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Are you still looking for ways to follow your financial resolutions for 2008? Here are a few tips from the National Association of Federal Credit Unions (NAFCU) to help you stay financially fit throughout the year:

• Create a budget: Know how much money you bring home and evaluate how much you spend.

• Vow to spend less than you make: If you are constantly overspending, you will never have enough to save or invest.

• Start saving now: Start saving for things like: retirement, college education, and buying a house as early as possible. It may be a good idea to drop unnecessary services and try to avoid any preventable fees, such as ATM fees, as much as possible.

• Review your credit report and financial statements regularly: You can obtain a free copy of your credit report every 12-months from each of the credit bureaus through: www.annualcreditreport.com. Annualcreditreport.com is the only secure website backed by the three major credit bureaus. It’s also a good idea to review your monthly statements. GECU provides you with quick and easy access through FREE E-Statements and FREE Online Banking.

• Reduce your debt: Make a plan to reduce your credit card balances. Pay more on the credit card with the highest interest rate first and consider consolidating debt. It also helps to pay more than the minimum due each month.

• Use credit cards wisely: Use a credit card with no annual fee that also offers rewards to suit your interests. And, remember to pay on time. GECU credit card programs offer no annual fees, low rates, and your choice of rewards.

• Plan ahead: Open a Vacation and Christmas Club account to help save for an upcoming vacation and the holidays.

• Start an emergency fund: There are times in life when unexpected events happen, such as an illness, vehicle maintenance, or home repairs that could cost you a large sum of money. Many financial experts recommend saving at least three month’s expenses to fund these items.

• Review all your financial documents: Identity theft can happen anywhere. Shred financial documents and credit card offers before throwing them out. Now is also a good time to review, or start, your investment portfolio, and evaluate your insurance needs. GECU professionals from the Financial Mall can assist you with your plans.

As your credit union, we will do our best to provide you with the products and services you need; let us help you in meeting your financial goals!

Source: www.nafcu.org, “NAFCU Offers Consumer Finance Tips for 2008,” January 4, 2008, http://www.nafcu.org/Template.cfm?Section=News&template=/
contentManagement/contentDisplay.cfm&contentID=29261, January 10, 2008
 

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