Get Financially Fit in 2015
Step One – Assess Your Debt & Get Informed
Getting financially fit begins with a personal financial assessment. To get started, review the bills and debts that you will need to pay in 2015. Compare your monthly payments to your monthly income. If, for example, your monthly payments are 50% or more of your monthly earnings, you may be in trouble and need to find a solution. Whether your debt includes credit cards, medical bills, student loans or other types of bills, you do have options for paying off the debt. But you need to do your research and look at your options. UECU offers an array of borrowing options that may help you to reduce your monthly debt and improve your cash flow, putting more of your hard-earned dollars back into your pocket. Refinancing your debt at a lower interest rate can also help you to save money in the long run. UECU offers very competitive rates on mortgages, home equity loans, personal loans and credit cards. UECU’s Financial Services Consultants can help you determine the best borrowing option for your financial situation.
Step Two – Review Your Spending Habits
Individuals accumulate debt in various ways. Some debt is accumulated through necessity, such as purchasing a home or buying a vehicle. Other debt may be created through excessive purchases with loans or credit cards. Either way, debt can really create havoc in our lives. The worst thing that we can do about debt is ignore it. No matter what your situation is, finding out your options to pay off the debts is one of the best things that you can do to begin to improve your finances. The next is changing your financial lifestyle. Review 3-6 months of bills, credit card statements, and borrowing activity to find out what you have purchased. If you discover that you have accumulated debt through excessive purchasing for things that you did not necessarily need, but wanted, then it’s time to make a change. Stop spending and start investing in yourself. Open a savings account and make automatic transfers each time you get paid, no matter how small or large your deposit; you will begin building a savings. The savings account will create a safety net for future unexpected expenses.
Step Three – Set Financial Goals & Create a Budget
Once you have a handle on paying off your debt, it’s time to plan for the future by setting goals and developing a budget. Whether your financial goal is to buy a home or start saving for retirement, you can’t achieve it unless you plan for it with a budget. Creating a budget can be simple. Look at your monthly bills and expenses again. Assess how much of your income you will need to pay your bills, pay for monthly expenses like gas and groceries, and how much money is left over. Determine from the money that is left, how much you can invest in your savings account. Now, watch that savings grow over the next 12 months! Continue to grow your savings and you will reach your goal!
For loan inquires or to apply for a loan, contact a Financial Service Consultant at 800-288-6423 ext. 4001
For additional information regarding Savings Accounts and setting up an automatic transfer, contact a Member Service Representative at 800-288-6423.
To open an IRA account, contact UECU’s IRA Specialist at 800-288-6423, ext. 4005.