SafeAmerica Credit Union

Dublin Unified School District

• By Kevin Alvarez

Don’t Let Back-To-School Shopping Stress You Out

The National Retail Federation (NRF) is expecting this year’s back-to-school shopping season to be the most expensive ever.

Parents are feeling pressured to overspend and many are worried about hitting the stores this year. The good news is that with a little planning, you can successfully manage these additional expenses while managing your stress.

According to their survey, K-12 families will be spending about $36.9 billion in back-to-class spending. An average of of $846 per household while back-to-college spending is expected to reach $73.9 billion, an average of $1,199 per household both. the highest ever recorded by the NRF.

Here are three steps you can take to plan for the upcoming back-to-school shopping season:

1. Make A Plan Before You Shop

Take some time to assess your financial situation. GreenPath’s budgeting worksheet is a great way to get started, click here to view and download. Once you have good handle on your current financial state, determine how much you truly feel comfortable spending.

2. Take Stock of What You Have Versus What You Need

Prioritize your needs list. What do you need to buy before school starts and what can you purchase later? What really needs to be replaced versus what can be reused? If new clothes are a need, many stores will be clearing their shelves to makes way for winter clothing. This is a good time to stock up at a discount.

3. Avoid Impulse Buys

Take your needs list with you and stick to it. If your kids will be shopping with you, share the list with them beforehand. Better yet, have them help you create it.

If they want something that isn't in the budget, offer them the option to chip in their own money. Generation Z has become more involved than previous generations and are spending more of their own money on back-to-school supplies. Teaching your children about finances plays a critical role in forming a healthy attitude about money and setting them up for long-term success.

2022 Back-To-School Webinar Trends - (Webinar Recording)

Information brought to you by our partner, GreenPath Financial Wellness

Greenpath Financial Wellness

Sources:
National Retail Federation Trends

• By Kevin Alvarez

Coping with Inflation

Inflation continues to put pressure on household budgets. From groceries to gas, record-breaking inflation means the purchasing power of your money is decreasing each month. Below you will find guidance on how to best navigate a time with high inflation.

1. Take Inventory of your full financial picture. Has your household income changed? have you adjusted your budget for rising groceries, transportation, or other expenses? Check your existing budget to see where you stand and where your money is going. If you don't have a budget, it can help to create a simple spending plan or roadmap of monthly expenses. A good place to start is to use resources like a budgeting worksheet track your monthly income against current expenses.

2. Continue to build an emergency fund to tap into when unexpected circumstances arise like a medical expense or costly home repair. An emergency fund helps reduce the chance of taking on debt to cover an unplanned expense. It might be tempting to pause monthly savings as rising prices take a bigger bite out of your monthly budget, but resist the urge. Put savings on auto pilot with each paycheck. Even a small amount will add up over time.

3. Prioritize monthly spending in a time of rising prices. Rethink certain monthly expenses such as subscription or streaming services. According to researchers, the average household has 4.5 streaming services and spends an average of $55 on them per month. This may not seem like much, yet $55 a month adds up to more than $600 per year. If you’re trying to cut expenses in the face of higher prices, ditching underused subscriptions can be a good place to start. As essentials get more expensive, figure out your new baseline. Limit credit card use and curb discretionary spending (dining out, entertainment). GreenPath’s Aligning Priorities workbook can help you make these decisions.

4. Monitor debt, especially as interest rates rise. Paying off high-interest credit card debt saves you money in interest, improves your credit score, and frees up room in your budget. Choose a debt payoff strategy that works for your situation. Consider GreenPath’s Debt Management Plan which helps you pay off unsecured debt in 3 to 5years. GreenPath can work with many creditors to bring your ac-counts current, lower interest rates, and eliminate fees.

5. Shop smart. Research the best sales, coupons, and specials, especially on products that are low in inventory. Check dollar stores for deals on household items and stock up on those items where possible. Bulk retailers or wholesale clubs might be a good way to stock up on items in large quantities for a lower per-use cost. Strategically plan your higher-cost purchases. Swap out brand-name items for generic as much as possible.

6. Keep tabs on your credit history. In times of rising prices, it pays to keep tabs on credit history, which is used to calculate your credit scores. The three digit number of your credit score helps determine whether lenders approve you for new credit and what interest rates they offer. Annualcreditreport.com is a trusted “one-stop-shop” to check your reports from Experian, Equifax, and TransUnion – the three industry-standard credit bureaus. You can also work with GreenPath to review your credit history.

7. Get independent guidance from a nonprofit financial counseling agency like GreenPath. Counselors look at your entire financial picture to help you ease financial stress and uncertainty, through access to clear information and a personalized action plan.

Information brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

• By Kevin Alvarez

Choosing The Right Credit Card

There is no right or wrong answer to the question, "Is this the right credit card for me?" You need to understand the various features and benefits of the credit card, and then make a decision after comparing a few options. Here are some guidelines to help you with choosing the right credit card:

Understand What The Fees Really Mean

Don’t pick a card just because it offers a zero annual fee. Many unsecured credit cards still offer a zero annual fee these days. Banks understand that a “no annual fee” card is attractive to many consumers. This doesn’t mean you should never consider a card because it comes with a fee – if the card comes with a substantially lower interest rate, that might justify paying the annual fee. Or, the perks and benefits that come with the card (such as airline frequent flier miles) might outweigh the downside of paying an annual fee.

Understand all the fees that could be applied. Credit Card agreements will disclose the possible fees that could be charged to card holders:

  • Annual fee – The card’s annual fee is simply the amount that is charged to you, as the cardholder, for using the card each year.
  • Cash advance fee – This fee is charged to the account when the card is used to process a cash advance (if the card has this feature included). The cash advance fee may be accessed either as a flat fee amount or as a percentage of the cash advance amount.
  • Balance-transfer fee – This is a fee that is charged if you are transferring a balance from one card to another — often 3% of the transferred amount.
  • Late payment fee – This fee is fairly self-explanatory. You are charged a fee if your payment arrives after the invoice due date. Fees could be as high as $39-$49 per month.
  • Over-the-credit-limit fee – This is a penalty fee that is accessed when you make a purchase that goes above your current credit limit. Fees could be as high as $39-$49 per month.

Look For The Lowest Interest Rate

If you’re not going to pay off the balance in full each month, choose the card with the lowest annual interest rate. Don’t get distracted by offers for cash back or rewards. The amount you will pay in interest charges will exceed the value of the perks.

Creditors will determine your interest rate AFTER you apply for the card. The rate will be based on your credit history. A solicitation in the mail to apply for a card is not a guarantee that you will receive a particular rate. Once you apply and the lender reviews your credit report, you may get approved for the card but at a higher interest rate than you thought. Finally, understand that your rate can change – credit cards are unsecured lines of credit, and creditors often use variable interest rates which adjust based on economic and market conditions.

Get Value From Perks, but Don’t Get Distracted by Them

If you’re going to pay your balance in full each month, consider a card that offers something you really value. The interest rate here doesn’t matter, since you’ll be paying your balance off immediately. Cash-back options are an example.  Once you accrue a certain level of spending on the account, you become eligible to receive a cash-back “reward.” There are other perks such as travel rewards, frequent flier miles, roadside assistance, insurance, and “member-only” privileges that could be attractive to the card holder.

Don’t pick a credit card just because it offers great rewards or cash back. Credit cards that offer cash back or perks may sound great, but if rewards come with many strings attached, then it might not be worth it. If you aren’t sure whether you’ll pay the balance in full each month, a high APR may cost you more money than you save with the rewards. Also don’t pick a credit card just because it has a low introductory or “teaser” rate. The introductory rates are only a fraction of the total time the average person retains a credit card.

Go For Low APR

In general, opting for a credit card with a low APR is a good approach. If you are one of the 30 percent of Americans who pay their credit card balances in full each month, the interest rate is irrelevant to you, since almost all cards come with a grace period allowing a period of time to pay the balance in full without incurring interest fees. However, if you regularly carry a balance on your credit cards, the interest rate should always be a top consideration.

Talk to your credit union, and understand their different card products.  Compare the terms and rates from national lenders, and most importantly, always use the card wisely and within your spending means.

Your Credit Union Can Help

Because we're a credit union, we are not-for-profit, so our earnings are returned to our members in the form of higher dividends, lower loan rates and reduced fees. As a SafeAmerica Credit Union member, you have exclusive access to our Visa Platinum Rewards credit card. Our card offers no fees - not even for balance transfers!

You get:

  • Rates as low as 9.90%APR
  • Rewards points, one for every dollar you spend
  • No annual fee
  • No balance transfer fee
  • No cash advance fee
  • More!

Plus, for a limited time, we offering our cardholders a chance to win one of three Amazon gift cards, up to $1,000*, just for using our card. For full details, click below.

Learn More

APR (Annual Percentage Rate) as of 7/1/22, is based on credit worthiness and is subject to change without notice. Cash advances and balance transfers do not qualify to earn rewards points.  Program is subject to terms and conditions.

*Minimum 5 credit card purchases but no more than 30 in the promo period (July 11 – August 19, 2022) required for sweepstakes entry. Each time you use your card acts as one entry.  Balance transfers and cash advances do not qualify as a card transaction/raffle entry. Promotion valid July 11, 2022 through August 19, 2022.  See official contest rules.

• By Kevin Alvarez

Is My Employer’s Life Insurance Enough?

If you’re like a lot of people in the workforce, you might have signed up for your company’s life insurance program as soon as it became available. Registration was simple, and the insurance most likely costs you little or no money. Choosing to join might have been an easy decision.

But is basic life insurance through an employer enough to meet your needs? According to a survey, 29%1 of workers believe that it is. But you might be shocked to discover that it may not be.

How Does “Work Life Insurance” Work?

Employer-provided life insurance is a type of group life insurance because the plan covers everyone who chooses to participate at your company. Employers enter into a contract with a central insurance agency to provide life insurance coverage conveniently to all their employees.

Employer-paid life insurance often means that your company will pay the entire monthly bill for your insurance. But this isn’t always the case. In some instances, your employer will pay most of the cost, but you’ll still have to pay a small amount that’s typically deducted from your paycheck.

Why Do Employers Offer Life Insurance?

Group life insurance makes an excellent addition to an employee benefits package. Companies that offer free life insurance often have a hiring advantage over a business without a group plan.

One reason for the benefit’s popularity is that even workers with serious health issues usually find it easy to get insurance through group coverage. Everyone at the company automatically qualifies because the insurance company doesn’t mind accepting the risk of insuring a person with health challenges as long as most of the other insured coworkers are healthy.

How Much Does An Employer Provide?

The median coverage for a company employee is $20,000 or one year’s salary.1 Some companies may offer you a plan that pays two or three times your salary.

If you need more insurance, employers may give you the chance to purchase an additional amount of insurance through the company’s group plan. Even then, however, there are still a few points to consider before deciding whether employer-provided insurance meets all your coverage needs.

Does My Employer’s Life Insurance Meet My Needs?

Is the amount of coverage your employer offers enough for your family? Will they be able to get by on $20,000 or on the equivalent of one or two years of your salary?

One consideration may be whether you want enough insurance to help pay off your debts and provide for your children’s education. In addition, there may be other reasons why you need a larger insurance payout than what your employer’s insurance offers. For example, you may have an aging parent who relies on your income. In that case, you may want to factor in the cost of providing quality nursing care for that person after you’re gone. If you have questions about your needs, speak to a licensed agent.

Even if you are able to apply for more coverage through your employer-provide coverage, you may have to answer medical questions or get a physical. In that case, some medical conditions could prevent you from adding to your policy. Or you might be asked to pay more than you can afford.

Does My Employer-paid Life Insurance Carry Over From Job to Job?

Maybe the biggest drawback of relying entirely on life insurance from your employer is that, in most cases, the insurance provided by your company covers you only as long as you remain at the company. Typically, the insurance coverage stops when you leave, whether it’s because you resigned or because you were laid off or fired. If you see yourself leaving your job at some point in the future, you will need to think about how to replace the coverage you had. If you’re lucky, your new employer might also offer life coverage. But there’s no guarantee it will.

One Option: Convert Employer Insurance To Personal

One way around the problem of losing your life coverage when you leave your job is to convert your employer-provided life insurance to personal life insurance, if your company gives you that option. Usually, no medical exam is required when a person makes the change. But once your coverage goes from group to personal, you, rather than your employer, will be responsible for making your full monthly payments. And at that point you might be able to get a better deal on both the cost and the amount of coverage if you just leave the employer policy behind and shop around for a new insurance policy.

Should You Get Life Insurance Outside of Work?

The insurance provided by your employer is a great benefit. But it may not be enough. So, carefully calculate how much insurance your family needs and, if you need more coverage, consider purchasing a separate personal policy in addition to the group policy you have through your workplace.

SafeAmerica Can Help

Trustage Life Insurance

Life insurance can be a simple, affordable way to help protect your family if you pass away. It can provide your loved ones with money to help pay for things like mortgage or rent payments, day to day bills or medical and funeral bills. SafeAmerica has partnered with Trustage to provide you with affordable, member-only pricing on life insurance and more.

For more information and to get an instant online quote, click below. 

SafeAmerica: Home, Auto and Life Insurance

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Although SafeAmerica has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the bank's website. The other party is solely responsible for the content of its website.

We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the bank.

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1 2021 LIMRA’s Life Insurance Barometer, “Top Misconceptions About Life Insurance”. 

• By Kevin Alvarez

What To Do If Your Credit has Fallen – Five Tips

Your credit score can affect your life in a lot of ways, from whether you are eligible for a loan or credit card, or qualified for a security clearance. If your credit score has fallen or you want to improve your credit score, these tips can get you started.

What is A Credit Score?

A credit score uses historical information about a person’s past use of credit to calculate the likelihood that they will pay back what they owe on time and in full. Credit scores are used to determine qualification for borrowing money as a loan or on a credit card, and they can affect your interest rates, insurance premiums, leases, or eligibility for a job or security clearance. 

Ranging from a low of 300 to a high of 850 (sometimes referred to as “perfect credit”), credit scores are calculated based on payment history, amount owed, length of credit history, types of credit used, and new applications for credit. 

In general, a score of 660 and above would make a borrower eligible for credit with favorable interest rates. A score below 600 may result in difficulty getting approved for credit and is likely to be subject to high-interest rates.  

If you don’t know your credit score, you might be able to find it on your bank or loan statement or credit card bill. You can also purchase your credit score directly from one of the three credit bureaus, Equifax, Experian or Transunion. Click here for a Credit Score Guide

5 Tips to Improve Your Credit Score

#1. Get Your Payment in Before The Buzzer

Paying your bills on time is the biggest single factor used to calculate your credit score. Late payments (even a couple of days), past due accounts and accounts in collections, have a negative impact on your credit. Regular, on-time payment of the minimum amount (or greater) will improve your credit score. A positive payment history in the range of 18 months or longer will begin to show results in a growing credit score.

If you are falling behind on your bills, look for ways to get back on track. Use a monthly budget to plan your spending and make sure that your bills are covered. Automated payments can also help you avoid late fees and ensure on-time payment. If you know you will miss a due date, call your credit card company or lender. They may be able to help by moving your due date out.

#2. Pay off Debt

How much you owe is another big factor in calculating your credit score. If you have a large amount of debt or are carrying balances on credit accounts for long periods of time, it can negatively affect your score. Paying off the debt will help improve your credit score.

Start by prioritizing your budget to pay down your debt. Look for places you can redirect non-essential spending to pay extra on your credit accounts. A credit counselor can walk you through different options for dealing with debt and may be able to help you pay it off more quickly.

#3 All Things in Moderation - Use 30% or Less of Your Credit Limit

The amount of credit you use (also called credit utilization) also affects your score. Our financial counselors suggest using less than 30 to 40% of your available credit. Spending above that threshold, maxing out your credit, or carrying high balances relative to your credit limit will cause your score to fall. However, regularly using small amounts of credit and paying it off will increase your score. Generally speaking, having credit cards or installment loans and paying them on time and in full will improve your credit score over time. People without established credit typically receive lower credit scores. 

If you are using more of your credit limit than you would like, take a look at how and why you are using credit can help you make adjustments in your budget and spending choices to reduce your reliance on credit.

#4 Talk to A Credit Counselor

Talking to a credit counselor won’t have a direct effect on your credit score, but it can give you insight and information that you can use to improve your credit. We will work with you to understand your financial situation, explore different options, and make a personalized plan. We can help you review and understand your credit report. If debt is preventing you from making progress, we can help you explore debt management plans and other options that can accelerate your path forward. 93% of people who talk to us leave the conversation with a plan for achieving their goal.

#5 Stick with It! Credit Building is a Long-Distance Run

A history of credit that you have paid back on time and accounts that you have held for five years or longer have a positive effect on your credit score. Quickly opening multiple accounts, suddenly carrying balances for a sustained period, or even closing unused accounts have a negative effect on your score.

Events like foreclosure and bankruptcy, while they serve a very important purpose for those with severe debt, have a significant and lengthy impact on your credit score. (We are not lawyers, and this is not legal advice. If you are considering one of these options, we encourage you to consult a legal professional and to investigate other alternatives as well.)

Your credit score is based on patterns over time, with an emphasis on more recent information. Improving credit and rebuilding a credit score that has fallen will take some patience, but it can be done! Credit scores can and do change.

Help is Here

When it comes to building your credit history, you don’t have to do it alone. Through our partnership with GreenPath Financial Wellness, you have direct resources for improving your financial wellness, including FREE financial counseling.

Learn more by clicking the button below.

GreenPath Financial Wellness

GreenPath Financial Wellness

• By Kevin Alvarez

Living in a Changing Rate Environment: How the Fed’s interest rates effect you

The Federal Reserve Systems (The Feds) job is to strategically change rates to accommodate the economic well-being of the nation. Their job is to keep the nation afloat by raising or lowering the cost of borrowing money.  When the economy starts to grow too fast, which is what’s happening in today’s environment, the Fed may decide to raise rates in hopes that consumers slow down on borrowing.

These higher interest rates make loans more expensive.  This strategy encourages consumers to postpone any projects that involve financing and simultaneously encourages people to save money so they can earn higher interest. While higher interest rates may be bad for borrowers, they are great for anyone with a savings account, as these rates tend to increase as well.

Here we’ll discuss a few ways the Fed’s changing rates directly impact you and your borrowing needs.  But, as with everything, with the bad there also comes the good.  We’ll also show you ways to take advantage of rising deposit rates.

The Borrowing Impact on You:

  1. Mortgages and HELOCs (Home Equity Line of Credit) — While fixed-rate mortgages are not directly impacted by the Fed, they may have some influence on their rates.  If you already have a fixed-rate mortgage, nothing to worry about here – you’re locked in.  However, variable rate mortgages and HELOCs are tied to the Prime rate, meaning those will rise along with the fed funds rate.
  2. Auto Loans — You might find that auto loan rates are on the rise too.  Auto loan rates are dictated by the time of year, the type of vehicle, the borrower’s credit score and more. But the Fed sets the benchmark rate on which auto loan lenders base their rates.
  3. Credit Cards – Most credit cards charge a variable rate, meaning the rate can “vary” based on the Prime rate.  So, when the Fed increases its rate, variable rates tied to Prime also increase.  This can mean significant increases in your minimum payments each month.  Unlike most credit cards, SafeAmerica’s Visa Platinum Rewards credit card has a fixed-rate, so your rate will not adjust.

Now Is The Time To Focus On Saving

There is some positive news in all of these rate changes.  Savers tend to benefit from Fed rate hikes. Financial institutions will typically adjust their APYs (Annual Percentage Yields) in hopes to encourage more money on deposit with them.  A win for you!  Now would be a great time to look around for higher-yielding savings accounts as well as share certificates so you can start to earn more.

We’ve recently increased some of our certificate rates.  To see our rates, click here.

What's SafeAmerica Doing With These Rate Adjustments?

“The recent rate increases from the Federal Reserve are an effort to alleviate the financial pressures brought forth from recent years. While it may seem worrisome, it is a sign of returning to “normal”. You can rest assured knowing that your credit union will begin to accommodate the rate increases in the form of leveraging higher-yield rates for our savings products.”

-Tom Graves, President & CEO of SafeAmerica Credit Union

Our team here at SafeAmerica Credit Union is closely monitoring and following the Feds rate adjustments as they come.  Our number one goal is to continue to provide you with the most competitive rates in our area.  As such, we look closely at our peers to assure we remain competitive, giving you the best rate we can.  We understand these borrowing rate hikes have tremendous impact on you.

If you are ever in need of financial assistance, we encourage you to reach out to our financial wellness program, GreenPath Financial Wellness.  They can help with anything from credit counseling, budgeting, or just financial education.  For more information click here

GreenPath Financial Wellness

Sources: Bankrate.com, Forbes.com

• By Kevin Alvarez

5 Ways to Make Money Resolutions That Stick

The New Year is a time for new beginnings. Are you ready to make money resolutions that stick?

Eliminating debt, learning new spending habits, or building savings are choices that can change your life. They can affect your entire well-being from stress levels, to physical and mental health.

When considered as one big New Year's goal, it can be overwhelming to know where to begin. To make it possible in the year ahead, here are five tips to commit to your financial health.

1. Make a Road Map: Set a Goal (and Write It Down)

Goal setting gives you direction. You can decide on your destination and make a plan to get there. This might seem small, but it's not. Not only is goal setting linked to higher achievement and self-confidence, but writing down your goal can also make you more likely to succeed.

2. Be Specific About What You Want, and Why You Want It

Getting clear on your priorities and deciding on a specific goal are two keys to success. When it comes to your money and your financial situation, set aside some time to reflect on what you really want to accomplish — and be specific.

Ask yourself three "W" questions:

  • What do you want to accomplish?
  • When will you achieve it?
  • Why does it matter to you?

Visualizing a dollar amount can lead to success, whether it is a specific figure to save, pay off, or earn in the year ahead. Keep that figure alive by writing it down or tracking it in an app.

A real dollar amount makes for a real goal. Give yourself a deadline while you're at it, to motivate you even further.

3. Be Positive and Realistic

Goals can challenge you and help you grow into a future. Choosing a goal that is attainable is another important part of success.

Let's say you have chosen a clear goal —with a positive outcome - such as: "In five years, I will be debt free. I will pay off my entire debt of $12,000 so that I can focus on enjoying my family instead of worrying about money."

Be sure it's a realistic goal based on your specific situation.

Given your income, debts and expenses is it realistic to spend $200 each month? Is it possible to pay it off even faster by spending $250 a month? Or does your budget allow for $100?

Staying positive and being realistic shows you how much you can devote to sticking to achieving your goal.

4. Keep and Celebrate Milestones

Making your goal measurable will help it stick. Keeping track of your progress can help you stay focused and motivated.

Tracking progress on an app, spreadsheet, or a simple notebook helps you see your future getting closer and closer.

Break your goal into smaller miletsones. This makes it easier to see your progress and is less intimidating.

For example, a mini resolution might pay off one credit card. Making smaller changes over time is often easier than trying to make a massive change all at once.

Celebrate your success along the way. Celebrating wins actually "trains your brain" by reinforcing your new habits, which makes it easuer to stay on track if you hit a bump in the road at some point.

5. Make (and Work) the Plan

Making resolutions often go by the wayside if they serve as a goal without a plan. A plan outlines how you will accomplish your goal.

Keep it simple. The plan might define how much you will spend toward your goal, how often you will make deposits on it, and the method you will use to transfer money toward your goal. For instance, automating monthly payments or savings goals is proven to help people stick with money resolutions,

Choose one habit to change at a time. For example, if you need to reduce your credit spending, focus is making that change as your first milestone. Then move on to setting money aside for payoff.

Ready to Make Money Resolutions That Stick?

A New Year is a new opportunity for success. There is good news — you do not have to go it alone! Our partners ar GreenPath Financial Wellness specialize in helping people get out of debt and improve financial wellness. Make those money resolutions stick by speaking with a financial expert. The call is free and confidential.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

 

Greenpath Financial Wellness

• By Kevin Alvarez

Get Your End-of-Year Financial Health Checkup

As the eagerly awaited holiday season gets underway, the end of the year is a great time to get a financial health checkup to make sure finances are on track.

With regular checkups, you can fix small problems before they become big issues.

This year-end keeping financially healthy is especially important due to many economic uncertainties related to inflation, inventory shortages, as well as the expiration of COVID relief programs put in place more than a year ago to help people manage through the pandemic.

Your Financial Health Checkup

Like a physical health checkup, a financial checkup examines your vital signs to be sure all is well when it comes to you financial health and wellness.

Do you have an emergency savings? How do your credit card balances look? Are you tracking monthly income and expenses? What does your credit score and history look like? These are a few of the vitals reviewed during an end-of-year financial checkup.

From an overall budget review to managing credit card debt, the caring, NFCC-certified counselors at GreenPath Financial Wellness will conduct a full review of your current financial fitness and provide recommended next steps for improving your financial health.

A financial checkup guides you to:

  1. Review Your Financial Goals: Has there been a significant life change this past year? A change in jobs, a marriage, divorce, home purchase or other big change can affect your overall financial picture. A check up is a good time to assess whether your current financial goals sync up with your overall situation.
  2. Understand Options to Move Forward after Relief Programs Expire: Loans that were deferred as part of COVID-related relief program need your attention. Deferments provided borrowers with a little breathing room, but now that the temporary pause in payments has expired, a checkup is a good opportunity to understand options, and take a closer look at not only any loans that were on pause, but also your entire financial picture.
  3. Manage Income and Expenses: One of the best ways to cope with inflation is to take the time to prioritize monthly spending. A spending plan helps to ensure that what you spend doesn't exceed what you make each month as prices rise. A financial checkup gives you a better understanding of your income and expenses. It can also be a time to set a spending plan to keep your finances on track and start saving for future goals.
  4. Pay Down Debt: A checkup is a good time to explore options to help you pay down credit card debt as well as options for managing other debts that may be on the horizon - such as expiring forbearances on mortgages or student loan payments.
  5. Assess Your Credit: Are you looking to take out a mortgage or make another large purchase in the New Year? A checkup is a great time to review your credi treport to see where you stand, and get tips to improve your score moving forward.

Your Checkup Starts Here

Your financial fitness is key to a healthy New Year. GreenPath's caring, certified counselors are committed to easing financial stress and worry through access to clear information.

For more information about financial wellness, visit our partner at GreenPath Financial Wellness.

Greenpath Financial Wellness