Welcome

"Life matters" means we are passionate about creating a better world. It is why we work to deliver superior value to our members and community. We are not just a financial institution; we are members of the community. In line with our brand promise of delivering superior value to our members and the community, we are committed to helping you reach your biggest financial dreams. 

Get In Touch

Email: contactus@hawaiiusafcu.com
Address: 1226 College Walk Honolulu, HI 96817

3 tips about saving money in Hawaii

How much are you putting towards your savings every month? According to a 2015 survey, there’s a good chance your answer is, “not a lot.” About one-third of Hawaii residents have no savings, while 61% have less than $1,000 in savings(1).

We don’t have to tell you why saving is so difficult, you live it every day. But even with a gallon of milk and gas being four times more expensive than the mainland, building a savings account is easier than you think and totally possible.

Here are three helpful money saving tips to keep you moving toward a more successful future.

(1) Go Banking Rates, “Here’s How Much Americans Have in Savings in Every State in 2016,” September 2016

palm-tree-pig
Saving-Money-Hawaii

Take a hard look at your expenses

Think of saving as cutting out useless expenses and becoming more purposeful about where your money goes. Try the following activity to get you in the right mindset:

list-pencil

1. Make a list of the top 10 things you spend money on every month.

lightbulb

2. Come up with some practical ways you can save on those things high on your list, without eliminating them.

eraser

3. Try to eliminate the last two or three items off your list.

credit-cards-closeup

Use credit cards responsibly

The key to responsible credit card use is first and foremost paying your bill on time, every time. If you are late or miss a payment, your account will accrue late fees and worse, it will negatively impact your credit score.

So, it’s in your best interest to pay on time and the statement balance in full, if possible. If not, at least pay a little more than your minimum payment. Your monthly statement will include information about how long it will take you to pay off your balance if you only make minimum payments. Consider how much money you could potentially save by paying this debt sooner.

Some people believe that carrying a small credit card balance every month will actually increase your credit score — this is also grossly untrue.

piggy bank

It's never too early/late to start saving.

Have you ever told yourself one of the following myths?

  • “I’ll start worrying about the future when it gets here.”
  • “At my age? It’s too late to start saving anyway.”

Many people believe that either they’re too young or too old to worry about saving money. We’re here to tell you that no matter where you are in life, right now is the best time to start saving.

Whether you’re in your 20s or are quickly heading toward your golden years, here are a few things to consider:

  • The longer you wait to begin setting aside money for the future, the more difficult it will be. Just remember that difficult does not equal impossible.
  • Working closely with a trusted credit union or bank is the best way to make sure you’re on the best financial savings path—take advantage of this resource!
  • Hawaii is one of the most expensive places in the US to retire. If you want to live at home through your retirement, saving for the future must be a priority.

So what’s the key to saving money?

Make it a habit. It may seem tedious at first, but the more consistent you are about setting aside a certain amount of money every month, the easier it will become.

If you’re ready to open a savings account, talk to our team. We can assist with a savings strategy and help you grow your account.

>>Contact us to get started