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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.
As tax season approaches, many individuals are either dreading the complicated process of filing or eagerly anticipating the arrival of their refund. Beyond the routine of tax season, receiving your refund each year can provide an opportunity to make strategic decisions that can positively impact your financial future. It can be tempting to spend your refund right away, but if you want to make the most of it, there are steps you should consider that allow your money to grow, earn dividends, and jumpstart your savings journey.
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.
September marks the return of fall weather and sports as well as National Preparedness Month. Disasters and emergencies can happen at any time. Here are our top tips to ensure that you and your family are prepared.
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 all the savings options that are out there, from basic accounts to longer-term Certificates, it might seem daunting when you try to choose the best place to put your money.
It all depends on your goals. Are you saving for the short-term – say a few weeks or months – or are you looking longer term as you build your financial future? A closer look at traditional savings accounts and Certificates can help you decide which savings path is best for you.
Whether you’re planning to start college soon or in a couple years, it’s never too early to begin building strong money management habits. Taking control of your finances now will help you create a bright financial future long after graduation. Use this checklist as your roadmap toward financial independence.
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.
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.
Finding new ways to save a little extra each month can be challenging. Thankfully, there are many creative ways to cut costs around the house that will help you grow you savings but won’t force you to dramatically change your lifestyle.
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When you are planning a future with your partner, many different factors come into play in the equation. But, ask yourselves this, are you having a dialogue about financial matters too?
In today’s digital age, it can sometimes be overwhelming to find tools to help you reach your financial goals, from building an emergency fund to saving for your next vehicle. The Lab at MSUFCU allows you to explore trustworthy financial wellness apps and find what works best for you. Here are two apps to help you save.
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.
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Sometimes it can be difficult to keep kids entertained at home during winter break. If you find yourself in need of some fresh ideas, here are five budget-friendly winter activities to get you started.
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Whether you are taking a vacation or visiting relatives, a road trip might be in your holiday plans. Here’s how to prepare for a holiday road trip and cut down on travel expenses.
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Nothing says “holiday spirit” more than attending a local, festive holiday event! Supporting your community’s events is a great way to stay within budget during the holidays; here’s how.
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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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Are you starting a new job? An important change like this can stir up many emotions — both excitement and nervousness included. OU Credit Union is here to help make your transition as smooth as possible with tips for maintaining your finances through beginning a new job.
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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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It is never too early – or too late – to learn about money. There are many forms of financial education available to benefit you in whatever stage of life you’re in. Here are a few different financial education tools you might find helpful depending on your age group.
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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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How’s your retirement planning going? No matter what stage of life you are at, investing in your retirement fund is important. There are many unforeseen challenges that could make retirement planning difficult, including reduced Social Security and Medicare benefits, higher taxes and inflation rates, fewer traditional pension plans, lower market returns, and rising life expectancies and health care costs. Let’s talk about — and debunk — some common retirement planning myths.
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This year’s National Small Business Week is celebrated May 2-6. Check out ways you can celebrate your favorite small businesses.
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.
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One of the best ways to build a secure financial future for your children is by helping them develop saving skills at an early age. Here’s how to set an example for the next generation by teaching children the importance of saving.
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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.
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If the amount of your debt is overwhelming, there are tools and motivational ideas you can use to reduce it and even eliminate it. Here are some steps to take to start you on the path to being debt free.
Keeping your home cool this summer doesn’t have to be expensive. Here are some steps you can take — for minimal effort and cost — to reduce your energy bills while also helping to save the planet.
Staying healthy is our number one priority, but it’s important to be extra mindful of your financial health — even if your income hasn’t been impacted by COVID-19. Here are some ways to keep your finances in good shape during these unprecedented times.
The first steps to take toward homeownership are paying down debt, determining how much money you need, and saving for a down payment. Working toward these goals will help you prepare for purchasing your first home.
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.
Teaching children about money early in life can help them learn healthy financial habits that will last a lifetime. Research shows that children who learn how money works, make better financial decisions — whether it's budgeting to buy a toy they want or applying for student loans.
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.
Do it yourself (DIY) gifts are great ways to personalize and save a little money when you are making your list this holiday season. Here are some ideas for simple DIY gifts.