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As we approach the midpoint of 2024, now is a perfect time to conduct a personal financial wellness checkup. Reflecting on your financial goals and progress can help you stay on track and make necessary adjustments to ensure a prosperous year. Here’s a comprehensive guide to performing a mid-year financial checkup.
A budget is a tool to help you become financially successful, giving you a way to handle expenses while still enjoying life. With a few simple budgeting principles, you’ll quickly see a difference in your financial management. Here’s how to get started.
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2024 is upon us, and one of the most common New Year’s resolutions for everyone is to save more and improve your finances in the upcoming year. However, saving money can be challenging, and saving even $500 may sound like a difficult task. So how can you easily save enough money for an emergency fund or meet a savings goal while also not feeling restrained by a budget? There is a strategy you can use to make saving easier this year.
It’s called the 52-Week Money Challenge. Read on to learn how it works.
A budget is a crucial financial tool to use in achieving and maintaining financial stability. It is used to track your spending habits and can help you save for things you need and want without having to suddenly run up your credit card because you ran low on funds. Here are some ways to build a budget and set yourself up for success.
With today’s inflation and rising costs, everyone can benefit by saving a few dollars at the grocery store. Read on to learn some tips on how to save during your next shopping trip.
Whether you’re looking to save for a summer vacation or pay down debt, cutting costs doesn’t mean you have to sacrifice the way you live. There are many creative ways to save money. Use these tips the next time you’re looking to save money to help you meet your financial goals.
Your credit card is one of the most important, but potentially perilous, financial resources you have at your disposal. Using a credit card correctly can allow you to make significant purchases, earn rewards, and build your credit score to assist with securing loans. However, if you’re not using your card wisely, you can also build up overwhelming credit card debt very quickly.
No matter what your financial situation is, it’s a good idea to have an emergency fund for those unplanned expenses life throws your way. An emergency fund can help you stay on track financially when the unexpected happens.
Have you ever taken a trip and spent more than you planned? Traveling can be expensive but it doesn’t have to break you. Here are some helpful tips to make your travels relaxing and cost-effective.
January always presents an opportunity to make new resolutions to make improvements in our lives. When it comes to your finances, the New Year also is a good time to set goals and strategies. Choosing the right resolutions for you can make all the difference when it comes to improving your financial health. Here are three financial New Year’s resolutions to help you start 2023 off right.
As we continue to refresh our financial goals for the New Year, popular budget tools like “Cost Per Use” can help you decide if your purchases are worth it. Read more to learn about this tool and how it can impact your wallet.
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From making Thanksgiving dinner to buying your loved ones gifts, the holidays are generally known for being an expensive time of year. Thankfully, there are many ways to save on holiday expenses this year, starting with these 5 tips.
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Ghost stories aren’t the only spooky myths being told this time of year. Below we are debunking four common financial myths.
Celebrating Halloween doesn’t have to cost you. We have 5 tips and tricks to help you keep Halloween festivities under budget.
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Autumn is right around the corner and there is no better time than now to give your finances a fall clean-up. Here are some tips to make sure your finances are on track and organized.
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Just because school is back in session doesn’t mean your child’s at-home learning has to stop. There are many opportunities for youth to continue learning at home. How to handle and budget money, for example, is a great topic to introduce to children at home.
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The new school year is right around the corner and it’s time to start your back-to-school shopping. Follow these 8 budget-friendly tips to help you save on all the essential school supplies this season.
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As summer starts to slow down, you might need some fresh ideas on how to occupy kids at home. Here are some fun and cheap activities to bust summer boredom.
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So you’re thinking about starting a family – check out these 10 financial tips as this exciting new chapter of life begins.
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Many people find themselves needing to change their surroundings for a variety of reasons. If you ever find yourself weighing whether to renovate your home or move, ask yourself these questions for a better understanding of which option is a better choice for you.
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Wedding planning is meant to be an enjoyable experience for both you and your partner, yet it is easy to get overwhelmed by the seemingly “endless” to-do list. A perfect way to start feeling excited for your special day is by feeling in control of your finances — get started with these budget-friendly tips.
With costs rising due to inflation, it can be hard to know where to start when dealing increased prices. We have some tips to help you handle the cost of inflation.
Unexpected expenses can be challenging on many levels, but if you are financially prepared by setting aside savings for a rainy day, you can better weather a storm when it rolls in.
As your children grow older and enter high school, their expenses will grow with them. Buying a car, saving for college, signing up for a camp, or pursuing a hobby all have significant costs associated with them. So, it’s important at this stage of life to teach them how to manage their personal finances in pursuit of their goals and dreams.
The pandemic caught many off guard. As the world shut down, uncertainty has been a key theme since. MSUFCU will share what you can learn from this once-in-a-lifetime event.
It’s often much more fun to spend the money you earn rather than to save it. Vacations, home renovations, getting a new phone are fun, but costly. Having a healthy savings account is important and actually makes be able to do fun things easier.
If establishing a budget seems overwhelming, once you begin with a few simple budgeting principles, you’ll quickly see a difference in your financial management. Here’s how to get started.
If you’ve ever made a purchase resulting in a negative balance on your account, you may have been charged an overdraft fee by your financial institution. This can be a costly process that is avoidable if you follow these strategies.
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Sometimes life sends you signals your finances aren’t quite where they should be, such as an overdraft fee on an account or a denied credit card application. Here are several common financial red flags you should address — plus easy ways to eliminate them.
Stimulus checks from the U.S. government have started to be deposited to provide economic relief during the coronavirus pandemic. Eligible taxpayers can expect to automatically receive their one-time payment of up to $1,200, depending on adjusted gross income.
Successful budgeting is like mixing together the perfect ingredients in a recipe. Follow this five-step financial recipe to figure out the best plan that works for your financial goals.
MSUFCU’s mission of building dreams together goes far beyond just helping members achieve their financial goals. It also includes supporting small businesses in communities where its employees and members live and work. This helps keep local economies strong, good jobs close to home, and strengthens communities.
Becoming a parent is one of the most joyful and exciting times of your life, but it can also be financially overwhelming. You must prepare for everything from buying diapers, to paying for doctor visits and daycare, all while trying to achieve your financial goals and sticking to a budget. Here are a few tips to help build a baby budget into your financial plans.
Create an Emergency Fund
Consider all of your financial needs when trying to prioritize your expenses. It’s important to have an emergency fund with at least three to six months’ worth of expenses. Once you reach this goal, contribute a set amount each month to continue growing your account. Having this fund established will help bring you peace of mind.
Keep Saving for Retirement
Even though you have additional expenses with a new baby, you should continue to contribute to your retirement savings. According to Investopedia, it's a good idea set aside at least 15% of your income or contribute to a 401(k) if your workplace offers one to help set yourself up financially for retirement.
Reduce Debt
Costs for child care will add up quickly. Work to pay down and pay off credit cards, car loans, student loans or any other debts you may have. These debts will prevent you from focusing on your financial priorities. Paying these down quickly will help you get on the right track and give you more money each month to put toward your savings.
Update Your Budget
When your baby arrives, your household income may be affected. One or both parents may take unpaid maternity leave, or one might stop working. Cutting your expenses or practicing living on less will put more money in your pocket for costs that come with a new child. Getting used to a smaller budget can help you save for daycare and other immediate expenses.
Shop Smart
Most expenses for a new born baby won’t last forever, but new expenses may arise as your child gets older. To help reduce these costs try these options:
• Buy secondhand and shop Mom2Mom sales
• Shop around for different child care providers
• Look for discounts on items such as diapers, formula, and strollers.
Planning goes a long way, even though unforeseen circumstances may arise and you may not be able to contribute to all of your financial priorities every month. Having a baby is a wonderful gift, but there are costs involved. Creating a plan beforehand will help you reach your financial goals and make the transition a little easier.
January is a great time to start something new. When it comes to your finances, the New Year also is a good time to set goals and strategies. Here are five ways to help you start 2020 on the right financial track: