10 Tips for Healthy Finances
TFCU’s Balance Financial Fitness program offers 10 tips for getting and maintaining healthy finances.
- Track spending to know where your money goes. Reduce or eliminate any unnecessary expenses.
- Expect and prepare for emergencies. Aim for three to six months’ worth of expenses set aside in a liquid account.
- Make sure you have the right insurance coverage. A major lawsuit, unexpected illness or accident can be financially devastating if you lack proper insurance.
- Communicate about family finances regularly with your spouse or partner and any of your children you feel are old enough to be involved.
- Do not try to “keep up with the Joneses.” It’s a no-win game.
- Take advantage of tax-deferred investments. If your employer offers a 401(k) or 403(b) plan, use it.
- Pay for unreimbursed medical expenses and dependent care with pre-tax dollars using a flexible savings account. Check with your employer for availability.
- Commit to always spending within your means. A line of credit should never be treated as an emergency fund or extra income.
- Seek help from a financial professional. Great advice is out there; don’t be afraid to pursue it.
- Keep a close watch on all of your accounts. Always be aware of your balances and make sure fees and other transactions are correct.
As a benefit of membership in TFCU, you have access to the Balance Financial Fitness. Call the toll free hotline for free and confidential guidance through your financial challenges. Call 888-456-2227 to find your financial solution.