7 Tips for Improving Your Financial Health

1. Talk to your parents about their financial history

Most families have financial history with ups and downs—that’s very normal. Asking your family about their financial past, present, and future is a great way to learn valuable and practical savings tips, and helps to identify short and long-term savings goals.

Pro-tip: Always live below your means. Just because you have the money to spend doesn’t mean you should. Get your basic needs and payments made and stash the rest away!

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2. Take a financial class or workshop

Financial education is key to understanding how to manage your money. Becoming financially literate helped me with the following:

Creating a budget
Paying off debt
Managing school loans
Establishing a savings account
Making wiser spending decisions

Pro-tip: Search for financial classes offered by your local community college or complete courses online. Together CU offers a Resource Center that breaks down managing all of your finances, too!

Did you know there’s a way to learn about family financial planning and credit management all from the comfort of your computer?

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3. Speak with a financial counselor

You don’t need a big reason to speak with a financial counselor.

Together Investment and Retirement Services offers free consultations with financial advisors for our members to help them develop an initial plan and discuss your future financial goals. You can schedule a free consultation and get started today.

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4. Take a deeper dive on your monthly spending

Budget reviews usually happen during big milestone moments like planning for a wedding, moving in with a partner, or preparing for a new addition to the family. But you don’t need to wait for those moments to review your monthly expenses and see where you could save more—it’s always a good time to be better financially set.

Pro-tip: Use your financial institution’s mobile app to review spending from the 1st through the end of the month. Look for subscriptions or memberships being charged to your account that you don’t use anymore or forgot to cancel—this can save you money instantly.

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5. Shop rates once a year to make sure you’re getting the best deal

Many consumers don’t realize when their credit score improves or they pay down loans, they could be eligible for lower rates on home or auto insurance. Even credit card interest rates can often be negotiated.

Shop around on competitor websites to compare current rates based on your credit score today. If you find better deals, don’t hesitate to call your provider to negotiate a better rate.

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6. Use a debt reduction strategy if you have high-interest debt

The ‘Snowball Effect’ is a popular debt reduction method. It focuses on paying off your highest-interest debts first, like credit cards or personal loans.

After paying off the highest-interest debt, apply those payments to the next debt on your list to accelerate repayment.

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7. Get curious about investing

If you have a stable savings plan and room to grow your financial portfolio, consider exploring investment options. There are many opportunities to build personal wealth, and financial advisors can help you discover the best strategies for your goals.

We’ve got your back.
Becoming an advocate for your own financial health is important and your financial journey can start today. Become a member of Together Credit Union to start achieving your best life.

Financial Wellness, Understanding Credit, Financial Literacy