Save It! Five tips to help you save more money

April in Financial Literacy month - on of Pen Air FCU's favorite months of the year! Throughout the month, we will be posting tips and tricks to help you save, and maybe even earn, more money. Here are some great ideas from PSECU, a credit union in Pennsylvania:

Saving money isn't easy. You think to yourself, I just can't do it. I have too many bills. I've already stretched my income as far as it will go!
As hard as it may be to save, holding onto money can be really helpful for when those unforeseen emergencies come up like the loss of a job, car repairs, and home repairs. All of those pesky things that pop up in life are much more manageable when there's money set aside to deal with them. Here are a few ways you could start saving today.

• Set up Direct Deposit. Take the time to set up to have money taken directly out of your paycheck into an IRA, CD or Money Market account. You won't feel the itch to spend your extra dough because once it's set up, the money transfer happens automatically and you don't have to do a thing.

• Hold onto money that you otherwise wouldn't have. Income-tax refunds, holiday money, the amount of money you saved for the electric bill and didn't need to use. This takes some discipline, but is well worth the effort. Again, having peace of mind that you have money to handle unforeseen circumstances is worth forgoing putting extra money toward that new electronic gadget you wanted to buy.

• Stop and think before you spend. That dinner out cost more than you spend on groceries in a week. That pair of shoes is worth more than two full tanks of gas. Learn what your money is worth to you, and you won't be so quick to dispose of it.

• Get your mortgage costs down. First, look at whether the rate is too high. If it is, you may want to consider refinancing. And, while not possible for everyone, pay ahead on your mortgage. If you can swing an extra $100 per month, you will save thousands in interest costs over the long haul.

• Don't pay unnecessary fees on your money. First of all, if you have an account with PSECU, that's a great way to avoid fees. At PSECU, we're transparent about our fees. Surcharge-free access at ATMs, overdraft transfer service, a credit card, checking, Check Cards are all designed with you in mind. No hidden agenda. No hidden fees. The list goes on and on.