with a foreign currency

If you’ll be flying a foreign carrier, it may be cheaper to pay for your ticket with the local currency of your destination. Before paying for your flight, check to see if it’ll cost less if you don’t pay in dollars. It can sometimes actually cost more this way, but you can often save a lot by simply changing your location from the U.S. to your destination.

5. Book early

You’ll typically find the best deals on international flights 3-6 months before the departure date. If you’ll be traveling during peak times, like summer or during holiday seasons, start your ticket search even earlier. Flights are updated constantly, so check often to get the best deal.

Use the tips outlined here to get the best deal on your tickets and keep your vacation budget intact. Happy travels!

How Can I Save on Holiday Shopping?

Q: The holidays always have me worried about money. With inflation soaring, I’m more stressed than ever. How can I save on my holiday shopping this year?

A: If you’re worried about making it through the holiday shopping season in the midst of record inflation, you’re not alone. A recent survey shows that 59% of American shoppers are stressed about buying holiday gifts due to higher prices this year. With some careful planning, though, you can enjoy stress-free holiday shopping. Here are seven easy ways you can save.

1. Shop early

Experts are urging shoppers to hit the stores earlier than normal this year to take advantage of early-season sales. Lots of big-box stores are struggling with a supply surplus thanks to an inflation-triggered decline in demand. This will likely lead to sales events to make room for more current inventory. Shop these sales for big savings.

2. Set a budget

Before you start shopping, build a reasonable budget for your holiday shopping. Make your budget easier to keep by allocating a specific amount for every gift, shopping with cash and/or reviewing your budget often.

3. Shop with a list

Instead of blindly hitting the stores, make a list of every gift to buy for friends and family. You’ll be far more likely to stay within budget when your purchases are pre-planned.

4. Leave some last-minute shopping for Green Monday

While it’s best to do the bulk of your shopping early in the season, you can leave some last-minute gift-shopping for Green Monday on Dec. 14. This is when retailers make their final pre-holiday markdowns.

5. Think outside the box

If ever there was a holiday season to get creative with gifting, this is it. Retail inventories are full of products that were backed up during the post-pandemic supply-chain disaster. Think furniture, home decor and more. While these items may not be typical holiday gifts, there’s no real reason you can’t delight a loved one with a new office chair, exercise bike or coffee organizing station.

6. Give gift cards

Protect your gift list against inflation by giving some gift cards. You can find discounted cards on sites like GiftCardGranny and CardCash, or use cash-back apps to earn them at no cost. Gift cards are easy to shop for, easy to budget for and appreciated by the receiver.

7. Use apps to save

In 2022, there are so many apps that can help you spend less on your shopping, and even put money back into your pocket. Try coupon-scanning apps like Honey, cash-back apps like Ibotta and points apps like Drop to save this season.

Use the money-saving tips offered here to shop for the holidays without breaking your budget.

Step 8 of 12 Steps to Financial Wellness – Know When and How to Indulge

Living a life of financial wellness means being happy with a lifestyle that’s within your means, but doesn’t leave you feeling like you’re lacking. At the same time, financial wellness means money choices are governed by discipline and not by emotion. So how do you strike a balance between the two?

Here’s how to indulge responsibly.

Live with a budget

To do this, track your spending for three months. Next, make a list of all your expenses and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category.

Leave room in your budget for “just for fun” purchases

As you work on building a budget, leave room for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, wisely choose an amount you can easily afford without feeling deprived.

Review your savings

Before giving yourself permission to indulge, make sure you’re setting aside some of your monthly income to savings. Ideally, short-term savings should be enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have.

Choose your “treats”

Everyone’s got a personal vice or three. Take a look at where your non-discretionary money went over the last month and highlight the more expensive impulse buys. Hold these purchases up to these questions:

Did this purchase bring me happiness or positive energy the day I bought it? How long did that feeling last?
Did this impulse buy blow my budget?
Does thinking about this purchase now fill me with joy, guilt or something else?

Use the insight about your indulgences to help you make better money choices in the future.

Lose the guilt

Once you’ve decided how much you want to spend each month on indulgences, it’s time to let go of guilt. If you’re spending responsibly, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, you can maintain your financial wellness.

Back-to-School Shopping Hacks

It’s back-to-school season, but that doesn’t mean you need to break your budget. Here’s six back-to-school shopping hacks to get you started.

1. Take inventory

Don’t set foot in a single store without first checking to see what you have at home. Keep a running list of everything you find so you know exactly what you have before you spend anything on new supplies and clothing.

2. Shop with a list

And we’re not talking about the list of required supplies your child’s school or teacher has sent home. When shopping for anything, it’s best to start out with a clear goal of what you plan to buy. This way, you’ll be less likely to overspend and come home with stuff you don’t really need.

3. Divide and conquer

The circulars are packed with specials on school supplies all summer long. The problem is that, while one store is offering a crazy-low deal on crayons this week, another is running a super sale on pencils – and the stores are across town from each other. Keep your savings and your sanity, by teaming up with another school parent. Divide the school supply list between, pooling costs and savings.

4. Let your kids choose some items on their own

Teach your kids a lesson in budgeting by allowing them to shop for one or more of the costlier items they need on their own. Set a reasonable budget together, but let your child do the actual choosing and paying. To encourage thriftiness, you can offer to allow your child to keep the change.

5. Save some stuff for later

There’s no need to purchase a complete autumn wardrobe before Labor Day. Waiting a bit for the mid-season sales will save you a ton of money.

If your kids are in need of some bigger ticket items this year, consider applying for a low-interest loan from Olean Area Federal Credit Union!

Use these hacks to cash in on savings this back-to-school season.

Should I keep Cash at Home?

Q: I’m seeing posts on social media about keeping cash at home during rapid inflation. Is this a good practice?

A: Keeping large amounts of cash in envelopes, kitchen drawers or stuffed under the mattress is not recommended during times of high inflation – or any time.

Why is it a bad idea to keep cash at home?

While it’s perfectly OK to keep some cash at home, storing a large amount brings two big disadvantages:

The money can be lost or stolen. Hiding cash under the mattress or anywhere in your house always carries the risk of being misplaced, damaged or stolen. Unfortunately, there is no way to trace or reclaim lost or stolen cash.
The money isn’t growing. When cash doesn’t grow, it loses some of its value. This is especially true during times of high inflation. The current inflation rate is 8.5%. This means, if you’d keep $1,000 at home for the next year and inflation stays at 8.5% during that time, your cash would be worth only $985. Of course, if inflation rates increase, the loss would increase as well.

Where is the best place to keep cash?

Here are some places you may want to keep your cash at this time:

Savings account. A savings account is a secure place to keep extra funds. When you open a savings account at Olean Area Federal Credit Union, there’s no risk of your money being lost or stolen.
Precious metals. Precious metals, like gold, silver and platinum, have proven to hold their value even in times of inflation and a volatile stock market.
Share certificates. A share certificate is a savings account that’s federally insured, has a fixed dividend rate and a fixed date of maturity. The fixed dividend rate will remain unaffected by the fluctuating national interest rate.

Inflation is high, but that doesn’t mean it’s a good idea to hoard your cash at home. Follow the tips outlined above to find the perfect place to park your cash.

12 Steps to Financial Wellness Step 7: How to Pay Yourself First

“Pay yourself first” is a catchphrase that refers to prioritizing your personal savings above other expenses. To achieve it, savings should be a fixed line on your budget that happens every month without fail.

Here’s how to pay yourself first.

1. Review your spending

Take a clear look at your spending. If you already have a budget, this will be as simple as reviewing the column which lists all of your expenses, including your discretionary spending. If you don’t have a budget, track your spending over several months to identify your primary expenses and to find the average amount of money you spend each month.

2. Set short- and long-term saving goals

Short-term savings, or funds you want to be able to access in the near future if necessary, can be allocated to an emergency fund. Experts advise having three- to six-months’ worth of living expenses set aside in an emergency fund in case of a sudden, large expense and/or loss of employment.

Long-term savings should include funds you can afford not to touch for several years or more. Your long-term saving goals can include your retirement, as well as a down payment on a home, a new car, a sabbatical from work or any other super-big expense.

Narrow down your short- and long-term goals, then attach a number to each savings category.

3. Set a timeline for each savings goal

Now that you have a number for the amount you want to save, you’ll need to work out a realistic timeline for meeting those goals. It’s best to give first priority to your emergency fund, but at the same time, it’s a good idea to start saving for retirement today so compound interest has an opportunity to work its magic. To that end, you may want to allocate the bulk of your monthly savings to your emergency fund until you meet your goal. Once your emergency fund is full, you can divide your savings more evenly between your short-term savings and long-term savings.

4. Calculate how much you’ll need to save each month

Take your total for each goal, and divide it by the number of months in your timeline. For example, if you’ve decided you want to have an emergency fund of $24,000 established in four years’ time, you’ll divide $24,000 by 48 months to get $500 a month. This is the amount you’ll need to set aside each month to reach your goal in time. Do this for each of your goals.

5. Automate your savings

Once you’ve got your savings plan ready to go, it’s best to make it automatic. You can set up a monthly transfer from your credit union checking account to your credit union savings account or share certificate. This way, your savings will grow even when you forget to feed them.

Congrats–you’ve mastered the art of paying yourself first!

4 Ways to Stay Financially Fit this Summer

Ahh… summer! The season of flip-flops and sunscreen, of lemonade and baseball. What’s not to love?

Unfortunately, summer can also be the season of overspending for some of us. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So how can you stay financially fit this summer?

Keeping your finances intact throughout the summer is possible if you’re ready to plan ahead and make responsible choices. Here are four tips for a financially fit summer.

1. Prepare for a possible change in income

If you’re a freelancer, business owner or get paid per diem, expect to see a drop in income during the summer. Business is notoriously slower across many industries at this time, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income.

2. Get your budget summer-ready

Your budget will see some changes in the summertime, and it’s wise to prepare it in advance instead of being caught unaware. Here are some changes you might expect:

Higher utility bills
Increase in fuel prices
Travel expenses
Increased activities for kids

3. Create a vacation budget

Build a workable budget for your summer getaway to avoid overspending. Attach a dollar amount for your hotel stay, car rental, food costs, transportation, entertainment and outings as well as any other costs you expect to encounter during vacation.

4. Review and adjust as necessary

Blowing a budget is never an excuse to go all out and overspend without considering the consequences. To avoid falling into this trap, review your budget and your overall spending on a regular basis throughout the summer. Being aware of the state of your finances will make it easier to make responsible choices going forward.

Follow these tips to keep your finances intact throughout the summer.

How to Save Big Bucks by Brown-Bagging Your Lunch

Did you know that choosing to bring your own lunch to work each day can save up to $3,000 a year? Each takeout lunch can easily cost $12 more than a homemade meal. If you’d put that money into an index fund and contribute to it for 25 years, you can save $500,000!

Unfortunately, too many people end up buying out each workday because they don’t realize how much it costs them, or they simply fail to plan ahead. Others may think it would be too much of a hassle to shop for, prep and bring along lunch from home.

You can use this handy calculator to determine how much you can personally save each year just by brown-bagging it to work each day. And, if you find the idea of prepping lunch five days a week a bit overwhelming, you can choose to bring lunch from home on specific days of the week.

Here are some hacks for brown-bagging it to work with all the savings and none of the hassle.

Plan your menu and shop for it early

Don’t get stuck staring at the contents of your fridge and wondering what to take to work seven minutes before you need to leave in the morning. Plan your lunch menu early in the week and add whatever you’ll need to your grocery list. To save even more, shop the sales and the seasons, and then base your lunch menu around those items.

Marathon-prep at the beginning of the week

The thought of prepping lunch at the end of a long workday when all you want to do is veg out on the couch can be daunting. Instead, hold a marathon session at the beginning of the week to do as much labor-intensive lunch prep as you can. Slice and dice all your veggies for the week, split dressing into small containers, cook your pastas, wash fruit and tackle any other prep that can be done in advance. This way, you’ll only need to grab what you need each day from the fridge instead of facing an entire meal to prep and package.

Partner up

It’s never easy to be the odd one out, and if you set yourself up to be the only one pulling out a homemade lunch while the rest of the office packs out to pick up lunch or orders in, you can end up giving up and joining the crowd. Try to find a like-minded partner to brown-bag it with you on the days you choose to bring lunch from home. Eat your lunches together; the companionship will make it easier for both of you to stick to your convictions.

Love your leftovers

Save even more money, and make lunch prep easier, by bringing dinner leftovers with you for lunch. You can repurpose a leftover protein to serve as a salad-topper or sandwich-stuffer, bring along a container of soup to warm up in the office microwave, or beef up your work lunch with some leftover rice, quinoa or another side dish.

Brown-bagging it to work when everyone else is ordering takeout isn’t easy, but by using the tips outlined here, you can save a boatload of money on work lunch without the hassle.

12 Steps to Financial Wellness – Step 4: Have the Money Talk with Your Partner

Communicating openly about how you manage your money is a big part of having an honest and trusting relationship. Here, we’ve compiled six tips to help guide you in this super-important conversation.

1. Plan in advance

Broach the topic with your partner a few days before you want to have the “Big Money Talk” and ask if you can have an open discussion about money sometime soon. This way, you’ll both be ready to focus on the conversation and won’t be caught off-guard.

2. Start with a vision

Instead of starting the conversation by bringing up a time your partner overspent, talk about a vision you can both share. For example, you can rhapsodize about how wonderful it would be to take a luxury vacation to the Cayman Islands, or how you’d love to start saving for a home. This way, you’re putting a positive spin on your money talk, which will set the tone for the rest of the conversation.

3. Listen carefully

Your partner will have their own ideas about money management, and you may be surprised at the insights they have to share into your own spending habits or expensive vices.

4. Talk openly about sharing expenses and savings

At a certain point in your relationship, you may decide to share expenses and to pool your savings. If you plan to bring up the topic now, be sure to talk openly about the way you feel to better avoid future resentment. For example, if you earn more than your partner, should you be splitting expenses evenly? Can one partner take additional financial responsibilities in lieu of contributing an equal amount of income to the pot? All of these questions, and more, are important to discuss up front.

At this time, consider linking one of your accounts or opening a shared account at Olean Area Federal Credit Union.

5. Consider having a slush fund

Sometimes, you just want to splurge without having to explain the purchase. You may also want to spend money on a surprise gift for your partner without them knowing you’ve just dropped a large sum of money on something. Having a slush fund, or money set aside for your “just for fun” spending, can help you maintain a sense of independence and keep some of your purchases private. You can keep this fund in a separate checking account under your name at Olean Area Federal Credit Union.

6. Set up a weekly or bi-weekly time to talk money

It’s a good idea to touch base about finances once a week, or once every two weeks. You can talk about recent purchases, big expenses that are coming up soon, surprise bills and more.

Be sure to stick to your commitments and to bring up any money issues that may arise during your regular money talks for continued harmonious collaboration about all financial matters.

How Can I Save on Entertainment Costs?

Q: In this time of high inflation, how can I save on entertainment costs?

A: With a bit of creativity and pre-planning, you can trim your recreation budget without feeling pinched. We’ve listed eight ways to save on entertainment costs.

1. Attend amateur sporting events

Instead of spending big on professional sporting events, get your fix at local high school or college games. You’ll get the same excitement and a game featuring high talent without the high price tag.

2. Volunteer

Volunteering your time and service at local organizations provides an outlet and the opportunity to meet new people. Reach out to local soup kitchens, animal shelters, food banks and hospitals to see how you can help.

3. Turn a hobby into income

If you’re crafty, you can make money through your hobby by selling your creations on sites like eBay and Etsy. Use some of the money you earn to purchase new supplies and improve your skills.

4. Workout at home

Get your workout at home by checking out workout videos on YouTu b e. You can also get your heart pumping by going for a run in your neighborhood.

5. Spend less on dining out

Don’t visit a restaurant without checking for coupon codes and discounted gift certificates on sites like Restaurants.com. It’s also a good idea to dine out less often and make meals at home to save money.

6. Buy season passes

If you find yourself often visiting the same entertainment center, consider getting a season pass. These may cost as little as two one-time tickets.

7. Attend local art shows

Check out local galleries for free events and shows for a night of fine art. Some towns also host monthly art walks featuring several galleries on display at no cost to the viewer.

8. Catch a performance at a local college

If you live near a college town, find out about performances and concerts they may be hosting. Lots of performers include colleges in their tours. Score an inexpensive ticket to a big-name concert by attending such an event.

Don’t let inflation deflate your fun! Use these tips to save on entertainment costs.

The Best Way to Spend Your Paycheck

Everyone loves payday, but too many employees don’t know how to allocate their paycheck in a way that best serves their financial needs. Use the tips outlined below to learn how to manage your paycheck responsibly.

1. Automatically deduct contributions

Your first step in managing your paycheck is making sure you are deducting the optimal amounts. Your employer will likely deduct funds for your health care plan and taxes, but you can determine how much tax is withheld by changing a few elections on your W-4. If you receive too large a tax refund for the prior year, or you’re stuck with a big bill when you file, consider adjusting the amount withheld on your W-4. Also, be sure to take full advantage of any employer-matching offers for your retirement funds — don’t give up free money!

2. Budget for necessities

After your contributions are deducted from your paycheck, you’ll be left with your take-home pay, or net income. You’ll use this money for covering expenses until the next payday, so it’s best to budget first for necessities, such as your mortgage or rent payments, utility bills, etc. You can use the “envelope system” to put cash away for necessities or set up a detailed old-fashioned budget. You can also choose to use the “50/30/20 budget” that sets aside 50% of your income for needs.

3. Budget for wants

Once you’ve set aside money for your needs, you can use some of the remaining funds for wants, or discretionary expenses. This can include entertainment costs, dining out and clothing, in addition to what you really need. Here, too, you can put away the cash you need for a spending category into an actual envelope, mark down the amount you can spend in that category on a paper or in an app budget, or simply keep in mind that 30% of your paycheck can be spent on these expenses.

4. Pay yourself

Now that you’ve taken care of your needs and wants until the next paycheck, it’s time to think about the future. Put a percentage of the remaining funds into savings. This includes IRAs, college saving plans, CDs, investments, emergency funds and the like. Use your predetermined amounts, or 20% of your take-home pay, if using the 50/30/20 budget. If you have any outstanding consumer debt, be sure to pay toward it as well.

5. Don’t feel forced to spend it all

Many people mistakenly think they need to spend all of their paycheck before the next one arrives. If you’re left with extra money at the end of the month, there’s no need to waste it. You can beef up your savings, get ahead of your debt or stash some cash away for the holiday season.

Learning how to manage a paycheck takes time, but once you get used to it, it will almost happen by itself.

Find more financial tips by visiting our blog, and by following our social media pages!

12 Steps to Financial Wellness – Step 2: Creating a Budget

Now that you’ve tracked your spending and kept a careful record of where your money goes over the course of a month, you’re ready to move onto the next financial wellness step: creating a budget. Budgets play a crucial role in promoting financial awareness, which leads to more responsible money choices.

Let’s take a look at how to create a budget and review some popular budgeting systems, as well as how they work.

Create a budget in 5 easy steps

Track your spending and income. This includes all your financial documents, like your account statements, bills and pay stubs. If you’ve followed Step 1, you’ve already completed this step–nice work!
Tally up your totals. Calculate the totals of your monthly expenses and all streams of income.
List your needs. Your needs include anything that is essential for living and basic functions, such as mortgage payments. As you list each need, write down its corresponding cost. Sum the total of all your needs when you’ve finished.
List your wants. This includes anything that is not essential for living, like entertainment costs. Here, too, note the monthly cost of each item on your list and add up the total when you’re done.
Assign dollar amounts to your expenses. Open a new spreadsheet and copy your list of expenses. Assign an appropriate dollar amount for each of these costs.
Review and tweak as necessary. You will likely need to adjust the amounts in each expense category at least once a year to keep your budget relevant.

Budgeting systems

There is a wide range of budgeting systems to fit every kind of money management style.

The traditional budget. After working out a number for every expense category, you’ll track your spending throughout the month to ensure you’re sticking to the plan.
The money-envelope system. Withdraw the amount you plan to spend on all non-fixed expenses in cash at the start of the month. Divide the cash into separate envelopes, designating one for each of these expenses. Then, withdraw cash from the appropriate envelope when making a purchase in that category.
The 50/30/20 budget. Set aside 50 percent of your budget for needs, 30 percent for wants and the remaining 20 percent for savings.

A well-designed budget can provide you with a sense of financial security and freedom. Start budgeting today!

Environmentally Friendly Ways to Save on Heating Costs

As outside temperatures fall, indoor temps and heating costs go up! And this winter may come at a higher cost. In fact, while fueling up at the gas station, you’ve seen the impact of our 6.8% inflation rate first-hand.

U.S. households on natural gas heat are expected to pay 25% more than last year. Homeowners who heat their homes with electricity will see a 6.5% spike, while homeowners using heating oil or propane may see a jump as high as 54%!

With that in mind, let’s look at some easy habit changes that will benefit our budgets and our environment.

Add rugs to your floors to help insulate rooms. Dress in layers, warm sweaters and socks. Use flannel sheets and more blankets at night.
Clean or change air filters. Debris is unclean for breathing and will impede warm air circulation.
Lower the thermostat by 7-10 degrees when everyone is out for the day. Use a thermostat that automatically adjusts according to your schedule.
Have a pro inspect and tune up your furnace. The cost can be well worth the savings since old furnaces can work at just 60 to 70% efficiency.
Contact your utility company for a free home check-up. Service or upgrade costs may be offsetable by federal tax credits and/or utility rebates
Check windows for leaks. Detect them by lighting a candle and watching if it blows in a certain direction. If you find any, seal them up with caulking, foam insulation or plastic insulation sheets.
Open the shades during sunlight hours and close at night to retain the heat.
Use heaters to warm up isolated areas instead of turning on entire heating zones if all the space is not in use. Also, close vents in rooms not being used to avoid unnecessary output.
Switch to LED light bulbs. They use about 75 percent less energy and last about 25 times longer than incandescent bulbs. Though the initial cost is higher, it pays off over time.
Reduce your water heater temperature to 120 degrees, which is safer for skin and easier on heating costs.

Discover more money-saving tips by visiting our blog at https://www.oleanareafcu.org/blog/

7 Reasons to Buy an RV or Campervan

If you’re thinking of road-tripping your summer getaway, think RVs. Recreational vehicles and their close cousin, campervans, are growing increasingly popular as more families hit the road for a true American adventure that’s easier on the wallet and heavy on unique fun. Here are six reasons to buy an RV or a campervan:

1. Save money

With a means of transportation and a place to stay all rolled into one, an RV helps you save significantly on your vacation costs. Plus, when you travel with an on-the-go kitchen, you can cut down on the money you’d spend feeding your family while on the road.

2. Privacy and comfort

Why fight for legroom on a crowded airplane when you can travel in a vehicle that gives you tons of space? Move around as much as you’d like, enjoy a private bathroom and catch a few winks in the sleeping area, all while heading toward your destination.

3. Increased flexibility

When you travel using your own means of transportation, you’re in control. That means there’s no getting locked into specific dates for your getaway. Come and go as you please and vacation on the schedule that works best for you and your family.

4. Explore more

Traveling by RV will give you the opportunity to take in the sights and sounds of each place you pass through. You can even stop on the roadside to watch a glorious sunset or a passing herd of deer.

5. Bring your pets along

No need to arrange pet-sitters or to keep your furry friend in a carrier under an airline seat. When you buy an RV, you can bring your pets along and keep them nearly as comfortable as they’d be at home.

6. Tax benefits

In many states, owning an RV can mean enjoying significant tax benefits, which can include the homeowner’s deduction, a sales tax deduction and/or deducting the interest payments of your RV loan. Check with your accountant or tax pro to see which of these tax benefits apply to you.

If you’re ready to purchase an RV or a campervan, look no further than Olean Area Federal Credit Union! Our RV loans have affordable interest rates, reasonable payback terms and easy eligibility requirements for qualifying members. Call, click or stop by Olean Area Federal Credit Union to get started!

How to Save on Wedding Costs

Did you know the average U.S. wedding costs $28,000*? That’s a lot of money to spend on one event!

But it doesn’t have to be this way. Here’s how you can have the wedding of your desire and your budget, too.

Choose your top priority

Most couples-to-be have some fantastical dreams about their wedding day. It might be a huge wall of flowers, a custom wedding gown or a wedding aisle fitted with hundreds of floating candles.

Whatever your dream, count on it costing a pretty penny. To avoid going into debt for your special day, choose the one item for your wedding that is most important to you as a couple. That one must have you are willing to get at almost any cost. Trim costs in other places to leave room in your budget for your top priority.

Skip the invites (average cost: $590)

Snail mail is so last millennium. Bring your wedding up to date and make some budget breathing room by creating a cost-free e-invite that includes all the wedding details and the ability to RSVP electronically. You’ll be doing your wallet, and the environment, a favor!

Go nontraditional with the venue (average cost: $10,500)

A typical venue can eat up a wedding budget fast. Make your wedding extra-special and save on costs at the same time by choosing an out-of-the-box venue, like an art gallery, your favorite upscale restaurant or even atop a scenic lookout point.

Ditch the rehearsal dinner (average cost: $1,900)

Why not put that money toward something with lasting value? If you feel like you need a rehearsal to make sure everything goes smoothly, ask the officiator and the members of the wedding party to practice the ceremony with only a short, no-food run-through.

Choose a non-bridal gown (average cost: $1,600)

Everything on your list gets more expensive when you tack on the word “wedding.” Save on one of these expenses by purchasing a gown that’s not designed exclusively for a wedding. Any floor-length white gown from a department store or boutique will do, and you can always add embellishments to dress it up a bit. You’ll still save a fortune.

Limit your guest count (average cost per guest: $70)

So many parts of your wedding, from the catering, to the bar, to the cake, cost more with each added person. Keep your wedding intimate by only inviting guests who really count. You can limit the plus-ones, specify that the reception is adults-only or restrict the guest list to people who are currently in your life, instead of inviting every acquaintance you’ve ever had.

Rethink your cake (average cost: $500)

Consider a shorter or narrower cake for pictures and cutting, and have the caterer serve a frosted sheet cake so there’s enough for all your guests.

Teach Kids to Set Savings Goals

Your child wants a new longboard ($200) or the latest basketball shoes ($120), but it’s just not in the budget this month — or for the next three months. Rather than a flat-out “no,” work with your child to set savings goals and then help them reach them. Here’s how:

Identify the goal

If your child has an item they’d like to purchase, the goal amount would be the purchase price. If the item is exceptionally pricey, offer to match their savings once they get halfway there. Setting a reasonable goal amount will help them see when the end is in sight and provide more motivation to reach the goal.

Make a plan

What will they do to reach the goal? Sit down with your child and discuss ways to earn the money. Do they have a part-time job? Babysit? Are there additional chores they can do around the house to earn more money? Get creative! Together, figure out how much money they can save each week or month and how long it will take to reach their goal.

Set money aside

Make sure your child has a savings account or another method for savings. Spending can often be quite tempting if the cash is easily accessible. If your child is serious about saving, make sure they have a place to put the money away.

Olean Area Federal Credit Union offers a Youth Savings Account that will help your child get the most out of their savings! Learn more by clicking here.

Follow through

Once your child has reached their savings goal, follow through and allow them to purchase what they saved for. And if you agreed to match their savings, make sure you’re ready to do so, too.

Giving your children the knowledge and help to reach a savings goal is a life lesson that they will carry with them throughout their adult lives. You might even be surprised. Once your child has reached their savings goal, they may decide that the item they originally wanted to purchase isn’t worth the work they put into it and use those savings even more wisely.

Saving Smarts

For the responsible adult who thinks about being prepared for the future, savings are a fixed expense that is built into the monthly budget just like car payments and insurance. For most people, though, this habit does not come naturally. It needs to be acquired and practiced. Teach your kids those saving smarts now when they’re young to help make it a lifetime habit they’ve already mastered by the time they hit their 20s.

The Goal

Give your kids a clear understanding of why saving is crucial to financial wellness and how to make it happen.

Pointers to cover:

Why putting money aside each month is crucial
How interest and compound interest work
Long-term vs. short-term saving
Reasons to save

Conversation starters

For kids under age 9:

Let’s say you’ve only got $15 and you want to buy a drone that costs $65. You get $5 a week as your allowance. How can you buy that drone?
When did you wait for something and find that it was more enjoyable because you waited for it?
Can you think of some things that Mom or Dad saves up for?
If you earn 10 cents for every dollar you save, how much money will you earn by putting away $5?

For kids over age 9:

Are you saving up for anything important?
Can you think of some things that Mom or Dad saves up for?
Have you ever had to pay for something unexpected? How did you come up with the money?
Some things we save for are short-term goals, and others are long-term goals. Can you name some of each kind of goal? How will we save differently for each kind?
Do you think it’s smart for Mom and Dad to keep money they’re saving under the mattress? Why or why not?

If you haven’t already, consider setting up a Youth Saving Account for your child, and help them put these saving smarts into action!

For more youth-geared financial activities, visit our Activities & Resources page.

Getting the Most Out of Youth Accounts

Managing money is a foundational life skill. There are so many factors involved and so many open-ended questions at play. How much should you be saving? When is it worth spending more? How do you keep spare change from burning a hole in your pocket? It takes years of discipline and training to perfect this skill, and ongoing self-control to maintain it.

That’s why it’s best to give your kids a head start on money management and saving. As a parent or guardian, remember that the lessons you plant today will take root and blossom, enriching your child’s life for years to come.

Here at Olean Area Federal Credit Union, we understand the enormity and difficulty of this task. In honor of National Credit Union Youth Month, we’re focusing on ways to help make this process as smooth and as simple as possible.

Olean Area FCU is proud to offer a specialized Youth Savings Account that is designed just for kids. You can learn more about it by clicking here.

Ready to open an account for your child? Does your child already have one? Read on for three steps to take for ensuring your child gets the most out of a new or existing account:

Set a goal

Now that your child’s money will be sitting in an account instead of a piggy bank, let her use this opportunity to save up for something big. Sit down with her and discuss what she’d like to save for. You can create a long-term goal, like saving up for college or for a first car. Also establish a short-term goal, like a new gaming console or a hoverboard.

Set a date for your goals, and then set up a savings calendar for illustrating how much money needs to be saved each month to reach the intended target by the designated date. Discuss ways to add to the savings, being sure to include money from birthday gifts, summer jobs, allowances and chores.

Bank together

Whether your child is a first-grader or a teenager, if this is their first time owning an account, they’ll need you to show them the ropes.

Always bring your children along with you when you stop by Olean Area Federal Credit Union to deposit their savings. Show them how it works and let them see the account balance growing. If your child asks you to withdraw money from their account, make sure they see how this translates into a dip into their savings.

For teens, you’ll need to walk them through that first deposit and withdrawal. When they’ve probably got the hang of it, it’s time to take a step back and let them be on their own. They’ll feel like a million dollars managing their account independently.

However, share with your teen that every swipe of their debit card also means a dent in their account balance. Also be sure to warn kids of all ages about security. They should know to never share their account information with anyone, and to keep their debit card in a safe place.

Monitor your child’s activity

Don’t aim to be a helicopter parent, but do keep an eye on your child’s account. If he’s depositing a lot less than planned, ask him where his money is going. If your teen is maximizing his daily ATM allowance, speak to him about money management and impulse purchases.

Your teen’s daily withdrawal limit may need occasional adjustment, so keep a careful watch on spending to see if any modifications are needed.

Remember: Every financial lesson you teach your child today equips them with money management skills for a lifetime.