Financial

November 8, 2023 • By Lisa

Five Part Checklist to Improve Your Financial Fitness

Being financially fit can be thought of as performing like an elite athlete on the playing field of your finances. It’s all about money-savvy acrobatics to keep your cash in tip-top shape.

Financial fitness lets you flex those savings muscles! The stronger your savings get, the more you can lift your dreams into reality. Whether it’s a dream vacation or a shiny new gadget, your savings make it happen.

Being financially fit also means you’re in the race to win at personal finance. You’ve got the determination, discipline, and enthusiasm to take home the gold medal in money management.

Your financial fitness lets you effectively manage your financial resources, make informed financial decisions, and maintain a stable and healthy financial state. It involves practices such as budgeting, saving, investing, and managing debt to achieve financial goals and withstand unexpected financial challenges.

Financial Fitness Checklist

Credit card debt, high interest rates, and rising prices are just a few factors that can challenge how you think about your financial fitness.

While the short video lifted up steps to get you thinking proactively about your financial future, there are other considerations.

To guide those looking to achieve financial goals,  this five-part checklist is a way to break the steps down for success.

How did you do on the checklist shared in the video above? Are you working through the items sometimes, all of the time, or never?

1. Track Monthly Spending

Staying financially fit begins with ensuring you earn more than you spend, so that you have enough money to build savings for the future. Keeping an eye on your spending is an important step in the effort to create a budget that builds. Once you develop a household budget and track income and spending, it becomes clear where the money is going and where you need to adjust your spending to achieve your financial goals.

If you take the time to manage financial tasks, you will start to develop financial fitness. This includes making sure that your bills are paid, that you have saved money for emergencies and that your financial strategy for the future is on track.

With this helpful online worksheet, getting a current snapshot of monthly money will help as you create a plan to increase financial fitness.

2. Set Goals

If you are saving for an emergency home purchase or paying off high-interest debt, a simple plan will help you meet your goals. As an example, by managing debt, you ensure that your financial well-being does not suffer.

It is not uncommon for people with credit card debt to only pay the interest on the amount borrowed, instead of planning to eliminate the debt altogether. When considering your overall financial picture, consider a debt management plan.

3. Know Your Credit History

Another tip from the financial fitness checklist is to pull all three of your credit reports each year. It is easier than you might think.

Checking your credit history can reveal any inaccuracies or issues you might want to resolve. If you find inaccuracies or errors in your credit report, you can dispute them with the credit reporting agencies. Addressing these issues promptly can help improve your credit profile and prevent potential obstacles in the future. Each person’s situation is unique when it comes to credit history and score, a key part of financial well-being.

4. Build a Savings Habit

Setting and sticking to a realistic savings plan is another key component of financial fitness. You can automate savings directly from your employer or put into place other tricks to make it a seamless savings process. No matter the amount, setting aside a budget-friendly amount each month for savings builds fitness and financial health.

5. Connect with Trusted Resources

When it comes to financial fitness, you are not alone. The trusted national nonprofit GreenPath offers the expertise of caring, NFCC-certified financial counselors who are trained to understand your unique financial situation and provide personalized solutions. GreenPath’s caring counselors can help you create a comprehensive plan to manage your debts effectively. In addition, nonprofit credit counseling agencies such as GreenPath offer educational resources, online webinars, and tools to help you understand the fundamentals of personal finance. This empowers you to make better financial decisions in the future.

businesswoman-handshake-and-business-people-successful-business

Why Work Towards Financial Fitness?

Imagine your finances as a well-tuned engine powering your life. When that engine runs smoothly, you have the freedom to do the things you love and handle any unexpected bumps in the road with confidence. Here’s why being financially fit matters:

Less Stress, More Peace: When you have control over your money and know that your bills are covered, it’s like a weight lifted off your shoulders. You can sleep better at night and enjoy a more peaceful, stress-free life.

Freedom to Pursue Dreams: Being financially fit gives you the ability to chase your dreams and passions. Whether it’s traveling the world, starting your own business, or buying a home, having the financial means makes those dreams attainable.

Security During Emergencies: Life throws curveballs, and having a financial cushion means you’re ready for them. Whether it’s a medical emergency, unexpected car repair, or a sudden job loss, being financially fit means you can weather these storms without losing your footing.

Retirement Comfort: Financial fitness ensures that you can retire comfortably when the time comes. You won’t have to rely solely on social security or work during your golden years, giving you the freedom to relax and enjoy life.

Building Wealth: It’s not just about getting by; it’s about thriving. Being financially fit allows you to save and invest, which can grow your wealth over time, giving you more options and opportunities.

Reduced Debt Burden: Financial fitness often involves managing and reducing debt. Lower debt means less money going toward interest payments and more money for you to use as you see fit.

Peace of Mind for Loved Ones: If you have a family or dependents, being financially fit means you’re providing security and a better future for them as well.

Final Thoughts About Your Financial Checklist

As with a healthy diet, we maintain our physical fitness in the same way, and if we follow this checklist shared in the materials above, we can return to financial fitness with a little help and a clear strategy.

It is always a good time to understand where you are financially and get help to keep things on track. Caring, certified counselors from the trusted national nonprofit GreenPath Financial Wellness can help you get started on your financial journey and then, keep going.

In the end, financial fitness isn’t about having tons of money; it’s about managing the money you have wisely. It’s a journey, not a destination. So, take small steps, make good financial habits, and watch how it transforms your life for the better.

This information is brought to you by our partners at GreenPath Financial Wellness

Greenpath Financial Fitness

July 20, 2023 • By Lisa

A Guide to Understanding Financial Terms

When reading about credit cards, mortgages, or other financial products, you may encounter financial terminology and acronyms that you aren’t familiar with. Please note, these descriptions are a guide only and are not legal definitions.

A

Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) is a mortgage that offers the borrower a fixed interest rate for a set amount of time. After that time expires, the interest rate on the remaining balance varies though out the life of the loan. Depending on the terms of the mortgage, the interest rate resets each month or year. This type of mortgage is also called a variable rate mortgage.

Annual Percentage Rate

The Annual Percentage Rate (APR) is the yearly cost of borrowing money. APR includes the interest and fees charged over a one-year period. Many types of debt include an APR such as credit cards, auto loans, mortgages and personal loans. The APR helps borrowers choose credit card offers, mortgages, loans, etc.

B

Balance

When referring to debt, a balance is the amount of money remaining to be repaid on a loan, credit card or mortgage. When the term "balance" refers to a checking or savings bank account, the balance is the amount of money present in the account.

Balance Transfer

A balance transfer refers to moving a balance from one account to another account, which is often an account at another financial institution. It most commonly describes transferring outstanding debt owed on a credit card to an account held at another credit card company.

Balloon Payment

A balloon payment is the money owed on a loan when the loan term expires (usually after 5-7 years). When the term is over, the borrower must pay a balloon payment for the total amount remaining on the loan, or the borrower can choose to refinance the loan for new terms and rates. Balloon loans sometimes allow the borrower to transfer the remaining amount automatically into a long-term mortgage.

Bankruptcy

When an individual or a company has debt that cannot be repaid, declaring bankruptcy gives the individual or company legal protection from the debts. Bankruptcy is a legal process that can offer relief from some or all debts, depending on the type of bankruptcy.

Budget

A budget is written plan that tracks monthly expenses and income. It is used to help manage finances, keep current with expenses and save money.

C

Card Holder

A card holder is the person who is issued a credit card, along with any authorized users. The primary card holder is responsible for credit card payments. Credit card holders are protected by the federal lending laws which protect consumer rights.

Cash Advance

A cash advance is a loan issued from a creditor. The most common cash advances are issued by a credit card or through a loan taken in advance of a paycheck. These types of cash advance loans charge special interest rates and fees on the amount of the advance.

Cash Advance Fee

A cash advance fee is a charge made by the bank or financial institution that the borrower owes after taking a cash advance loan. This fee could be either a one-time, flat fee that is owed at the time of the transaction or a fee charged as an annual percentage of the amount of the cash advance. Did you know SafeAmerica waves cash advance fees on our Visa Credit Cards? Click here to learn more.

Collateral

Collateral is an asset that a lender accepts as a security for a loan. If a borrower defaults on their loan payments, the lender has the right to seize the collateral and sell it to recoup any losses.

Collections

Collections occur when a creditor, or a business, like a utility company, sells past-due debt to an agency to recover the amount owed. The delinquent debt could be past due credit card debts, utility charges, medical bills, cell phone bills or other payments that are over 6 months past due. Collection agencies attempt to recover past due debts by contacting the borrower via phone and mail.

Conventional Mortgage or Loan

A conventional mortgage or conventional loan is available through a private lender or two government-sponsored enterprises-Fannie Mae or Freddie Mac. Conventional loans are considered risky because they are not guaranteed by the government. These mortgages can have strict requirements and higher interest rates and fees.

Credit

Credit refers to the money that is borrowed that the borrower will need to repay.

Credit Card Charge-Offs

Occurs when a borrower does not pay the full minimum payment on a debt for several months. At that time, the creditor writes it off as bad debt. Note that a credit card charge-off does not absolve a borrower of responsibility for the debt. Interest is still owed on the balance. even after a credit card charge-off, the lender could turn over the account to a collections agency.

Credit History

A person's credit history develops as they borrow, repay and manage their loan payments, expenses and other transactions. Future loans depend on a solid credit history, because lenders check this information.

Credit Report

A credit report is a statement that has information about a person's credit history, including loan paying history and the status of credit accounts. Lenders use credit reports to help them decide if they will loan money and what interest rates they will charge.

Credit Score

A credit score is a number based on a formula using the information in a person's credit report. The result is an accurate forecast of how likely that person is to pay bills or repay loans. Lenders use credit scores to determine what interest rate they will offer on credit cards, mortgages, car loans and other loans.

Creditor

A creditor is a person or institution that extends credit by lending a borrower money. The borrower agrees to repay the funds under the agreed upon terms.

D

Debt

Debt is money owed to a lender, such as debt from credit cards, student loans, or a mortgage.

Debt Consolidation

Debt Consolidation means that a person's debts, whether credit card bills or loan payments, are rolled into a new loan with one monthly payment, A debt consolidation loan does not erase debt. Borrowers might pay more by consolidating debt into another type of loan.

Debt Management plan

A debt management plan is when an organization works with creditors to reduce a borrower's monthly payment and interest rates. People working through a debt management typically take 3-to-5 years to pay off debt.

Debt Counseling

Borrowers receive debt counseling (also called credit counseling) when a trained credit counselor reviews their personal finances, debt and credit history to help manage financial challenges.

Debt Settlement

Debt Settlement is a process of negotiating with creditors to accept a percentage of the full amount of debt that is charged off or severely delinquent. For-profit debt settlement companies operate to deliver profits to their organization. As part of the for-profit business model, debt settlement employees are often paid on a commission basis, based on the fees they collect from consumers.

Default

A default on a loan occurs when a loan payment is not made by the borrower according to the payment terms of an agreement.

Deferment

A loan deferment is when a lender agrees that a borrower can pause making monthly payments for a set amount of time. Loans that are deferred are not forgiven. The borrower still owes the money and must repay the debt. Deferments are often available with student loans to provide the borrower with a set amount of time before making any payments.

Delinquent

When a borrower is late or overdue on making a payment, such as on payments to credit cards, a mortgage, an automobile loan or other debt, it is called delinquent. People who are delinquent, or late, with making payments may be charged a late fee.

F

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act is a set of laws that protect consumer rights during the debt collection process.

Fannie Mae

Fannie Mae, the informal name of the Federal National Mortgage Association, is a U.S. Government-sponsored enterprised that buys mortgages from lenders, bundles them intp investments and sells them on the secondary mortgage market. typically, Fannie Mae purchases home mortgages loans from commercial banks or big banks.

Finance Charge

A finance charge is the cost of borrowing money. The cost to a borrower includes interest and other fees. Lenders typically set finance charges as a percentage of the amount borrowed. Some lenders might set a flat fee finance charge.

Fixed Rate

A fixed rate is an interest rate that stays the same for the life of the loan, or for a portion of the loan term, depending on the loan agreement.

Forbearance

Forbearance is a process when a lender agrees to a lower payment or no payment for a temporary period of time. Forbearance is not loan forgiveness. After that time expires, the borrower may face higher payments, accrued interest or an extended loan term.

Foreclosure

Foreclosure is a legal proceeding that happens when a borrower does not make payments on a secured debt. The lender may start legal foreclosure proceedings to seize the property associated with the debt. As an example, default on a mortgage could result in foreclosure and auction of the property.

Freddie Mac

Freddie Mac, the informal name of the Federal Home Loan Mortgage Corporation, is a U.S. government-sponsored enterprise that buys mortgages, combines them with other forms of loans, and sells the debt on the secondary mortgage market. Typically, Freddie Mac purchases home mortgage loans form smaller banks and lenders.

G

Grace Period

A grace period is a set period of time in which borrowers do not have to pay finance charges or interest if they pay balances in full. Revolving credit card lending provides a borrower with a grace period.

I

Interest

Interest refers to the cost of borrowing funds, paid to the lender by the borrower. Interest also means the profit that accrues to those who deposit funds in a savings account or investment.

Interest Rate

An interest rate is the fee lenders charge a borrower, calculated as a percentage of the loan amount. The percentage charged when borrowing money is known as the interest rate.

L

Loan

A loan is sum of money that is advanced to a borrower. The borrower agrees to specified terms such as finance charges, interest and repayment date. Some examples include auto and recreational vehicles loans, home loans, home equity loans, personal loans as well as student loans.

Loan Forgiveness

Loan forgiveness means a borrower is no longer obligated to make loan payments. With student debt loan forgiveness, the borrower must meet criteria such as actively serving in the military, performing volunteer work, teach or practice medicine in certain types of communities, or must meet other criteria specified by the forgiveness program.

Loss Mitigation

Loss mitigation is the process when mortgage servicers work with borrowers to avoid foreclosure.

Loan Modification

Loan modification is when a lender makes a permanent change to loan terms. The modifications could inlcude changing the interest rate, type of mortgage or extending the time to pay the mortgage balance.

M

Minimum Payment

The minimum payment is a payment made on a loan or credit card that is specified by the lenders as the smallest payment amount due. Borrowers can pay more than the minimum payment.

Mortgage

A mortgage is the loan a borrower takes in from a lender to purchase real estate.

P

Past Due

Past due is when a payment has not been made by its due date. Borrowers who are past due will usually face penalties and are subject to late fees.

Private Mortgage Insurance

Private mortgage insurance is a type of mortgage insurance that might be required for borrowers to pay for with a conventional loan. Private mortgage insurance protects the lender in the event a borrower stops making payments on the loan.

R

Reinstatement

Reinstatement refers to a lump sum payment that makes an account current when the borrower pays everything that is owed. This payment would include any missed payments and fees.

Refinance

Refinancing applies to all types of loans, this simply means you are replacing any existing debt and terms with a new set of debt and terms, most often with a lower interest rate than the original loan rate.

Repayment Plan

A repayment plan is a written agreement for borrowers who are past due on loan payments. This option allows the borrower to pay the late amount as a smaller addition to the regular monthly payment, spread out over several months.

Revolving Credit

Revolving credit is when a creditor increases the credit limit to an agreed level as a borrower pays off a debt, such as a credit card. Revolving credit may take the form of credit cards or lines of credit with other lenders.

S

Secured Debt

A secured debt is a loan that allows the lender to seize the asset or collateral used to acquire the debt to repay the funds advanced to the borrower in the event of default. Examples of secured debt are mortgages and auto loans.

Short Sale

A short sale is when a homeowner in financial distress sells property for less than the amount due on the mortgage.

U

Unsecured Debt/Unsecured Loan

Unsecured debt or an unsecured loan is a loan that is not backed by an asset or collateral. It is riskier than secured debt. The interest rate for unsecured debt is normally higher than secured debt.

V

Variable Rate Mortgages

A variable rate mortgage is a mortgage in which the initial interest rate is fixed for a period of time. After that period expires, the interest rate on the outstanding balances varies throughout the life of the loan. Depending on the terms of the mortgage, the interest rate resets each month or year. This type of mortgage is also referred to as an adjustable-rate mortgage (ARM).

As a valued member, we provide you with access to certified experts through our partners GreenPath Financial Wellness who will empower you to eliminate financial stress, get out of debt, increase savings, and achieve your financial goals.

Learn more about starting your journey to financial freedom by clicking on the button below.

GreenPath Financial Wellness

Sources:

https://www.greenpath.com/

https://www.debt.org/

https://www.investopedia.com/

https://www.consumerfinance.gov/practitioner-resources/youth-financial-education/

September 1, 2021 • By Lisa

September is Life Insurance Awareness Month!

September serves as Life Insurance Awareness Month. We all want what is best for our families and life insurance provides our loved ones with peace of mind as well as security from any end-of-life and final expenses. Before we begin to learn about what exactly life insurance is and how beneficial it is for our family, let's understand some terminology used in life insurance policies.

Life Insurance Terms

Administrator: The person (usually the spouse, domestic partner, or close relative) that the court appoints to manage the estate of person who dies with a Will. The administrator is also called the personal representative of the estate.

Beneficiary: The beneficiary of a life insurance policy is the person, organization or trust that you define as receiving the life insurance payout. If you take out a $10,000 policy and name your child the sole beneficiary, when you die, they get $10,000. You can also assign multiple beneficiaries to your policy and define just how much of the policy they’ll receive. For example: John takes out a $25,000 life insurance policy. He names his wife and his two sons as the beneficiaries of his policy, but he specifies that his wife will receive 50% of the payout and each of his sons will receive 25% of the payout. John dies, and his wife gets $12,500, while each son gets $6,250.

Cash Value: For most whole life insurance policies, when you pay your premiums some of that money goes into an investment account. The money in this account is the cash value of that. If you cancel a policy, you can receive the cash value of the policy as payment instead of the face value.

Death Benefit: A death benefit is the money paid upon the death of the insured. It’s usually a payout of the full coverage amount defined in the policy (a $10,000 policy pays a $10,000 death benefit).

Decedent: The person who has passed.

Estate: All liabilities as well as assets like your home become your "Estate". You would have to take inventory of all things you own and decide how your heirs and creditors would receive assets.

Executor: A person named in a Will and appointed by the court to carry out the dead person's wishes. The executer is also called the personal representative of the estate.

Face Value: The face value of the policy is simply the coverage amount the policy is worth. So, the face value of a $10,000 policy is $10,000. This is usually the same amount as the death benefit.

Living Trust: A trust set up during the life of a person to distribute money or property to another person or organization.

Personal Representative: The administrator or executor that the court appoints to manage the estate.

Probate: The court process for distributing a dead person's assets, paying debts owed and settling the financial affairs of people when they pass.

Successor: Anyone who has the legal right to receive property of a person who dies, either under the Will or the Probate Code.

Trust: An agreement where property is given to someone to be held for the benefit of another person.

Will: A legal document with Instructions about what will happen to their property after death.

"Do I really need life insurance?"

"If you were to die, would your family struggle to pay for

your funeral, mortgage or daily living expenses?"

What End of Life Expenses to Expect

A study done by Experian in 2016 determined 73% of Americans are going to die in debt. Unless a family member cosigned with the person who passed, debt is typically not inherited by any of the surviving family members and is paid off by the estate.

What may come out of pocket for the living family members (with no insurance policies in place) may be the following:

Funeral Expenses - The California average is about $11,777.
Nursing Home Care/Hospice Care - This can easily reach $1,000 for 24 hour care, BUT Medicaid may be able to cover 100%.
Medical Bills - Depending on medical conditions and treatment, this cost only adds stress to an already difficult time.

"How much life insurance do I really need?"

"The amount of insurance depends on the standard

of living you wish to assure your dependents."

The Two Basic Types of Life Insurance:

What is Term Life Insurance?

Available terms can range from 10 to 30 years
Beneficiaries receive larger death payouts than whole life insurance policies
Benefits transfer to beneficiaries tax-free
Can easily be converted to Whole Life Insurance
Lower payments based on how young you are
May be a challenge to renew your policy upon expiration
No ability to cash out for end of life expenses
Protects your family from a loss of income
Temporary policy with an expiration date
Typically costs less than Whole Life Insurance

What is Whole Life Insurance?

Burial costs and other final expenses are covered
Builds cash value, which could be used while you are alive
Coverage will continue as long as payments are made
Death Benefits transfer to beneficiaries tax-free
Death benefit amount can never decrease
The cost (Premiums) do not increase as long as payments are made
Smaller death payout
Typically higher in cost than Term Life Insurance

"I'm pretty healthy, I'll wait until I am older to get Life Insurance."

"You pay less if you get insurance when you are younger and besides

you'll be covered should any unexpected health issues arise."

Think of Life Insurance as a Form of Investment

Just as some invest into the stock market and/or the real estate market, whole life policies build cash value through a portion of the money used for premiums through interest. Over time, this sum slowly grows to the point where you can borrow from it tax-free. Keep in mind, you will have to pay interest on this loan and any remaining balance will be deducted from the death benefit your loved ones are set to receive.

If the above-mentioned funds become big enough, you may have the option to trade the policy for an annuity. This would provide you with monthly payments for the rest of your life or when the funds are exhausted. While this may sound like a great idea, you would have to keep in mind, there is a chance your insurance policy will not pay out the death benefit to your loved ones.

Another option available with Whole Life Insurance is being able to surrender (sometimes known as "selling") your policy to the insurance company. By doing so, you void your insurance coverage and while you will get a sum of money, it would not be as much as the amount the insurance company would have paid out when you pass. While thinking of life insurance as an investment, understand this should not replace your savings or 401k.

How To Pick the Right Policy

Which policy best aligns for your own goals and/or family's goals? When it comes down to figuring out which policy is best, most will initially pay for term life insurance until their career reaches an established point in-which more of their earned money is used towards converting their term policy to whole life.

SafeAmerica Credit Union has partnered with Trustage® Life Insurance to help credit union members like you protect the people who matter most in their lives. Any amount of coverage can make a difference.

TruStage® Life Insurance can help give you peace of mind today and provide an income-tax free cash benefit for your family. It can help pay expenses you might leave behind like funeral costs, mortgage payments or unpaid debts. TruStage helps make it easy to compare insurance and explore options you can afford—so you can make a good decision today for your family:

Compare life insurance options
See instant quotes based on your budget
Apply online or over the phone

Get an Instant Quote

Understanding Insurance

TruStage® Life Insurance is offered by TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, PO Box 61, Waverly IA 50677‑0061. The insurance offered is not a deposit and is not federally insured or guaranteed by your credit union.

DTCG-2947101.1

Sources:

https://www.courts.ca.gov

https://www.debt.org

https://educationdata.org

https://www.forbes.com

http://www.insurance.ca.gov

https://www.investopedia.com

https://www.trustage.com

https://yahoo.com

August 11, 2021 • By Lisa

National Financial Awareness Day – August 14th

August 14^th marks National Financial Awareness Day. This day serves as the perfect opportunity to go over your finances and see what habits could be addressed to provide financial freedom.

The concept of financial education/awareness can be traced back to Benjamin Franklin’s 1737’s Poor Richard’s Almanack. There, Mr. Franklin wrote a column called “Hints For Those That Would Be Rich.”

It was with this article, he coined the phrase and ended his column with “A penny saved is twopence clear.” This piece of advice has somehow been lost through time and has had many people believing Franklin said “A penny saved is a penny earned.” While equally sound advice, some may argue it’s the modern interpretation of what Franklin had originally said.

Read Benjamin Franklin's Article below.

Hints For Those That Would Be Rich

Benjamin Franklin’s “Hints For Those That Would Be Rich” was the closest, formal piece of financial education the American people had at the time. It wasn’t until 1849 where James William Gilbart published his article, “Ten Minutes’ Advice about Keeping a Banker.” Through this, Gilbart shared in detail, the many advantages of having a bank account along with a personal banker.

We’ve come a long way in a short amount of time and with the ease of access regarding information, we can learn timeless financial concepts, habits and tips rather instantly.

Hints For Those Who Are SafeAmerica Members

Just like Mr. Benjamin Franklin wrote his column about financial education back in 1737, SafeAmerica Credit Union too has hints for those that would be rich.

Budgeting For Short And Long Term Goals

Setting a budget and developing a spending plan is a great way to relieve uncertainty and stress while also helping to figure out how to meet both your short-term and long-term financial goals. Use this worksheet to calculate your monthly expenses and income to get an idea of what you have to work with, what your commitments are, and what you have remaining to devote to your goals.

Budgeting your finances allows you to become better prepared for those unwanted and unexpected expenses when they arise (i.e. car maintenance, home repairs, and medical costs). It also allows you to have a “true” budget when it comes to where you are spending.

Understanding Your Credit And How To Build It

From getting approved for a loan to lower interest rates, there are many benefits to improving your credit. Use this tip sheet to learn about the factors that affect your credit score and how you can improve your score (and overall financial health!) Reviewing your credit cards’ limits, interest rates and history put you into a position to space out purchases which would have less of an impact on your overall savings/checking accounts. You may find after your review, you could open a new line of credit to assist with expanding your Credit Utilization, thus improving your credit score. However, you won’t know until your make time to review your credit situation.

Building and maintaining your credit history are both an important part of everyone’s financial journey and having a reliable credit history shows lenders you are capable of making payments and on time. When first starting your credit journey there are a few options one can take to build their credit in a safe and controlled manner with one example being a youth credit card. Establishing and understanding good credit habits especially at an early age allow youth to grow into lives with responsible financial decision making.

Setting Financial Goals

Do you remember the last time you ironed out the details for your next financial goal(s)? Whether it’s for a new car, vacation, home or even education. Understanding how much money needs to be saved allows for a clear path towards reaching your goals all while staying within your budget.

Utilizing Online Banking to Be Aware of your Finances

Online Banking allows you to monitor all your transactions in a safe and timely manner. Your account activity is almost instantly displayed for your review, whether you made a payment, used your debit card, transferred funds or even paid a bill. So many things can be done with online banking, your own monitoring and peace of mind is definitely one of them.

What You Can Do Now

Education. Financial awareness does not have to be a difficult or daunting task for anyone, especially with the many resources readily available for members to take advantage of. Through our partnership with GreenPath Financial Wellness, we provide our members financial education, free financial counseling, credit report reviews, student loan counseling, and much more! We invite you to utilize this free service made available to you as a SafeAmerica Credit Union member.

GreenPath Financial Wellness

Start young. Being aware of money management, no matter how simple, at an early age can only set you up for success in the future. You can start the process of teaching your little ones healthy financial habits, as well as becoming even more financially aware yourself, by looking into youth savings programs. SafeAmerica Credit Union offers a robust youth program that can help them on the path to financial success.

Youth Program

August 10, 2021 • By Lisa

Increasing Your Financial Awareness: Recorded Webinar

Learning about personal finances can feel overwhelming or out of reach. This webinar recording provides discussion and tips for more easily manage our finances.

What You'll Learn

Ways to take control of your finances
Money mistakes you can learn from
Practical steps to increase your financial awareness

As a member, we provide you with access to certified experts who will empower you to eliminate financial stress, get out of debt, increase savings, and achieve your financial goals.

Click below to learn more on how GreenPath Financial Wellness can play an important role towards your financial freedom.

GreenPath