No matter what your age, take advantage of the New Year and get on the path to financial fitness with your Maine Credit Unions! They are here for you all year round!
Baby boomers
Put your debts in priority order. Make a list of all your liabilities and organize them by the annual interest rate. Pay off those with the highest rates first, while still making at least minimum payments on all the others. Set a specific, realistic date for when you plan to achieve your goal of paying off all debts.
Determine your net worth. Calculate your assets minus liabilities each year--preferably on Dec. 31--so you quickly can see whether you're gaining ground or falling behind. Your net worth should be increasing each year. If it's not, make a plan to improve it, such as pay down a specific debt or put more money into a retirement account.
Seniors
Evaluate your estate plan. Establish or review your will, advance directives, and powers of attorney, and make sure they reflect your preferences and current situation. Make sure all of your intended beneficiaries are on file for all your financial accounts.
Check all insurance policies. For example, know what is covered in your home-owners policy and verify your liability coverage. Call your insurance agent if you have any questions. Many credit unions have relationships with area insurance companies for your convenience.
- Adam M., Maine Family FCU
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