bminner

Credit cards are in the wallets of more people today than at any other time in history. Many people obtained their first credit card or began using a credit card they’ve had for a while within the last few years as prices on everything from fuel to food have threatened today’s middle class. No judgment here—credit cards are incredible financial tools that offer the power to make purchases when you might not have the extra cash on hand, but prudent credit card management is important.

So, here’s some sage wisdom you can apply to your credit card use.

1. Create a sound budget.

You know your finances best—what can you reasonably spend? Credit cards shouldn’t be viewed as extra spendable cash. Instead, they’re great for creating a paper trail or proof of purchase. Credit cards are convenient financial tools that can help you build, boost, or re-establish your credit score to foster greater buying power in the future.

2. Don’t carry a balance from month to month.

Credit card issuers require minimum payments each billing cycle. Your minimum payment is calculated as a percentage of the available credit that you’ve used during the month, plus any balance that’s been forwarded. Unfortunately, most credit cards today have high interest rates—some are as high as 30% or more! That might not seem alarming at first glance. Any purchase you make that you pay off before the end of your billing cycle doesn’t incur interest. But if you can’t pay it off that quickly?

Let’s do some math.

For example, suppose you need a new household appliance. Here’s a breakdown of what a refrigerator purchase might look like if you put it on your credit card and pay it off before the end of your billing cycle vs. carrying a balance with a 29.9% interest rate:

If you pay off the balance before the end of the billing cycle:

• New refrigerator: $978.00
• Sales tax: 6.5%
• Total amount charged to credit card: $1,041.57
• You pay $1,041.57 before the end of your billing cycle, you’re not charged interest, and your available credit is restored.
• Amount owed: $0

If you carry the purchase as a balance for one month with accruing interest:

• New refrigerator: $978
• Sales tax: 6.5%
• Total amount charged to credit card: $1,041.57
• Interest: 29.9%, or $311.43
• Amount owed: $1,353

Your budget and credit rating could spiral out of control without sound credit card management, especially if you carry this balance for more than one billing cycle.

3. Shop at physical stores you trust (or at online vendors with robust security practices).

Credit card fraud remains a stark reality for cardholders. Card management includes being mindful of where you shop. You can minimize unauthorized card use and/or identity theft by presenting your card for purchases at trusted stores and online shops. Request the paper receipt when shopping in-store and save screenshots of payments made online.

4. Don’t open multiple card accounts.

It can be thrilling when you’re building credit to apply for every credit card pre-approval you receive. But opening multiple accounts isn’t good credit card management practices, and isn’t advised for several reasons, such as:

• It’s harder to track credit card billing cycles.
• Keeping tabs on payment amounts and due dates becomes complicated.
• Missed payments can add up fast with late fees, interest charges, and even over-limit fees.

Access to more credit than you need can entice purchases that quickly outpace your budget.

5. Keep your utilization rate low.

Your credit card limit and the amount of credit still available after purchases result in a percentage known as credit utilization rate or ratio. Keeping your credit utilization rate low helps you stay within your budget and maintain healthy credit scores. The main credit bureaus suggest using no more than 30% of a credit card’s limit. It’s also a good idea to monitor your overall credit usage and maintain less than 30% overall utilization between all available credit lines.

6. Don’t cancel a credit card simply because you no longer use it.

Another factor of wise credit card management is the length of your credit history. For instance, say you opened a credit card to build or rebuild your credit. You used the card as intended, always paid off your balance, and maintained a low utilization ratio. Your responsible use paved the way for an additional card within a few years (you may even receive pre-approvals within six months). If you apply and are approved for a new card with a better interest rate, a higher credit limit, or other improved benefits, you might be tempted to cancel that original credit card—but wait.

If you cancel your first card, you eliminate its credit history, too, and with it, your record of wise credit card management. Keeping the account open can have positive effects, whereas closing the account could negatively impact your credit score.

We offer flexible accounts and convenient ways to start building or rebuilding your credit.

Talk to us today.

We’ve all been there: That moment when you are on a website or in a store, and you see that item that just speaks to your soul. Do you need it? No. Can you get a better deal on it? Absolutely. Do you want it now? Most definitely.

eCommerce websites and retail shops are designed to get you to buy that item now, regardless of whether or not you need it. As a shopper who needs to live within your means, you must recognize these purchasing patterns and resist the urge to buy those goods. With knowledge and practice, you can resist the strongest temptations.

Recognizing triggers for impulse purchases

If you ask yourself the question “Why do you make impulse purchases?” and the answer may be more complicated than you think.

According to research, a variety of factors can influence impulse purchasing. These include:

• Emotions and mood: Strong positive or negative emotions can increase impulse buying.
• Personality factors: Some traits like low self-control mean more impulse buying.
• Cognitive processes, such as the scarcity impulse.

Other situational factors—like displays or pop-up ads that are targeted directly to you—can also enhance impulse buys and undermine your budgeting tactics.

Your challenge is recognizing your specific triggers and figuring out ways to mitigate them. A failure to do this will, in the long run, hurt your credit score and damage your ability to live the financial life you want.

Practicing mindfulness and delayed gratification

Impulse buying is all about needing something now. Your challenge is to force yourself to be more mindful about your shopping patterns. Before running to the cash register or clicking “Buy now,” ask yourself a few questions:

• Why do I want this?
• Do I need this?
• If I really need this, can I get a better deal elsewhere?
• Did I think I needed this before I saw this?

Delayed gratification—the process of turning off our immediate urges and concentrating on the future—can also help reduce impulse buys. Challenge yourself: You may want to buy something now, and the internet and credit cards make it easier. Instead, can you wait thirty seconds and then ask if you want to make that purchase? Even this brief delay may slow down the “hot” part of your brain and force your higher impulses to kick in, helping you make better budgeting decisions.

Establishing accountability partners for financial decisions

Sometimes, working with others is better to ensure you make better financial decisions. Who this other person is ultimately depends on you. Often, a spouse or partner works, but be careful: Financial and budgeting decisions are among the top sources of conflict in any marriage.

Rather than approach working with someone on your fiscal decisions as a source of conflict, consider doing so as a source of personal improvement. This person’s job is to discuss your financial decisions, ask probing questions, and make sure you consider how you spend your money. You can use this accountability partner to give financial advice, celebrate wins, and ensure you will have to discuss your financial decisions with someone else. In theory, this may ensure that you think twice before making an impulse buy.

Creating barriers to impulsive buying, such as freezing credit cards

Physical barriers matter. Credit and debit cards can be great for convenience, and having cash on hand is always a good idea, but these conveniences can sometimes lead to impulse buys.

If you find the temptation to spend money in your pocket too strong, consider limiting what you have. You can work with vendors to freeze your credit cards and ensure you never have more than a certain amount of cash. Some banks, like Village Bank, also have credit card products with spending limits and the ability to turn your card on and off. This can make it easier to reduce the temptation to spend money.

Redirecting urges toward healthier coping mechanisms

Impulse spending is often about something other than spending money: People who can’t control themselves financially may have other issues that need to be addressed. If that’s the case, consider developing alternative, healthier habits, such as leaving the story or putting down your phone. If you find impulse buying is something you do to improve your mood, you may want to consider speaking about these issues with a professional therapist. There may be underlying mechanisms driving your mood challenges, and by addressing these issues, you can dramatically improve your life.

At Village Bank, we’re here to help. We offer an array of deposit services to help you make the most of your money, as well as the tools you need to be a better consumer. We also offer an array of educational resources that are meant to help you become more knowledgeable about finances, help you become a more educated shopper, help you budget better, and help you be better equipped to live within your means.

Ready to learn more? Contact us today for the latest budgeting tools and financial products.

Identity theft has become a serious problem for Americans. Reports show that the Federal Trade Commission (FTC) received 1.4 million identity theft reports in 2020. To make matters even more concerning, all types of fraud have been on the rise since 2000.

While concerning, this news doesn’t have to mean you will become a victim. Taking a few steps can help protect you from identity theft.

Regularly Review Bank Statements and Credit Reports

If someone gains unauthorized access to one of your banking or credit accounts, you can usually see the activity on your monthly statement.

With today’s online accounts, though, you don’t have to wait to receive your monthly statement. Set a reminder to review your checking and credit activities once a week. If you don’t recognize a charge, reach out to your banking institution to address the issue. They might be able to reverse the charge and take further steps to protect your accounts.

Additionally, review your credit report at least once per month to find any loans, banking accounts, or credit card accounts that someone else might have opened in your name.

Enable Multi-Factor Authentication to Improve Security

Multi-factor authentication (MFA) improves your banking security by having you verify your identity in at least two ways. For example, you might access your online checking account by entering your username and password. Then, the website could ask you to answer a personal question strangers couldn’t answer.

In some cases, institutions will text you a temporary PIN to confirm your identity. That way, you can only access the account when you have your phone. Unless someone has stolen your mobile device and figured out its password, the verification process will prevent them from doing any harm.

Keep Personal Information Confidential

Never give anyone personal information that could help them commit identity theft. You can protect your information by:

• Securing important documents in a safe or deposit box
• Encrypting digital documents stored on your computer or mobile device
• Refusing to answer personal questions when someone calls or emails you

While you want to protect information like your Social Security and credit card numbers, you should also stay quiet about any topics you might use to confirm your identity online.

Does a website ask you to confirm your identity by entering the name of your childhood home? Keep that bit of information secret. Do you use the name of a pet as a password? Again, that’s information you want to keep to yourself.

Be Wary of Unsolicited Emails

Phishing scams often use emails to collect information that helps criminals commit identity theft. It’s best to ignore all suspicious emails. If you receive a suspicious email at work, you might need to report it to your manager and IT department.

Unfortunately, scammers have gotten very good at making fraudulent emails look legitimate. Their emails might include company logos or government emblems that trick you into responding.

Some will even use email addresses that are very similar to the addresses of legitimate organizations. For example, a scammer trying to impersonate someone from Village Bank might create an email address like support@villagbank.com. If you don’t pay close attention, you could easily mistake the fake address for a real Village Bank address.

The FTC has identified some common strategies scammers use to trick consumers. Be especially cautious when emails:

• Ask you to confirm personal information to access your account
• Include invoices for products or services you haven’t purchased
• Ask you to click on a link to complete a payment

Of course, criminals constantly invent new ways to take advantage of people. If anything seems a little off about an email, don’t trust it.

Freeze Credit Reports to Prevent Unauthorized Access

When you freeze credit reports, banking institutions can’t open new accounts in your name. That’s good news for anyone concerned about identity fraud. If you don’t plan to apply for a new line of credit in the near future, freeze your credit reports for additional protection.

You can freeze your credit reports by contacting the three credit bureaus via these web pages:

• Equifax
• Experian
• TransUnion

We’re Here to Help

Do you have questions about how you can protect yourself from identity theft? Village Bank is here to help! As a community bank, we’re able to work directly with individuals and companies to improve security. If you ever have any questions, feel free to reach out for assistance.

Many people feel a calling to entrepreneurship. After homeownership, some see starting a business as the next logical step in the American Dream. If you’re a small business owner or hope to be one day, you’ve probably considered what it takes to succeed. You need a compelling product or service that customers want. You have to figure out how to advertise and market your company effectively. And you have to manage day-to-day business operations.

All these issues are important, but there’s something even more essential you might not have considered: small business banking. The right bank serves as a critical partner, helping finance your small business and guiding you to long-term success.

Like any partnership, you must play your part. Here are five tips to help you manage your small business finances effectively.

Choosing the Right Business Checking Account

One of the first mistakes many new small business owners make is using their existing personal bank account for their company.

While this may seem like a time-saver, since using a pre-existing bank account means your business can receive money and pay bills right away, it’s a risky approach. It’s all too easy to lose track of what’s personal and what’s business. And, in case of judgments against your company, your private income could become subject to collections.

So, you should open a business checking account and keep things separate from the start. Instantly, your accounting will become easier, and you can monitor your company’s cash balance in real time. But before opening an account, take some time to shop around and select a business checking account suited to your operations.

Most banks offer no-cost business checking accounts, but you may have to maintain a minimum balance. If you fall below that minimum, your company might be subject to per-check fees. Choose an account with no balance requirements and a fee structure that aligns with your expected cash flow and transaction activity.

Modern banking conveniences such as bill pay, mobile deposits, and online account transfers can save you time and hassle. Look for accounts with these perks, along with free business debit cards. If your business accepts credit cards, ensure your business banking account integrates with the major payment networks.

Maintaining Records for Tax Purposes

Another good reason to separate personal and business banking is your company’s tax liability. Having a dedicated business checking account and keeping accurate records for tax purposes is essential.

The best way to maintain clean, organized business records today is to use accounting software. Many options are available, including cloud-based apps you can set up immediately. At a basic level, every accounting app allows you to categorize income and expenses. This level of organization helps you prepare clean, verifiable tax returns.

No matter which software package you choose — or even if you choose manual bookkeeping — be sure to save invoices and receipts. Since these records verify your expenses, they’re essential in a tax audit. In addition, regularly compare your business bank statements to your records to identify and sort out discrepancies before they become a potential tax problem.

Applying for Lines of Credit or Small Business Loans

As your small business grows, you might need a boost in capital. Additional funds could be for adding inventory, business expansion, or unexpected expenses. Here’s when business banking comes to the rescue through lines of credit or small business loans.

Lines of credit are much like credit cards in that you can borrow up to a set limit and repay monthly. Your banking partner can set up this type of revolving credit so that it’s available when you need it. However, you might prefer a more traditional small business loan should the need arise.

The lending departments at many banks offer small business loans on a direct basis. Your bank can also help you with loans through the Small Business Administration (SBA). If your business qualifies, the SBA provides a range of loan programs with lower interest rates and favorable terms. Although the SBA is a government agency, you apply through your bank, which will then service the loan.

Automating Invoicing and Payroll Processes

When starting a small business, you typically have only a few employees. One person or a small group often handles administrative functions like HR and accounting. Fortunately, today’s technology can automate most of your financial workflows.

For instance, financial software can automate the accounts payable process by scanning invoices and importing the payment details into your accounting app. The time saved helps ensure timely payments while automatically collecting important invoice data, such as the vendor, invoice date, and due date.

Payroll software or outsourced services can also save your team significant time. Automating payroll tax calculations and deductions reduces the risk of costly errors. Payroll apps and services can also generate paychecks or facilitate direct deposits for your team, decreasing the amount of time-consuming, manual work.

Consulting With a Business Accountant or Financial Advisor

A qualified business accountant or financial advisor can become a valuable asset on your financial journey. Seeking professional guidance can provide the following benefits:

• Tax preparation and planning: Your bank can help ensure you’re complying with tax regulations, identify opportunities for tax deductions, and minimize tax liabilities.
• Financial analysis and projections: Experts at your bank can offer insights into your business’s financial health and guide future decisions.
• Strategic financial planning: Collaborate with an advisor to develop financial strategies aligned with your business goals, such as retirement savings or expansion plans.

Business Banking: Building a Strong Financial Future

Effectively managing your business finances transcends mere record-keeping and number-crunching. It empowers you to make informed decisions about your business’s trajectory. Using the tools and tips above, you can steer your small business to long-term success. But remember, financial planning is an ongoing process.

Review your strategies regularly, adapt as needed, and watch out for any bumps in the road. If your business runs into hard times, your bank can help you through it. That’s why choosing the right small business banking partner from the start is so important. The relationship you form can help build a solid financial future for you and your company.

Improving your financial health is similar to maintaining your physical and mental health — It takes time and effort. Sure, you may feel fine now, but what about 10, 20, or 50 years later?

To that end, you must treat your finances like you should treat your body. You need to make decisions that maximize long-term benefit over short-term interest.

Here’s the good news — with time, effort, and persistence, there are real steps you can take to maximize your financial health. Here’s a look at seven specific steps and strategies to ensure you are planning for your long-term financial health. As you can see, many of these steps involve research and understanding your financial situation. Once you have this information, you can begin to take action to improve your financial health.

1. Know where you are at

You only know your physical health by taking necessary tests and metrics, including your blood pressure, cholesterol levels, weight, and more. Likewise, judging your financial health without understanding your current financial situation is impossible. So, you will need to know the answers to the following questions.

• How much money do you have in your checking and savings account?
• How much have you saved up for retirement? Are you on track to meet your needed financial goals?
• How much debt do you have? How much total debt do you owe, and what is the interest rate?
• What are your regular expenses and sources of income?

This information lets you determine how close you are to meeting your financial goals. It also lets you know if you have any serious financial problems and where those problems may exist.

2. Create a budget

Your budget is your financial guideline. It will allow you to make financial decisions to ensure you can save and spend responsibly.

Creating a budget is relatively simple. First, you track your sources of income and expenses. Once you know how much you make and spend, you can build realistic goals in each spending category. Having a budget gives you a broader perspective about where you are spending money. It may also help you identify and eliminate specific spending items you didn’t realize you had.

Maintaining that requires regular updating to know where your money is going. You can certainly create a manual budget through paper or a spreadsheet. However, this is often error-prone and time-consuming. You can use computer programs like Quicken to update your bank and credit cards. With regular updates, these programs show you where you spend your money and help you categorize these expenses.

3. Check your credit report

Your credit is so much more than a three-digit score. It is the base of your financial health. With a positive credit score, you are more likely to get loans for critical personal milestones — such as a mortgage or a car loan — and ensure those loans have a reasonable interest rate.

A variety of factors determine your credit score. These include:

• Payment history
• Amount owed
• Length of credit history
• Credit mix
• New credit checks

The first two items — payment history and amount owed — comprise 65% of your total score. You can maintain a positive credit score by paying your bills on time and not over-utilizing credit cards. Furthermore, remember that three different agencies track your credit score: Equifax, Experian, and TransUnion.

A low credit score means you are more likely to be denied loans or pay higher interest rates. Fortunately, there are ways to rebuild your credit. However, this process is impossible if you don’t know your credit score. Checking your credit score comes with numerous advantages:

• It allows you to know where you have financial problems.
• You may identify bills you haven’t paid.
• You may also be able to find and dispute charges that you didn’t know existed.
• It allows you to see what the lenders see. Once you identify the data they have, you can better understand what steps you need to take to improve your financial health.

4. Create a debt-reduction strategy

If you have followed these steps in order, you now know your overall financial situation. This should include all of your debt. Most people have debt, which is not bad, as debt is usually necessary to make significant purchases, such as a house, car, or other expensive item. The problem becomes when we have too much debt and cannot manage it. Furthermore, the interest payment on that debt will be financially suffocating and make it impossible to ever get out of debt.

If this sounds familiar, you need to develop a debt reduction strategy.

The first step you take is to list all of your debt. This list should include who you owe, what you owe for, and the financial details of that loan. Information needed here includes the total owed, the minimum monthly payments, and the interest rate on the debt.

Armed with this information, you can begin to take the necessary steps to eliminate this debt:

• Many debt relief agencies can help you identify programs and strategies to reduce debt. In exchange for a fee or a piece of the payments you make, these agencies can call your debtors, find programs, and identify specific methods to reduce your debt. Selecting the right agency can be difficult. As such, you must do your research to find an appropriate partner.
• You can also refinance your debt. Refinancing debt may lower your payment and interest rate. Remember that some refinancing also lengthens the time it takes to pay off your debt. In this scenario, you will reduce your monthly payment but pay more over the length of the loan.
• Finally, you can use two different methods to apply extra money towards debt repayment. In the Snowball method, you pay off your lowest balance as quickly as possible, using the extra money to pay off the next lowest balance. In the Avalanche method, you pay off the highest interest rate first. Both methods can be highly useful, provided you have the discipline to stick to them.

5. Create an emergency savings fund

“Saving for a rainy day” is more than just an expression: It must be a financial reality. You never know when you will lose your job or have to manage a major financial expense.

How much you put away into your emergency savings fund depends on you. Most financial experts recommend saving between 3-6 months of living expenses. You need to calculate this number based on the expenses you need to live, including expenses like your rent, utility bills, and groceries. This shouldn’t include any optional luxuries, as you’d have to eliminate them while unemployed.

For many, saving up this amount of money can be extremely challenging. Fortunately, there are many ways to build your savings. This can include setting realistic goals, automating your savings, and finding the highest possible interest rates. You should keep your emergency savings in a low-risk bank account. You don’t want to risk losing your emergency savings at a time when you may need them.

6. Build a retirement strategy

No one wants to work forever. As such, you’ll need to build a retirement strategy that suits your needs. Preparing for your retirement can mean different things for different people. Are you:

• Taking advantage of your employer’s 401k match or pension program?
• Actively creating savings goals based on your projected financial means, then sticking to those goals?
• Consulting with a financial expert to determine your retirement needs or using retirement calculators to estimate those needs?

Everyone has different retirement needs. The key is to understand what your needs are. From there, you can create a retirement plan that fulfills your financial goals and protects your long-term financial position.

7. Maximize your tax benefits

In most cases, taxes are the largest expense we will have in a year. Fortunately, the right strategies can reduce the significant burden that taxes create.

Everyone has a different tax situation, but you can use plenty of methods to ensure you pay the right taxes. These include:

• Invest as much as possible in tax-reduction vehicles. This includes a 529 plan for college or your 401k.
• Open a Flexible Savings Account (FSA) if your employer offers it.
• Consider a Health Savings Account (HSA) to help reduce taxable income.
• Avoid overpaying your taxes so you get a lump sum at the end of the year. Instead, adjust your withholding so you overpay as little as possible. Use that money to invest in your retirement funds. Doing so lets you plan for retirement and further reduces your tax burden.

Consider using a CPA to develop a tax reduction strategy.

Get the right financial partners

Improving your financial health is possible in any financial situation. Researching your current financial situation and making responsible decisions can help you get there. However, improving your finances means finding the right financial partners.

At Village Bank, we’re here to help. With locations throughout central Virginia, we’re here to meet your needs and ensure you can make positive long-term financial decisions. We offer many services and banking products – including savings, loan refinancing, and mortgages – to help you improve your financial health. Ready to learn more? Contact us today.

Have you ever looked at your bank account to see if you can afford another purchase, only to discover that the grocery bills, gas, and energy costs have destroyed your balance? You’re not alone. The current economic moment is challenging and harder than ever to stretch your budget. Inflation is – thankfully – coming down, but it remains high, with prices higher than they have been in almost a decade. As a result, purchasing ordinary items is still more expensive than in years past. This financial reality pressures most Americans to do whatever they can to reduce expenses.

You may have already tried more well-known options to reduce your expenditure, like cutting subscriptions you don’t use, making more purchases in bulk, or checking out online coupons. Maybe that’s enough for you to manage your monthly budget … or maybe not.

Here’s a look at ten unique ways to cut expenses and save more hard-earned cash.

1. Plan, plan, plan

Creating and sticking to a budget is one of the best ways to limit expenses. A budget lets you see what and where you spend your money. From there, you can identify ways to reduce expenses.

However, more planning can help you save money. For example, you can plan your grocery shopping to reduce impulse purchases and ensure you only buy things you plan on using.

This idea also applies to larger purchases, like clothing. With some forethought, you can probably grasp how much clothing you will need to get you through a season. From there, you can buy that number and then not worry about buying anything else. Lastly, consider planning what you need versus what you want.

This distinction is critical and will enable you to better focus your expenses on what you need and what you can afford.

2. Keep a price book

Most of us have many stores that we shop at, using various combinations of department stores, small businesses, and online retailers to get the things we need. Ask yourself this question: Where can you save the most?

There’s only one way to answer this question: You must do the work.

The next time you purchase, grab the receipt and enter it into a spreadsheet that tracks the price of what you buy and where you buy it from. This is your personal price book, enabling you to monitor your purchase, where you made it, and how much it cost. From there, you can compare how many items are and where things are the cheapest. This information lets you know where to shop to save the most.

This strategy also has a secondary benefit: You can better track your spending by manually entering all your transactions. As such, you can better grasp where you are spending your money and potentially find ways to save by not buying certain items. You can also keep track of all prices in your budget. By doing so, you can get a comprehensive view of all of your expenses.

3. Ask your creditors or services for help

There’s a hidden secret regarding saving money: In many cases, it’s as easy as a phone call. You can call many places if you are looking for ways to reduce your debt. Credit card companies sometimes give you lower interest rates if you ask for alternatives. They may also set up programs that will enable you to reduce payments or save money. The same can often be said for utilities, like your phone or electric company.

Alternatively, ask yourself this question: What am I willing to cut? Call to cancel once you have identified services you can get rid of. The service in question may reduce your price to entice you to stay. A quick Google search (“Does service X give discounts if I try to cancel online?”) may also reveal insightful results.

4. Use website extensions for your online shopping

Most Americans spend extensively on online shopping throughout the year. Fortunately, if used properly, you can use the internet for significant savings.

Various websites available today – including Ratuken, Klarna, Honey, and more – will allow you to save money when shopping online. The specifics of each website vary, but generally speaking, they allow you to achieve savings or automatically check for online coupons. As such, these website extensions can help you save money relatively passively.

5. Unsubscribe from emails

Sometimes, the temptation to avoid shopping online can be too strong. Reducing this temptation can be the real-world equivalent of avoiding those end-caps at grocery stores: You can remove the chance to spend by removing options.

Unsubscribing from marketing emails can be a great way of accomplishing this goal. Not only can unsubscribing reduce the threat of impulse buying, but it can clean up your inbox and help you get out of a mindset where you feel as if there is a constant barrage of marketing meant to separate you from your hard-earned cash.

Unsubscribing is usually easy enough: Scroll to the bottom of an email and click unsubscribe. Alternatively, some email services – like Google – allow you to click an “unsubscribe” button without even having to scroll.

6. Automate what you can

Many online retailers, such as Amazon, allow you to get automatic deliveries of commonly used items. These regular deliveries often come at a discount. As such, you can save money by signing up for a regular delivery of a product that you will use. Remember that these services require maintenance to ensure you don’t order more than you need.

7. Purchase reduced-price gift cards

Everyone loves gift cards. Fortunately, there are ways that you can buy gift cards at a discount. Websites like Raise, CardCrazy, and CardCash allow you to purchase digital or physical copies of cards from hundreds of stores throughout the country. By purchasing one of these cards, you can save money on purchases you plan to make.

8. Spend more money

Wait, what?

Ultimately, there are times when spending more money will put more money back in your pocket. This will allow you to build your savings and have more money later in the month.

Those cheap shoes that you bought wore out pretty quickly, right? This meant you had to buy another pair of shoes relatively soon after buying the first one. You might not have needed the second if you spent more money on the first pair of shoes. The quality of a good often means that you can get more life out of it, thus saving money in the long term.

Generally speaking, this pricing strategy applies to items you will use extensively or over a long period. Spending less money on short-term purchases than long-term ones is usually better.

9. Find an accountability buddy

You may have friends or family members looking to save money but struggling, just like you. If that’s the case, you may be able to help each other.

The concept behind an “accountability buddy” is simple: You and your friend can work together to keep each other to a spending plan. Specifics of this program can include:

• Regular check-ins to discuss how you are doing in your money-saving goals.
• Weekly “reviews” of your budget, spending, and overall struggles.
• Open, honest conversations about the difficulty associated with spending money.

Depending on your closeness with the friend in question, you can even go so far as to share budgets. Doing so will allow you to get another set of eyes on your budgeting documents, ensuring that other people can potentially give you advice and feedback on saving money.

10. Move or reassess your living situation

Is it extreme? Maybe. But, in this era of remote work, people often simply don’t have to live as close to their office as they used to. Have you considered moving into a lower cost of living space if nothing else ties you down to an area?

Inflation has rocked much of the country but not in an event way. According to the latest statistics, inflation is worst in Washington, D.C., Colorado, Utah, Arizona and Nevada. Interestingly, Virginia is 17th on this list. States where inflation is the lowest are largely located in New England.

Furthermore, some areas are less expensive to begin with. This includes places with lower cost of living, rent, and grocery prices. Generally speaking, rural areas are less expensive than urban or suburban ones. If cost matters to you and you want to move, keep this strategy in mind.

Moving isn’t viable for everyone. If that’s the case for you, there may be ways to reassess how you live. Are you able to move into your home? Find roommates to help you reduce your costs? Move to a smaller apartment or one in a different neighborhood? All of these present viable options that may help you reduce your expenses.

Get help from the professionals

We’re deeply proud of our commitment to our customers at Village Bank. We offer an array of locations around Greater Richmond and Williamsburg that are staffed with friendly, knowledgeable experts who understand money and how to save it. With nine retail branches that offer personal and commercial banking services, we’re here to help. Contact us today for more on how we can help you.