Ten Steps to a Brighter Financial Future

At Generations United Federal Credit Union, we offer a range of banking products and services that help you reduce debt, build savings, and improve your credit score so that you can secure your own financial future.

We feel that our products and services are one way that Generations United can help you, but here we offer ten steps you can take to help make your future even brighter.

  • Make a Budget
    • It is the best way to guarantee that bills are paid on time and savings are on track.
      • A routine reinforces your goals and bolsters resolve not to splurge.
  • Pay off Credit Cards in Full
    • Paying off your credit card in full provides you with a better credit score.
  • Create Savings
    • Participate in your company retirement plan or regularly set aside an amount for savings to build an emergency fund.
      • Establish a direct deposit from your payroll into a GUFCU savings account.
  • Invest Early
    • Take advantage of compound interest.
  • Monitor Your Credit Score
    • Your credit score impacts the interest rate you are offered in the future on items such as a car loan or refinancing a mortgage.
    • Your credit score impacts your ability to get affordable housing.
    • It can also impact the amount you pay on life insurance premiums.
  • Lower your Monthly Bills
    • Many companies are willing to work with you to reduce your monthly payments. Call your service providers (cable, phone, trash) to see if there are discounts or promotions to save you money.
  • Maintenance
    • The cost of a service call is a fraction of the cost of replacing that item.
  • Be Frugal
    • Develop a mindset focused on living a good life with less.
      • Determine what you need versus things you want.
  • Practice Self-Care
    • Maintenance applies to your body as well as your possessions.
      • Schedule regular doctor/dental visits.
  • Set Life Goals.
    • Establish financial milestones at regular intervals from your current age to your deadline (goal) age.
      • Track your progress regularly. If you begin to veer off goal it is easy to course correct if caught early enough.
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