Set up a checking account. – Before you do anything else, make sure that you have a checking account. Checking accounts establish your financial profile, and it’s the best way to track your day-to-day spending. Using a debit card instead of a credit card ensures you are living within your means and not getting into unnecessary debt. Lowland Credit Union offers checking accounts with no monthly service fees and no minimum balance requirements. Plus, you can track your spending online or on our mobile app!
Emergency Saving Fund– It’s important to have 3-6 months of expenses set aside in case of emergency. There are so many unknowns in life, and having a cushion to live on in the event you cannot work will ensure you do not lose your home, car, and other necessities.
Establish Credit/Pay Off Debt– Credit is a part of life, and having a good credit score will help you obtain better interest rates and lower fees on loans, among other things. Use credit cards responsibly (pay in full every month), pay your bills on time, and stick to debit cards for everyday purchases to avoid racking up bills you can’t afford. If you have debt, focus on paying it down as quickly as possible.
Save for Retirement– No matter your age, start saving for retirement now. Many employers offer to match your retirement savings in a 401K that can be taken out of your paycheck before taxes, so your overall taxable income is reduced. The earlier you start, the better your nest egg will be when you are ready for it. Lowland Credit Union has several different IRA accounts to help you save for retirement!
Use Bank Technology– It’s 2017 and technology has reached all industries, including banking. Automatic transfers, apps to track spending, budget creation, and email/text alerts are all free and readily available to help you keep your finances on track. Set up an automatic transfer from your checking to savings account to occur every month. You’ll be surprised how fast it adds up! Apps such as Mint are great to help you stick to a budget and track your spending. Lowland Credit Union’s mobile app is free, and you can pay bills, transfer money, check statements and account balances, contact us directly, and much more!
Stay connected with social media– Make sure you Like our Facebook page! We will keep you up to date on the latest products and services we offer, provide money-saving tips for everyday life, and inform you of important news and events happening at Lowland Credit Union.