July Financial Wellness

5 helpful Personal Finance Tips

When you have a plan for your money, you are more likely to turn your dreams into reality—buying a home, protecting your savings, retiring comfortably, and more. The key is knowing the ways money can work for you. Here are five personal finance tips to help get you thinking about money differently. 

1. Quick Ways to Save $1,000 

2. Pay off debt with the “snowball effect”

The ‘Snowball Effect’ is a method for paying off the smallest, fixed debts first and moving on to the larger debts after those are paid in full. To get the most out of the ‘Snowball Effect’, stay dedicated to it for 18-24 months. 

3. work towards saving 3-6 months expenses

Saving three to six months of your monthly income is a great way to build security into your finances. After you outline a budget, look at where you might be able to put extra funds into an emergency savings account.   

4. budget and live below your means

Make sure your basic needs and monthly bills are paid and look at what is left in your budget.  Remember: just because there is money to spend doesn’t mean you should. 

5. pay yourself first

Paying Yourself First is a personal finance method designed to make sure enough income is saved or invested before monthly expenses or discretionary purchases are made. 

Creating a budget is the first step. Make a budget with our free, online budgeting tool to get started on getting the most out of your finances. 

Whatever your personal finance journey looks like, we want to be there for you. To become a member of Together Credit Union, you can start the membership application online or contact Teresa Evans, branch manager at our Columbus location at tevans@togethercu.org or 1-614-888-2299.