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We all know how important saving money is. Whether you’re a dedicated saver or just beginning to build your savings; we offer a variety of safe and secure savings plans to help your money grow.
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When you join AMOCO Federal Credit Union you begin your membership by opening a basic savings. This account establishes your ownership in the credit union and is the foundation you can build on to achieve your financial goals.
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What Are You Spending For?
Spending money is a daily part of living; however, smart spending allows you to save for your future. At AMOCO, we believe in investing in you and helping you build your nest egg to take care of yourself and your family.
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We believe that checking should be made simple, so we have one FREE checking account for all of our members. That’s right, no minimum balance requirements, no direct deposit requirements, no monthly service fee and unlimited transactions!
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Our goal to make your financial dreams come true. Whether you are purchasing your first car, looking for a great credit card or want to own vacation homes, we help you fund your future.
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At AMOCO, we have loans for your wants and needs. We work hard to provide members with high-quality service, lower rates, and flexible payment options so you can get the most for your money.
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Prepare for the unexpected. Our insurance plans can help you save big while offering excellent coverage. Don’t wait until it’s too late – contact us today to learn more about your options.
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We’ve broadened our insurance offerings by partnering with reputable organizations. Let us help you find the coverage you need for the things that matter most to you. And the best part? You can potentially save hundreds of dollars annually.
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Invest In Yourself!
Plan our financial dreams – from saving for college to planning retirement. We’ll discover where you want to go and how you will get there.
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Through LPL Financial, you have the ability to manage multiple types of investments, access your account anywhere, anytime and partner with a professional to help understand your unique financial situation.
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The True Cost of Subscriptions
In a digital era of convenience and tailored services, subscription models have become a staple of modern consumer life. These recurring payments offer a seamless way to access products and services, from streaming platforms to meal kits.
Without careful management, however, recurring charges can quietly drain your bank account month after month. Often automatically deducted from your credit or debit card, these charges can be easily forgotten or overlooked. But even small recurring payments, when added together, can add up when considered as a whole.
How easy is it for subscriptions to get out of control? A study by Waterstone Management Group found that 84% of Americans underestimate how much they spend on subscriptions, often by hundreds of dollars. The same survey revealed that nearly half of consumers have subscriptions they've forgotten about and no longer use.
Here's a step-by-step guide on identifying, evaluating, and slashing those recurring bills.
Step 1: Make a List of All Your Recurring Charges
The first step is to get a clear picture of all the recurring payments debited from your accounts each month. Comb through your credit card and bank statements from the past few months and list every recurring charge you find.
Remember to check for annual subscriptions or memberships that may only appear once a year. Some common recurring expenses to look for include:
- Streaming services like Netflix, Hulu, and Spotify.
- Cable or satellite TV packages.
- Amazon Prime (including recurring shipments of consumables).
- Gym or fitness studio memberships.
- Magazine or newspaper subscriptions.
- Mobile apps with monthly fees.
- Cloud storage services.
- Gaming or other online memberships.
- Subscription boxes for food, shaving, and other staples.
- Recurring charitable donations.
Once you have your list, note how much you pay for each service and total all charges. It may be more than you'd expect!
Step 2: Evaluate the Value of Each Subscription
Now that you have a clear picture of your recurring expenses, it's time to evaluate each critically. Ask yourself the following questions:
- Do I regularly use this service?
- Is there a cheaper alternative available?
- Could I manage without it entirely?
- Am I paying for multiple services that offer similar benefits?
Be honest with yourself about which subscriptions you truly need and use versus those you're holding onto out of habit or because you forgot to cancel. If you're paying for a gym membership but haven't been in months, let it go. If you're subscribed to multiple streaming services but only watch one or two regularly, consider canceling the others.
Step 3: Cancel Unused or Unnecessary Subscriptions
If you identify any unused or unnecessary subscriptions, try not to procrastinate - cancel them immediately. You can contact the service provider or log into your account to find cancellation instructions.
Some tips for making the cancellation process easier include:
- Have your account or subscription details handy when you call or go online to cancel.
- Be prepared to say "no" to retention offers or attempts to keep you subscribed.
- Follow up to ensure the cancellation went through and you're no longer being charged.
Remember, canceling even one or two unused subscriptions can free up significant money in your monthly budget.
Step 4: Negotiate Better Rates or Seek Cheaper Alternatives
For the services you decide to keep, see if there are ways to lower your monthly cost. Some companies are willing to negotiate rates, especially if you've been a long-time customer or are considering canceling. And sometimes, a better deal has been announced since you subscribed initially.
This approach won't work with a service like Netflix, but cable TV and cell phone plans are often an excellent place to start.
Call your service providers and ask if they offer any promotions or discounts. Check if there are less expensive plans that still meet your needs. Be bold and mention that you're considering switching to a lower-priced competitor.
You can also look for cheaper alternatives to your subscriptions. For example:
- Instead of a cable TV package, consider a lower-cost streaming service.
- Replace a gym membership with free YouTube workouts or a modest home gym setup.
- Switch to a discounted annual plan rather than paying monthly.
Even small reductions in your monthly bills can add up to significant savings over time.
The Takeaway
Navigating the convenience of subscription services requires a balance between enjoying their benefits and managing their costs.
By taking a proactive approach to your subscriptions, you can stop spending leaks and make sure you're spending on services that are important to you. So make a habit of conducting regular subscription audits. A little time and effort can go a long way in keeping your recurring expenses in check and your financial health on track.