Financial Tips

Financial Safety

Do not reveal too much about yourself

Revealing too much personal information on social networks can put you at risk of fraud and identity theft that can negatively affect you financially. Be cautious in sharing personal information on social networks and with whom you are sharing the information.

Practice good password management. Use a strong mix of characters, and do not use the same password for multiple sites. Do not share your password with others, do not write it down, and definitely do not write it on a post-it note attached to your monitor.

Sensitive browsing, such as banking or shopping, should only be done on a device that belongs to you, on a network that you trust.

Saving & Budgeting

Plan a menu ahead of time

To save at the supermarket, make a menu for the week before you go shopping. Knowing what you will need to purchase will not only save you money by reducing impulse purchases but will also save you time and make your supermarket experience less stressful.

In addition, it could help you eat healthier, while also reducing waste on fresh food and produce since you will be prepared to use it.

Saving & Budgeting

Unplug your appliances

Unplugging your appliances when you are not using them could help reduce your energy costs. Even when your appliances are plugged in and you are not using them, they are still draining electricity and costing you. Between 5 – 10% of residential electricity is used by devices that are plugged in 24 hours a day. To get in the habit of unplugging them when you are not using them, put reminders by your appliances. Soon it will be second nature and you could end up seeing significant reductions in your monthly electric bills.

Future Savings & Money Security

Planning your retirement

Look into all your retirement savings options at work. If your employer does not have a retirement savings program, consider establishing your own Individual Retirement Account with your credit union and make regular transfers into it. Remember that you can set up an automatic transfer from a checking/share draft account into a savings/investment account for retirement or any purpose.

Future Savings & Money Security

It is important to have a will

The thought of writing a will can be morbid, but it is important to have one because it is a gift you leave your family or loved ones. Having a will means you are being organized about your finances and preparing yourself and family for any scenario whether you are married or single.

Future Savings & Money Security

Decide where to keep the money intended for certain purposes

Consider keeping emergency savings in a separate savings account instead of a checking/share draft account so that you can better resist the urge to raid the funds for everyday expenses. Be sure to develop a plan to replenish any withdrawals from your emergency fund.

For large purchases you hope to make years from now, consider fixed certificates, also known as certificates of deposit, which generally earn more in interest than a basic savings account because you agree to keep the funds untouched for a minimum period.