INDIANAPOLIS (WISH) — Fitting for the week of Halloween, Everwise Credit union is taking a ‘trick or treat’ approach to financial advice. Area manager Adam Young even considered coming in costume for a visit with WISH-TV’s Daybreak.

“I was tempted,” he told us with a grin. “We talked about it, but I decided to just come as myself today!”

To make sense of his dollars and cents advice, Young broke the conversation down into troublesome ‘Tricks’ and the ‘Treats’ that can help solve them.

TRICK:

Vampire Subscriptions – recurring charges you have forgotten about that continue to drain your account every month

TREAT:

• Review your bank and credit card statements
• Identify any subscriptions that you don’t use and cancel them
• Apps can help detect and cancel forgotten subscriptions automatically

Young says, “(Ask yourself) ‘Do I really need these subscriptions anymore or maybe get rid of some of those that maybe aren’t of effect anymore?”

TRICK:

Monster Debt – a financial burden that, like a monster, grows bigger and scarier each month

TREAT:

• Focus on the smallest balances first
• Consider consolidating your debt into one loan
• Make automatic payments to stay on track

“It’s something that we need to kind of use in our life to get things that we truly need, particularly housing, maybe a car, maybe that big expense that kind of hits you,” Young acknowledges. “But when you look at it in a full picture, it’s a little bit scary.”

TRICK:

The Ghosts of Overspending – buying on high-interest credit cards that can haunt your finances with lingering debt

TREAT:

• Only charge what you know you can pay off each month
• Set a spending limit that matches your budget
• Set up automatic payments to avoid late fees and interest

“I’ll look at it as, you’re buying those treats for Halloween coming up, and you go and buy the fancy candy bars and you swipe that card,” Young explains. “And if you’re not paying that card off each month, well, you’re going to end up paying a lot more for that as you’re paying interest at high rates.”

TRICK:

Vanishing Income – unexpected expenses that can make income vanish

TREAT:

• Create an emergency fund with 3-6 months of living expenses in a savings account
• Start small with automatic transfers each month
• A cushion gives you peace of mind

“It kind of gives yourself a little preparedness, right? You save a little bit and you have it there in the event that something crazy does come along the line!”