Healthy Ingredients for Your Financial Well-Being

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Healthy Ingredients for Your Financial Well-Being3/26/2024

family cooking in kitchen

Good cooking consists of flavor, balance, and healthy ingredients — your finances are no different. Similar to making a delicious and nutritious meal, creating a healthier, wealthier, you, consists of balance, which is achieved by building a manageable budget. However, it takes more than creating a budget to keep your finances in shape. For your financial well-being, we're sharing a few healthy ingredients to consider adding to the menu.

Automate Saving

Savings is a subtle ingredient that can add tons of flavor to your financial well-being and the best part is, the earlier you start and the longer you let your savings marinate, the better it gets thanks to compound interest. So, whether you're saving for a holiday getaway, new car, home, retirement, potential emergency, or something else, consider automating your savings. Save regularly with automatic payroll deduction, direct deposit, or set an amount to transfer to your savings every week.

Stay of Top of Your Finances

We lead busy lives and sometimes our finances don't get the attention they deserve. With today's technology, however, you can stay on top of your finances with ease by monitoring your spending, making transfers or loan payments, paying bills, and more with internet and mobile banking. Plus, with the addition of My Cards, you can now manage your Members First debit and credit cards with your Members First mobile app or on internet banking.

Build Your Credit

Your credit score is a prediction of your credit behavior and how likely you are to make payments on time. Your credit score can impact whether or not you're approved for a mortgage, credit card, auto loan, or other credit product. It can also help determine the interest rate and credit limit you receive. Additionally, your credit score also helps individuals and companies make decisions like tenant screening and insurance. In short, having bad credit or no credit at all, can be harmful to your financial well-being.

Boost your credit score by keeping the balance on your credit accounts low and making payments on time. If your credit is bland or sour, consider building your credit with ingredients that can give you a fresh start like a Credit Builder Loan or Secured Credit Card.

Make Your Credit Cards Work for You

If you're going to charge it, sweeten the pot by using a credit card that earns rewards. You earn 1 reward point for every $1 spent on purchases made with a Members First Visa® credit card. The rewards you earn can be redeemed for statement credits, cash back, travel, purchases at the pump at participating gas stations, and more. Additionally, you can also use your points to pay for purchases at CVS, Walgreens, Walmart, and online purchases at millions of PayPal merchants globally.

Consolidate Debt

Do you have too many pots on the stove threatening to boil over? If you're carrying high-interest debt from multiple sources like credit cards, store credit accounts, medical bills, or other loans, consider what a Debt Consolidation Loan can do for you. Rolling over your high-interest debt into one loan with a single, low, monthly payment can help you reduce your total debt and reorganize it so that you can pay it off faster. You can also look into other debt repayment strategies or speak with a credit counselor to help determine the best option for your financial needs.

Invest in Your Future

You've likely heard the adage, "Don't put all your eggs in one basket." Contributing regularly to your savings account is a good thing, but it may not be enough to keep you financially stable and independent in the future. If the company you're employed at has an employer-sponsored retirement plan like a 401(k), consider enrolling in it as soon as possible, especially if your employer matches a portion. That way, you can begin contributing a portion of each paycheck to it and start easily saving for retirement. You should also consider opening a CD or retirement savings account like an Individual Retirement Account (IRA). Depending on the type of IRA you open, contributions may be tax-deductible or withdrawals may be tax-free.

Protect Your Identity

Protecting your identity is an important ingredient to maintaining your financial well-being. Here at Members First, we work hard to protect your finances from malicious activities; but, there are also steps you can take to make sure your identity and finances are safe. Learn how to protect yourself from phone scams and vishing, secure your phone from hacks, take steps for safe web browsing, don't fall for social media scams, and consider instances you shouldn't use your debit card.

Stay Informed

Another important ingredient to maintaining your financial well-being is by staying alert and informed. Knowledge is power and knowledge empowers you to be financially healthy. You can stay engaged in what's happening at your Credit Union by reading our newsletter, following our social media pages on Facebook and Instagram, viewing special offers that may benefit you, and utilizing the educational resources available to you.