Tips on how to grow your savings

Posted July 2020

Family on a farm

This is an odd time for all of us, and it will remain that way for some time to come - that’s why Unity is focused on helping you, our members achieve a better tomorrow.

We all have very different habits when it comes to saving and spending, and different goals when it comes to
planning for the future — some are comfortable spending all their budget each week, while others like to put some savings away.

We want to help retain those “better-than-before habits” you may have initiated through COVID-19 lockdown, and help you stretch and bolster your savings.

The real cost of coffee

Did you know that a whole bag of coffee beans is the same price as one or two cafe-bought coffees? If you were making your own coffee throughout lockdown, why not make the most out of it and make a savings plan from your daily coffee budget. We would never expect you to cut caffeine out altogether so below we have shared some coffee options to make at home:

  • Stovetop latte made in a saucepan with a whisk to create that velvety latte texture
  • Plungers are still alive and well in many cafes so dig yours out of the cupboard and get plunging
  • Whipped iced latte is a treat in the blender at home
  • Single-serve powder lattes and cappuccinos from the supermarket, a box of 10 can work out about the same price as a café bought coffee

Limiting extras

Incidentals have been a hot topic among parents of school-aged kids Incidentals are a real savings killer. While in COVID19 lockdown many people noticed a significant drop in their incidental costs simply due to not being on the go so much: No $10 here for a school lunch, no $40 there for a teens trip to the movies, and no popping to the supermarket on the way home and overspending. If you did notice a dip in your incidental spending now is the perfect time to pop that money aside into a savings account and focus on keeping those incidentals to a minimum.

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The article published on this page is not financial advice and should not be relied upon as such. The opinions published in this article is not those of Unity Credit Union.