The U.S. Bureau of Labor Statistics reported a Consumer Price Index (CPI) increase of 3.0% from January 2024 to January 2025.¹ It’s no surprise that so many people are navigating difficult financial circumstances. If you’re struggling to get a better handle on your household finances, here are six ideas to help you save money:

1. Shop around for car insurance.

Included in the CPI breakdown? The price of car insurance increased by a whopping 19.2%. Before locking yourself into another year with your current insurance provider, shop around for quotes. You never know — you might save money by going with a different company. If you hate shopping for insurance, check out Quorum Insurance.² They do the legwork for you and take the hassle out of comparison shopping.

2. Consolidate high-interest debt.

When interest accrues faster than you can pay off the debt, you’re caught in what feels like an endless loop. To break out of this pattern, consider consolidating high-interest balances onto a lower-interest option, such as a low-rate credit card with fee-free balance transfers or a personal loan. Then, identify a strategy to repay the debt.

3. Create a monthly budget.

At the risk of sounding like a broken record, we recommend that everyone get familiar with budgeting. There’s no way around it. You need to know how much money is coming in versus how much is going out, and the best way to do that is with a budget:

• Brand new to budgeting? Start here.
• Need to get better at budgeting? Check out five tips.

Keep track of your savings goals to provide motivation along the way. Consider the benefits of a Club Account to save specific money for an emergency fund, a well-deserved vacation, a wedding or another special occasion.

4. Focus on small changes.

If you know you want to trim some discretionary spending, think about starting small. Making incremental adjustments can add up and have a significant impact. Three areas of a budget that can be sneaky are:

• Dining out: Cooking meals at home and shopping strategically around grocery sales can make a big impact. The cost of dining out has risen 5.3% in comparison to a 1.7% increase in the cost of food prepared at home.¹
• Subscription services: Consumers spend an average of $91 per month on subscription-based services, according to a March 2024 CNET Subscription Study, with nearly half of respondents saying they’ve forgotten to cancel a service after a free trial.³ Don’t forget to regularly audit your subscriptions to make sure you’re only paying for what you actively use.
• Energy use: Turn the lights off when you leave the room, do your laundry during off-peak hours (if your electric company charges a premium during peak hours), lower the temperature setting on your water heater and set your thermostat a few degrees hotter in the summer and a few degrees cooler in the winter.

5. Get credit help from a professional.

According to the Consumer Financial Protection Bureau (CFPB), working with a credit counselor can be a great way of getting free or low-cost financial advice from a trusted professional. Credit counselors could help you develop a budget, offer free educational workshops, make a game plan for debt, advise you on household finances and more. Just make sure to properly vet the service first and avoid paying money for quick fixes, which can be scams. Find out more from the CFPB.

6. Earn better rates on your savings.

If you haven’t taken advantage of higher savings rates, now’s the time. Earn a better return on the money you’re already saving by opening a Money Market Account or a Certificate Account in Grow Online or Mobile Banking:

• Money Market Account: Keep savings liquid and flexible while earning better rates.
• Certificate Account: Lock in top savings rates for a time frame of your choosing between 12 and 60 months.

Check out today’s savings rates.

We hope these six tips help you keep your household finances on track for 2025! For more financial literacy resources, follow us on Facebook and Instagram.

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• General Education