After the unprecedented times of COVID-19, many families and individuals are struggling with their financial health. With National Credit Union Day coming up, we’ve decided to help raise awareness on how you can improve and be on top of your financial health.
1. Resist unmindful spending
Happiness from spending typically only lasts a couple of days. It’s important to be mindful of unnecessary spending. Taking out a loan to buy something unnecessary has a high potential of leaving you unsatisfied and with more debt.
2. Have honest conversations about finances
It’s important to know how much you make monthly vs how much you must spend to cover bills and assets. People are often afraid or feel ashamed when discussing money, but in order to prepare for a brighter financial future, discussing these uncomfortable topics will direct a pathway to better financial planning.
3. Automate savings
Automating savings takes the stress out of remembering to set aside money each month to grow your savings. In turn, this leads to the growth of an emergency fund that you can fall back on in times of need. Pay yourself first and foster the growth of your future financial health.
4. Join a credit union
Join a credit union to help manage your financial well-being. Credit unions offer a more personalized approach to banking and typically are member-centric. With credit unions, you get the same financial services, but with lower rates, if approved. Credit unions also offer great resources to help with financial literacy and health.
5. Donate and volunteer
Money is a useful tool but can not buy happiness. Although, fulfillment can come from spending money on helping others and using your wealth to make a difference in someone else’s life. A great way to help others is through donating and volunteering. Below you can find local organizations that are accepting donations and volunteers to support families in need after the Covid crisis.
- American Red Cross: https://www.redcross.org/donate/cm/nbc5-pub.html/
- Communities Foundation of Texas: https://www.cftexas.org/covid19
- Dallas Foundation COVID-19 Relief Fund: https://www.dallasfoundation.org/covid-19-resources.aspx
- North Texas Cares: https://NorthTexasCares.org
- United Way: Unitedway.org
We’re here to help. Kearley & Company is just a phone call, email, or text away. We assist credit unions by developing marketing and communications strategies that work. Our team can help bring new ideas to the table while helping ensure your plan is on track to deliver results.
References:
https://www.forbes.com/advisor/in/personal-finance/7-habits-to-help-ensure-financial-health-in-2021/
https://news.cuna.org/articles/118973-financial-well-being-is-table-stakes?page=2
