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9 Ways to Get Your Finances Ready Before Having a Baby

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Newborns don’t just come with that adorable new-baby smell and impossibly tiny toes — they also carry a hefty price tag. One of the most overwhelming challenges of parenthood is managing the many new costs, which seem to grow exponentially as your child does. If you’re planning to start a family, don’t panic. Here are the eight financial moves to make before becoming a parent.

1. Decide Where to Rein in Spending.

Knowing what your numbers look like is necessary to the planning-for-baby process. Leave out nothing: List all your assets, including your bank accounts, investments, and property. Get a clear picture of your debt, from car payments and credit cards to student loans and your mortgage. That way you have a starting point for your new financial plan.

Next, take a look at your budget (or set one up if you don’t have one) to cut back on unnecessary expenses. Now is the time to trim the fat in your spending, so reassess the costs you take for granted — like your cable or cell phone bills — to make sure you’re getting the best deals.

If you need to curb your spending, make realistic cuts that you can sustain. Otherwise, you’ll likely give up on your cost-saving measures.

2. Devise a Debt Action Plan.

With a baby on the way, it’s more important than ever to get serious about paying down your debt. It will only get harder to do as the expenses of raising a family pile up. Try:

  • The avalanche method: Kill your high-interest debt first — this is often credit card debt. Then continue down your list, tackling the highest interest rates first. This approach gives you the most bang for your buck financially.
  • The snowball method: Pay off your smallest debts first. Having a “win” under your belt early on can help give you the motivation you need to keep going.

You can also do a mix of the two strategies: Start with the snowball method and once you’re motivated by a zero balance, switch over to the avalanche. If you’re unsure of the best approach, you can also use an online calculator to help you strategize.

3. Build an Emergency Fund.

An emergency fund is crucial no matter where you are in life, but it’s even more vital when you become a parent. Conventional wisdom says your cash cushion should be around two to three months’ worth of expenses. Calculate what that means for you (rent/mortgage, food, bills, transportation, etc.), and then figure out what, and how long, it will take to get there. A savings calculator can help.

Padding your emergency fund generally should be secondary to paying off debt, because your debt’s interest can cost you over the long haul. But if you don’t have anything in the coffers, then you should work on both at the same time.

4. Budget for Baby.

Your budget isn’t written in stone; it should change as your life — and family — grows. Start crunching the numbers and adjusting as soon as you find out you’re expecting, or ideally, even earlier. You’ll need to add, at minimum, these basic expenses (based on national averages, which vary by location) into your new monthly budget:

  • Child care (at a daycare): About $972 a month
  • Disposable diapers: $30-$85 a month
  • Formula: $60-$100 a month
  • Clothing: $20-$50 a month

Note: If you want to save for college, you might consider a 529 college savings plan. For example, here is a hypothetical situation to help illustrate this point: To cover 25 percent of a public, four-year, in-state school, you’d need to save $109 a month starting when your child is born. (This assumes a 6 percent annual return and tuition rate of $201,386, which is what SavingforCollege.com predicts will be the average tuition in 18 years.)

If you would like to set up a no-cost consultation with First Financial’s Investment & Retirement Center to discuss setting up a 529 college savings plan or other savings products, contact us at 732.312.1500, email mary.laferriere@lpl.com or maureen.mcgreevy@lpl.com, or stop in to see us!*

5. Save for the Big-Ticket Baby Items.

There’s often a big up-front investment for new parents — babies require endless gear. You’re going to need a solid savings plan for those costs alone.

Depending on what’s right for your family, your up-front costs should include the following (these are based on the national average costs, and may vary according to your location or brand):

  • Crib: $120-$850
  • Changing table: $80-$250
  • Car seat: $80-$300
  • Stroller: $70-$900
  • Diaper bag: $25-$200
  • Playpen: $59-$150
  • Swing: $85-$120
  • High chair: $60-$250
  • Bottles: $50-$100
  • Monitor: $40-$60

Remember that people love to give baby gifts, so you may be able to register for many of these items and take them out of your budget.

6. Pump HR for Information.

If you’re expecting, or even just considering having kids soon, talk to HR as soon as possible. In order to fully understand what your leave will look like, find out:

  • The pay policy for parental leave.
  • Whether you can combine your leave with paid time off.
  • Your company’s long-term disability policy, and whether it can be applied to your leave.
  • The benefits entitled to adoptive parents.
  • How long your job is secure.
  • What forms you need to fill out to take leave.
  • Who is going to cover your duties while you are away.
  • The options for transitioning back to work — can you work part-time or telecommute to on-ramp?
  • Finally, get a sense of the insurance changes that will come with parenthood. Find out when and how to add your baby to your health care plan, and see whether your insurance allows you to contribute to a Flexible Spending Account/Health Savings Account or a Dependent Care FSA.

7. Get Your Legal Ducks in a Row.

No one likes to think about these sorts of things, but if you and your partner (if you have one) were to pass away, your estate would go to court for a lengthy process that can cost somewhere in the neighborhood of 5 percent of your assets.

To get your house in order, some of the documents you should consider having include a will, a power of attorney, and a health care proxy. This may save your heirs from having to make difficult decisions for you and help ensure that they’re taken care of: Wills clarify how you want to distribute your property after death, and they declare a legal guardian for your children. Power of attorney gives authority to another person to make decisions on your behalf about your property or finances. A health care proxy lays out who will make medical decisions for you if you can’t make them for yourself. Make sure you have both primary and contingent beneficiaries listed on all of these so that your wishes are as clear as possible.

You also should consider creating a living trust — a legal document that provides lifetime and after-death property management and lets you transfer assets easily. A living trust is a revocable trust, meaning it can be dissolved or changed at any time. Living trusts are especially helpful for parents of young children: You can include specific instructions within the trust, like how and when your assets will be transferred if you die before you children become legal adults (18 or 21, depending on the state).

8. Know Your Tax Breaks.

Having a kid comes with tons of benefits — unending love and (hopefully) someone to take care of you in your golden years, to name a few. But don’t overlook the concrete tax benefits that you can get as well. These include:

  • $4,000 for an additional dependent exemption.
  • $1,000 for the Child Tax Credit until the child turns 17.
  • $3,000 per child or up to 20 percent of qualifying costs for the Child and Dependent.
  • $13,400 for the Adoption Credit.

Each deduction and credit has specific requirements and can change from year to year, so be sure to double-check your eligibility with your financial advisor. Fun fact: You can claim a full year’s worth of tax benefits even if your child is born on December 31.

It’s always a good idea to start saving for your child’s future as early as possible – open a First Step Kids Savings Account right here at First Financial!** There’s just a $5 minimum to open the account and no fees, PLUS they’ll earn dividends on balances over $100. Stop by any branch location and we’ll help you get started!

*Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. First Financial Federal Credit Union (FFFCU) and First Financial Investment & Retirement Center are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using First Financial Investment & Retirement Center, and may also be employees of FFFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of FFFCU or First Financial Investment & Retirement Center.

Securities and insurance offered through LPL or its affiliates are:

**As of 7/2/2020, the First Step Kids Account has an annual percentage yield of 0.03% on balances of $100.00 and more. The dividend rate may change after the account is opened. Parent or guardian must bring both the child’s birth certificate and social security card when opening a First Step Kids Account at any branch location. Parent or guardian will be a joint owner and must also bring their identification. A First Financial Membership is open to anyone who lives, works, worships or attends school in Monmouth or Ocean Counties.

7 Money Questions to Ask Yourself in the New Year

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Will you make financial resolutions for 2016? If so, you’re not alone. According to a study done by Fidelity Investments, financial resolutions are the most popular kind of new year self-improvement. Not only that, but they’re also the most successful, with 29% of people surveyed reaching their financial goals and 74% getting halfway there. Compared to the 12% success rate for resolutions concerning health and fitness, planning to get your finances in order seems like the way to go this year!

You don’t want to just make resolutions, though — you want to be part of the 29% that stick with them all the way through the year. To set yourself up for financial success in 2016, you first need to understand your relationship with your finances.

1. What are your financial goals for the year?
A new year often means new goals and milestones in your life, and your financial plan needs to change to keep up with those. Maybe last year you were saving for a trip abroad, but this year you are saving for a down payment on a house. Or maybe you’re edging closer to retirement and need to start saving more aggressively.

Don’t be vague when identifying these goals. A concrete milestone, such as “I want to add $6,000 to my emergency fund” is going to keep you motivated a lot longer than a vague one like, “I want to save money.” Once you know what your financial goals are, you’ll be able to come up with a spending and budgeting plan for how to reach them.

2. What are your personal priorities for 2016?
Factors other than financial goals should influence your budget, too. Is it important to you to spend time with friends on a weekly basis? Add a “fun” line in your budget for activities like eating out, movies, and weekend activities. Do you want to support the arts in your community? Set aside money for a seasonal subscription to a local theatre or orchestra. Do you have specific causes that you care about? Budget a monthly allowance for donations or charity.

When it comes to finances, it’s easy to fall into the trap of letting your financial goals determine your spending. But life is more than just retirement and mortgages. Give yourself permission to let your personal priorities influence your spending decisions, too. You’ll be happier, more satisfied with your financial life, and better able to stick to the budget you set.

3. Where did you slip last year?
The new year is an excellent time to take stock of what did and didn’t work in the past year — that includes where you didn’t quite follow your budget. Did you eat out more than you should have in 2015? Not save as much for retirement as you wanted? Impulse shop too frequently?

You can’t improve in 2016 until you know where you went wrong the year before. Take some time to look at your spending from the last twelve months and identify the area where you slipped up. The make a plan for how to avoid those mistakes this year. You may need to automate the money that goes into your savings and retirement accounts. You may need to exercise a little more restraint in your spending. Whatever the solution, it will be easier to put into practice once you know what the problems are.

4. What are your mandatory expenses?
Once you know your goals, priorities, and weak spots, it’s time to begin setting up your budget. Start by identifying the living expenses that you must pay every month. These will include your rent or mortgage, insurance bills, utilities, and any debt payments. Budget for these expenses first, subtracting their total from your monthly income after taxes. Whatever is leftover is what you have available for variable expenses.

5. How much can you save each month?
Once you’ve determined how much to set aside for mandatory expenses, it’s time to look at savings. Savings can include long-term goals, like retirement, or short term goals, like a vacation. Identify everything that you want to save for this year, then order them in terms of urgency.

Some goals, like retirement, you should save for every month. Other things, like travel or large expenses, can be saved for one at a time. Once you’ve met one savings goal, you can move on to the next one. When you decide what you’d like to contribute to each goal, the best way to stay on track is to make saving non-optional. Set up an automatic transfer, either from your paycheck or your checking account, to put the money directly into savings as soon as it lands in your bank account. You won’t risk spending it accidentally, and you will ensure that you make monthly contributions towards your savings.

6. What are your spending triggers?
A lot of financial management is about cutting spending — reducing your insurance bill, avoiding credit card interest, eating out less. But all the small cuts in the world won’t help if you don’t know your spending triggers.

Spending triggers are those moments or circumstances that make you pull out your credit card and break the rules of your budget, even when you have the best of intentions. If you want to cut your spending, take some time to identify these triggers and come up with a plan to eliminate them.

If you can’t resist a coupon code when it shows up in your inbox, then you should unsubscribe from promotional emails. If you always want to eat out when you’re stressed, create a new, free routine for unwinding after a hard day at the office. Do you always spend more when you go shopping with a certain friend? Come up with other activities the two of you can do together and leave your credit card at home when you go out. Once you’ve identified your spending triggers and come up with ways to avoid them, you’ll have a much easier time sticking to your budget.

7. Where does your budget have wiggle room?
Managing your finances is awesome, and cutting down your spending to save more is a great goal. But if you are on a strict budget all the time, with no room for any lapses or fun purchases, you risk getting “budget burnout” and slipping back into old, bad habits.

To avoid that, identify the places where you can cut yourself some slack. Maybe you’re giving up eating out but can still treat yourself to a latte once or twice a week. Maybe you’re giving up cable, but you and your roommate can split a Netflix subscription. Allow yourself a few inexpensive extras and sticking to your larger financial goals will feel much less stifling.

Finally, wiggle room also means planning for the unexpected. It may seem smart to put every extra penny into savings and retirement, but what happens when your car breaks down and you don’t have any money for the repair? Leave a little wiggle room for surprise expenses, and you won’t just start a budget, you’ll stick with it.

The beginning of a new year is the perfect time to get your finances in order. Be honest and realistic with yourself as you put together your plan for 2016, and you’ll find yourself on your way to sustainable financial success!

*Original article source courtesy of the Huffington Post.

10 Life Hacks to Help You Free Up Money

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Screen-Shot-2015-09-17-at-2.15.00-PMAre you looking for ways you can cut down on expenses and put a little extra money aside? Maybe you’re looking to budget more efficiently, fund that big vacation or save for retirement.

This post is dedicated to little tricks to keep more of your money in your pocket. You can have a little fun with these things, too.

1. Call to Cancel. See How They React.

Savings doesn’t always mean going without. Sometimes when you call to cancel a service (e.g. cable, Internet, satellite radio, etc.), they’re very motivated to retain you as a client. After all, some of your money is better than none at all.

If they’re focused on retention, they may give you a reduced rate for a certain period of time or direct you to a plan that costs less without 37 channels that show 20-year-old movies.

Another good strategy in this situation is to research their competition. Tell them you’re switching to Competitor X who’s offering the same or better level of service for $50 cheaper. Play them against each other. Even if they just offer to match, this works to your advantage. You don’t have to take the equipment back.

2. Cut the Cord.

A lot of people are cutting the cord and canceling cable for good. A couple of technological developments happening right now make this very possible.

For starters, you can now get HDTV out of an antenna to watch your local programming. You can also subscribe to multiple services like Netflix, Hulu and even HBO online to get your television for less than you would pay on a monthly basis for a cable subscription.

However, you might run into a problem with sports. Many games are shown on cable, but all the major professional leagues have their own subscription services now. Just be aware you may have to pick and choose sports to make cutting the cord cost-effective.

3. Reacquaint Yourself with Your Local Library

Take some time to browse your local public library. While it is good to see they still have books at the library, they also have a large selection of CDs and DVDs.

You can also check out e-books! Seriously though, your library may have a lot more education and entertainment options than it used to. It may be worth checking out if you haven’t been there in a while.

4. Lunch at the Grocery Store.

Check out your grocery store’s sample selection – it’s worth your while. A motivated person has many choices, often including dessert, from various sample lines. Why do you think everyone is queued up when you go in there on a particularly busy Saturday? They’ve discovered a secret.

“Of course I’ll try the chicken cordon bleu…Why yes! I think I’ll have a butterscotch cookie.”

It’s important to note that the portions are small. You can definitely make this work for lunch, but not dinner.

5. Pay Attention to Those Receipts.

After you’ve done your shopping (and maybe gotten a midday meal in the bargain), it’s time to head to the cash register. However, it’s important to remember the savings doesn’t always stop when you check out.

Many stores add coupons to the backs of receipts now. It’s their way of keeping you coming back for more, but it also saves you money to use those coupons.

6. Get That Deposit Back.

Many states charge a small deposit on the purchase of all bottles and cans. You get that deposit back when you bring them back to the store and feed the machine.

You won’t be able to retire early on the amount you get back, but it will give you some spare change for the drive-through.

7. Save Those Ketchup Packets.

Save those extra ketchup packets from fast-food restaurants. If they give you four sauce packets and you only use two, stick the others in a drawer. They could come in handy when you run out. You’ll also be well-stocked when the zombie apocalypse causes a worldwide shortage of whatever that stuff is they use for onion ring sauce.

8. Rewards Programs.

Many businesses have rewards programs for their customers. You can shop around to see who gives you the best deal. There are programs for things like credit cards, airline miles and grocery stores. Although these are the more traditional ones, you can find rewards programs for all sorts of things like movie theaters, pharmacies, etc.

9. Attend Matinee Movies.

There’s not many things you want to roll out of bed before 9 a.m. on a Saturday for, but it might be worth it for a matinee movie. Different theaters will have different times, but if you go to one of the early showings, you can often get a ticket for $5 or $6.

It can be super cheap entertainment if you manage to run through without succumbing to the smell of the popcorn stand. But there is one trick that could save you a couple bucks: If you and your friend are going to drink the same beverage, don’t go with two smalls. It’s often cheaper to get a large drink and two straws. Just make sure you know whose is whose. Plus, the same matinee strategy will work if you go to the theater for a play as well.

10. Gift Card Sites.

There are sites online where you could sell such unwanted gift cards to someone else at a slight discount to benefit you both. Convert a gift card you’re not going to use into cash and get a great deal on something you would use!

8 Ways to Recover from a Financial Setback

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From big emergencies to minor setbacks, learning how to deal with money crises is a key aspect of healthy financial management. Losses are a part of life, and while planning and preparing for them can help, you can’t always stop fiscal setbacks from occurring.

When faced with financial hardship, individuals need to adapt their money plans to deal with present challenges. After all, your normal fiscal approach isn’t going to work when times are tough. Here are eight tips designed to help limit the damage of financial problems and get you and your money back on track.

1. Calm Emotions and Stay Smart.

The stress that results from financial setbacks can lead individuals to make foolish mistakes with regard to money.

“Setbacks often leave us reeling, since they’re often unexpected and can involve high emotion, and when emotion goes up… intelligence goes down,” said Robert T. Kiyosaki, author of No. 1 personal finance book, “Rich Dad Poor Dad.” Kiyosaki went on to advise people to stay rational about the choices ahead.

According to Kiyosaki, a financial crisis represents an opportunity to learn more about money and improve your financial habits.

“Financial education and getting smarter with your money is always a great way to prepare for the future — whatever it holds, good and bad — and hedge against all the unexpected speed bumps (and potholes, and road black and detours) on the road to financial freedom,” Kiyosaki said.

2. Adopt a Problem-Solving Mentality.

When faced with financial hardship, savvy individuals face their problems head on.

Kyle Taylor, founder of the popular personal finance blog, ThePennyHoarder.com, said, “When going through a financial setback, it’s important to develop a problem-solver mentality. After all, setbacks are merely a setup for a comeback.”

While money problems might seem insurmountable, it’s important to look for ways to address financial issues proactively.

“Regroup and re-strategize when things go awry,” said Taylor. “You may need to adjust your budget and figure out additional income streams.”

3. Make a Plan.

While adopting a positive, forward-thinking attitude is essential, individuals must also create specific plans to deal with their new circumstances.

“We all have financial setbacks, but it’s how we handle these setbacks that often separates those who win with money from those who don’t,” said Chris Hogan, a retirement expert with the Dave Ramsey team. “Create a plan to help you overcome the obstacle, whether it’s a job loss, costly emergency or simply regretting a large purchase.”

When crafting your plan, one of the aims is to modify your spending behavior and use the extra money to tackle your financial setback.

“That may mean cutting back on your expenses until you’re able to build your emergency fund back up, or you may need to start budgeting so you can avoid overspending,” Hogan said. “Remember, your past doesn’t determine your financial future.”

Everyone has the power to change fiscal habits and do better moving forward.

4. Get a Money Mentor.

When you’re in the middle of a monetary crisis, it can feel like there’s no way out. To combat feelings of hopelessness, money experts recommend seeking out people who have been in situations like yours (or worse ones!) and determining how they dug themselves out of the hole.

“Get a mentor/coach to help… someone that has been there,” said Josh Felber, an entrepreneur and business coach.

This person can provide individualized advice about how to improve your situation, give you encouragement when you’re feeling down and keep you accountable to ensure you stay on track.

Here at First Financial, our first priority is helping you achieve your financial dreams by defining your dream goals and lifestyle, empowering you through financial education, building your wealth, planning your retirement, and managing your risk. Establishing financial goals is an important part of saving enough money, and being ready for the future and we are here for you! Stop into any one of our branches and sit with a representative to have an annual financial check-up for a review of your finances and portfolio. 

5. Start Saving Right Away.

While finances might be tight right now, that doesn’t mean you should abandon important money habits like saving. Even in the midst of a financial crisis, business experts like Whitney Johnson recommend that saving habits be maintained.

According to the author of the bestselling book, “Disrupt Yourself: Putting the Power of Disruptive Innovation to Work,” individuals should strive to save each month, “no matter how small the amount … even before you think you can.”

The truth is, you can’t afford not to save, especially while your finances are still recovering.

6. Give Yourself a Raise.

If you need to secure some extra money to tackle a big financial issue, you might be able to find it by lowering your expenses.

“Remember that you have the power to give yourself a raise,” said Jeanette Pavini, money expert and spokesperson for Coupons.com. Here’s what she means: “Spending less can be like making more.”

According to Pavini, individuals might also need to sacrifice extra luxuries while recovering from a financial setback.

“Get rid of the $150 a month cable bill, and it’s like giving yourself an $1,800 after-tax raise,” Pavini said, adding that financial stress can be detrimental to mental health and overall wellness. However, she suggested that simplifying one’s life can have positive consequences as well.

Said Pavini, “You may even find that when you simplify and learn to live without, your life becomes rich in so many other ways.”

7. Keep Your Credit On Track.

While a financial crisis can feel overwhelming, money experts recommend keeping credit ratings on track. Clark Howard, host of the nationally syndicated radio program, “The Clark Howard Show,” advised consumers to keep an eye on their credit scores during financial setbacks and take steps to improve them.

Howard says, “If you’re suffering from poor credit, there are several surefire ways to get your credit healthy again.” He recommends that individuals take the following steps to start:

  1. “Always pay your bills on time and pay down the total amount you owe. If you forget all else after reading this, remember this one! This is the single most important rule for having a good credit score.”
  2. “Keep a low credit utilization rate.” This means keeping credit card balances low and resisting the urge to charge more to accounts.
  3. “When you pay off a credit card, don’t close the account. Doing so only reduces your available credit and drives your score down.” He also recommends keeping four to six lines of credit open, using each twice a year and paying them off right away. “That will keep them active in your credit mix.”

8. Target Credit Card Debt.

Paying off credit card debt is a key part of recovering from financial hardship. Bestselling Finance Author, Nicole Lapin, notes that charging purchases is all too easy and cautions individuals against getting behind on debt.

After factoring in interest, Lapin said, “you may end up paying $50 for a pair of socks before you’re through paying off your cards.” With that in mind, she advises individuals to “double-time” their credit card debt and strive to pay off balances monthly. Lapin went on to acknowledge that people in the midst of a financial setback might not be in the position to pay off credit card debt immediately.

“Instead, try to curb enough of your other expenses (take from your ‘fun money’ category first) to double-down on your payments each month,” said Lapin.

The money expert also recommended that those with debt get an early start on their taxes and use any refund checks to pay down credit card bills. Not anticipating a refund this year? If you racked up credit card debt with too many purchases, you can always put your loot to use in paying off the balance.

“Pull out the clothes, appliances and household items that you haven’t used in a while, or don’t want anymore,” Lapin said. “You can auction them off on eBay, or post them on your local Craigslist, and then use this ‘free-money’ to pay down debt.”

Financial setbacks are inevitable, but you don’t have to stay in debt long term. By following the expert tips above, you can get back on the road to fiscal health.

6 Ways You Can Save More Money

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Save-Save-SaveDid you close out last year with a little less in your bank account than you would’ve liked? If you’re like a lot of people, you might be disappointed in how much you managed to set aside.

Saving more was the biggest financial priority for 29% of young people, as revealed in a recent survey by Bankrate. The only money issue millennials were more concerned about was paying bills.

Knowing you need to save more and being able to do it are two different things, however. How can you set aside more money when you’re stretched thin as it is? Thankfully, saving a little extra each month isn’t as hard as it may seem. Here are a few suggestions.

1. Pay yourself first. One of the hardest parts of saving money is doing it consistently. You can make it easier on yourself by automating the process.

“Pay yourself first by setting up automatic savings through payroll deduction in your work retirement plan or through automatic transfers through your bank account,” Antonio Morello, the chief investment officer at McMahon Financial Advisors, said. Aim to save 10% to 15% of your salary every year, including contributions to your retirement plan. As an added bonus, those deductible retirement contributions will also save you money come tax time.

2. Spend less on food. Frequent delivery orders and dinners out with friends add up quickly. Save yourself some money by being smarter about how you eat.

“Plan your meals for the week to avoid last minute take-out orders,” Willie Schuette, a financial coach with The JL Smith Group, said. You can also save by buying in bulk and saving leftovers for later rather than tossing them in the trash, Schuette suggested.

3. Cancel subscriptions you don’t use. Do you have a gym membership you barely use or a monthly box subscription you don’t really need? Cancel those recurring charges and funnel the extra money into your savings or to pay down debt. You could end up with a few hundred extra dollars in your pocket at the end of the year.

Have trouble keeping track of which subscriptions you’ve signed up for? There’s an app to help you out. Trim will comb through your credit card statements and bank accounts, find the recurring payments, and ask if you want to cancel the service. It’s free to use, though there’s currently a waiting list.

4. Donate to charity. “Donating to charity is a great way to boost your deductions while helping others,” said Don Chamberlin, a Saint-Louis-based financial advisor and president of The Chamberlin Group.

Donations can come in the form of cash, stock, and even big-ticket items like cars, but you’ll need to itemize and keep accurate records to get the tax breaks.

5. Keep an eye on your credit. Don’t pay more than you have to the next time you need to borrow cash. Maintaining a good credit score “can save you money when it comes to buying a car or anything else on credit, car insurance, or buying a home,” Herb White, a financial planner and president of Life Certain Wealth Strategies, said.

Credit scores above 700 show lenders that you do a good job of managing the money you borrow, according to Experian. You can boost you credit score by paying bills on time, not running up balances on your credit cards, and reducing your debt.

6. Check your withholding. A big tax refund sounds pretty awesome. That is, until you realize that the government is really just paying back the interest-free loan you gave them.

“If you got a big tax refund it means you are having too much taken out of your paycheck every pay period,” Schuette said. File a new W-4 with your employer so that you get more of your money when you actually earn it. Then, shift that extra cash to savings or use it to meet another financial goal.

How to Save Money Even When It Feels Impossible

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When living paycheck to paycheck, it’s hard to set aside any money at all, let alone start saving substantially for things like retirement and emergencies. You get a paycheck, you immediately use it for rent, student loan payments, utilities and more, and all of a sudden you’re left with just barely enough to get by. So how can you even think about saving?

Well, the truth is, you can and you should, because the last thing you want is to be stuck with an emergency room bill or totaled car and have absolutely no money. In fact, most financial experts agree that everyone should have at least $1,000 in savings for those types of financial emergencies. To that end, here’s how to save money– even when it feels impossible:

Get in the Right Mindset.

Saving money is more than just a habitual practice– it’s a mindset.  Like starting a new workout regimen, saving money must be a lifestyle you’re completely committed to in order to be effective. So, the first step to saving money is making the decision to do so. That way, when you’re enticed by that sale at the mall or a nice dinner, you’ll have a clearly defined reason to say “no.”

Start Small – Very Small.

Saving money doesn’t have to mean putting 10% of every paycheck away. You’ve likely heard it before, but every dollar counts. At first, save more like 2% or even just $20 per month. OK, maybe that won’t make you rich as fast as saving a more substantial amount, but the important thing is it’s a start. For weeks or months that you don’t spend quite as much, put a bit more in savings than you normally do. Just commit to saving something,no matter how small the amount.

Make it Automatic.

When many people first start learning how to save money, they find it’s easiest when it isn’t a conscious decision. In other words, if you have your bank automatically transfer money into your savings account every time a paycheck is deposited, you won’t even see that money for long enough to consider spending it. If auto-transfers make you feel a bit out of control, take on that responsibility yourself.

Deny Yourself Access.

One of the hardest parts about saving money is seeing it accrue and knowing you could use it if you wanted to. If that sounds like a feeling you’re familiar with, do yourself a favor by setting up an account that’s a bit harder to access. For instance, ask your bank if they can add an account that can only be accessed by physically walking into a bank to make a withdrawal or using an ATM card. If you don’t have a debit card attached to it, you’ll be less likely to swipe first and regret later.

Keep Careful Track of Your Spending.

It goes without saying, but how much you spend has a direct impact on how much you’ll be able to save. If you know you have some spending problem areas (like eating out a lot or buying an unnecessary amount of upscale sneakers), focus on reducing those however you can. The best way to spend less (and save more) is to know where every dollar is going– then you can pull back in certain areas. If you can’t do this without a bit of help, try using budgeting apps like Mint or Mvelopes to track your spending and come up with a financial plan.

Cut a Few Expenses (At Least for Now).

As you start keeping better track of your spending, look for certain regular expenses that you may be able to do away with completely. Are you still paying for cable that you rarely watch, a magazine subscription that goes unread more often than not, or a gym membership you could replace with free workouts in your apartment? Get creative, and know that you don’t have to give these things up forever. Even just cancelling for a few months can allow you some wiggle room to save more money faster.

You can also look at refinancing options for certain expenses, like car payments and student loans. See if you can spend less each month on those- at least for now while you’re working on building a savings account.

Find Ways to Earn More.

If you have some extra time on your schedule (even if you work a 9-to-5 office job it’s likely that you do), consider finding ways to earn some more money each month. Pick up dog walking or babysitting gigs, or even do some freelance work on the side. This is beneficial for two reasons: One, you’ll be making more money. And two, you may find yourself spending a bit less if you’re, say, babysitting on a Friday night instead of going out.

If you’re trying to figure out how to save money, remember: It’s doable, you just have to be committed, organized, and focused on an end goal. You can do it!

*Original article source courtesy of Forbes.com.