Did you know that April is Financial Literacy Month? Don’t worry if you didn’t plan a party! As this month comes to a close, here are some simple ways to celebrate and grow your own financial literacy level all year long!
Set Goals
Make clear financial goals, and break each one down into several short-term (less than 1 year), medium-term (1 to 3 years) and long-term (5 years or more) goals.
Get in Balance
Balance your checkbook each month to ensure you don’t overdraw your account when conducting debit card transactions.
Analyze your energy
An inexpensive energy cost analyzer can help you cut energy use and your bills!
Move your loan to a credit union
With lower rates, moving your auto loans or mortgage to a credit union can save you money. And, with conveniences such as automatic payments, you can be sure to avoid late payment fees.
Spend less than you earn
Pay yourself first. Your credit union can help you with this by automatically withdrawing money from your checking account and putting it into savings or an investment account.
Be Accountable
Take advantage of your credit union’s Holiday Club Account. Beyond saving for the holidays, this can help you save for major purchases, or ensure that you have money set aside it you need it.
Establish an emergency fund
Keep the money safe by putting it into a low-risk, accessible account such as a savings account or money market account.
Know your score
Review your credit reports to make sure all information is accurate, and get it corrected if it is not. This is particularly important as you prepare to make a large purchase such as a car or home.
Get connected
Sign up for remote access with your credit union. It’s the easiest way to keep an eye on your account, and gain a better understanding of how you are spending your money.
Start these good habits now, and by the time next April comes around, you will be ready to celebrate in (good financial) style!
- Diana D., Maine Credit Union League
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