You work hard for your money, and it’s easy to assume that work and your paycheck are always going to be there, unfortunately none of us know exactly what the future holds. This article is the first in an upcoming series where we’ll discuss saving options, setting up a budget and the overall importance of planning and staying on top of your financial goals.
- Get organized. Having all your financial documents in one location will save you both time and money in the future.
- Know where your money is going. Tracking your expenses lessens the chances of missed payments saving you late payment fees and sometimes higher interest rates.
- Review your credit report yearly. This allows you to catch any mistakes and helps to insure a strong and solid credit history.
- Shop smart. Watch for sales and know the best time of the year to purchase big ticket items and then always ask yourself if you REALLY need it.
- Credit a budget. It’s so much easier to not overspend when you have a spreadsheet allocating everything from groceries to entertainment.
- Write down your financial goals. Putting them on paper helps give a sense of commitment.
- Start a simple savings account for short term goals like your next vacation or a new roof for the house.
- Consider a strong retirement program for long term objectives along with exploring safe and secure investing options that allow you to see your money grow.
- Understand what is behind your financial decisions. Are you considering a new car because you really need it or because your next door neighbor just bought one?
- Reduce your current debt. Set realistic goals to pay off high interest credit cards and if possible refinance your home to get a lower interest rate.
Ready to get your financial future on the right track? Stop in or call one of our two convenient locations to chat with an experienced and friendly ILWU Credit Union staff member today!
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