Managing Your Money

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Money can be the cause of tremendous stress in life, often because people don't have a solid plan for managing their debt. At Credit Union ONE, we want to provide some tips on how to manage your money so you feel more confident and secure. When you start analyzing your finances and creating a plan for budgeting your money, you'll start making better financial decisions. This will give you even more confidence as you continue to strengthen your financial foundation.

Get the financial guidance you need:

Creating a Budget

When you want to get an accurate view of your daily finances, start by analyzing how you spend your money every day, week and month.

Look closely at miscellaneous spending, like dining out at restaurants and entertainment, to see what you can reduce
Outline every expense and put a cap on the ones you can control
Stay under those caps and deposit any extra money into savings
Keep track of your spending in a spreadsheet or notebook so you know exactly how you're measuring up to your budget

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Establishing Credit

When it comes to many of the major milestones in your life, such as applying for a job or purchasing a new auto, your credit score will likely play a role. A score lowered by a pattern of missed payments will cost opportunities you in the long run.

Be sensible when applying for a credit card and don't try to open several at once when first establishing credit
Stay on top of your payments and never miss a due date to show you can manage debt responsibly
Keep your income in mind and do not pile up more debt than you can comfortably handle

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Receiving Financial Counseling

If you're struggling to keep up with your bills or you just can't seem to get ahead financially, it might be time to talk to a professional financial counselor.

Utilize reputable online resources to research your financial problem and get specific guidance
If you work with a company, make sure the financial counselor is objective and not trying to push a sale
Be as forthright as possible in order to get the information that can truly help you
Always ask questions and make sure you thoroughly understand the topic and any guidance given

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Saving for Future Expenses

When you plan ahead for future expenses, you can avoid piling up credit card debt by relying on a savings account that you build up consistently.

Analyze your monthly expenses to see where your money goes
Take a hard look at your finances and determine which expenses you can eliminate or reduce
Open a savings account and feed it regularly with the money you would have otherwise spent on unnecessary purchases
If it helps, put a name and a goal on your account to keep your mission front of mind
Dedicate yourself to putting away money each week and it soon will become a habit

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Paying Off Debt

It's easy to rack up debt. It's more difficult to take a disciplined approach to paying off debt, but it's also something that is required to strengthen your finances.

Analyze your spending to see which expenses can be reduced or eliminated
Before making purchase, wait at least 24 hours
Take a hard, honest look at what you need versus what you want
Pay off your credit card bills in full every month and, if necessary, freeze spending

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Repairing Credit

If your credit score has taken a hit, you'll need some time to rebuild it while diligently monitoring your use of credit.

Make sure your credit card bills are paid on time and attempt to pay them in full each month
Analyze your spending habits to see what expenses you can reduce or eliminate
Racking up debt amounts far beyond your income will bring your credit score down

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Get a handle on your finances.

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