Saving money is a skill we learn early in life. Children start saving with a piggy bank and then graduate to a savings account, which helps teach them about compound interest. Many people still think of basic savings when putting money away. But as you get older, you want to get a larger return for your savings, so it pays to learn how to diversify your money. There are different types of savings accounts, and each has both advantages and disadvantages.
Your physical wellness is how you feel at any given moment. Financial wellness is similar but reflects your concerns about your finances. Having enough money to pay your household expenses and plan for the future is one of the biggest worries for many families. Developing a healthy relationship with money is a positive step toward financial wellness, and it reduces the stress that impacts your physical well-being.
We all want to save money and pad our bank accounts for retirement. Unfortunately, it’s easy for savings to vanish long before retirement if you don’t have a sound financial strategy. Everything from unexpected emergencies or downturns in the economy to sudden job changes or surprise expenses can dry up savings. However, there are ways to boost your savings today, whether you’re starting from scratch or you simply want to jump-start your savings plan.
No matter how skilled you are at budgeting, everyone runs short of money from time to time. Part of budgeting is ensuring you have enough cash in your checking account to pay bills when they are due. If you run short of money, or a deposit is late and your checks are returned, you could be saddled with fees for insufficient funds, returned checks, and late payments. When money is tight, you must consider how to avoid overdraft fees.
People are generally uncomfortable talking about money, especially with their families. But children’s financial literacy is critical. These lessons will help prepare your kids for adulthood and living on their own, especially since schools rarely teach these valuable skills.
Whether you are saving for a car, a new home, or are planning for retirement, it’s important to understand how to create a balanced strategy to build your savings. Investments are the best way to get your money to grow over time, but you still need to have an investment time horizon to establish goals for the return on your money.
The internet has become an essential tool for everyone, especially during the pandemic. According to Pew Research Center, 90% of Americans say the internet is essential or important to them, and 40% are using the internet in new ways, including for online transactions.1
There will be times in your life when you will be short of funds. You may be unemployed or have a personal disaster that has left your bank account empty and bill collectors pounding on your door. You need to find a way to get out of debt. Bankruptcy should be your last resort, and this blog post will help show you how to avoid bankruptcy.
Long-term care should be part of everyone’s retirement planning. Just as everyone should have a retirement fund, ensuring you have a long-term care plan is just as important. With the population rapidly aging, you can expect to see long-term care changes, which is why you should start planning now.
When your kids go away to college, it’s usually the first time they have truly been out on their own. That also means it’s the first time they have had to take care of their own expenses, such as paying for meals, books, entertainment, and transportation. It’s the financial lessons you learn in college that lay the foundation for the rest of your life. This is the perfect time to consider banking with your local credit union or college credit union.