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There are several financial tips that apply to everyone.

Whether you're just starting out on your own or considering retirement, there are several financial tips that apply to everyone. Below are a few that we believe come in handy no matter where you are in life.

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Set Specific Goals

When it comes to laying the foundation for your financial future, being realistic and specific with your goals is crucial. Once you set a goal, whether it’s putting $200 into your savings account each month or setting up an IRA, stick with it. Revaluate goals periodically to ensure you’re still on the right path. Utilize tools available to you, such as direct deposit or auto-transfer, to help you reach your goal.

Start Saving

A common reaction to making money is spending money. But before you spend your paychecks, put some thought and effort into a proper saving strategy.

A good start to your savings plan, before putting money into hard-to-touch investments, is to create an emergency fund. Your emergency fund should cover three to six months worth of living expenses, enough to see you through a difficult financial time. In the early years of your saving, it’s a good idea to keep your assets liquid so that you’re able to access them at any time.

Once you're more comfortable with your saving plan, it might be a good time to start investigating other options like CDs and IRAs to start earning more interest on your savings.

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Pay Off High-Interest Debt

High-interest credit cards are a definite drain on your funds. Paying off or transferring large balances of high-interest cards guarantees you a return on that investment (the amount your interest was reduced by). Once your credit cards are paid off, it’s a good idea to use them sparingly. Work to build your credit history so that you can secure cards with low interest rates in the future. A great alternative for day-to-day spending is a UHCU Debit Card. Funds are pulled directly from your checking account, which means you don't have to worry about a bill each month. Just be sure to keep track of your purchases and available balance.

Consider Buying a Home

For the past 40 years, the average cost of single-family homes in the U.S. has increased 700 percent. As a homeowner, you’re entitled to major tax breaks and interest on your first and second home mortgages is typically fully deductible. If you’re in the financial position to do so, consider buying a home. Why throw away money on rent when you could put that money toward an investment that can yield a healthy return. 
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Create a Will

A will is a legal document that ensures your funds, property and personal effects are distributed according to your wishes in the event of your death. Creating a will is especially important if you have children under 18, as you’re also able to specify who you’d like to be their guardian. When drafting your will, be sure to name a guardian for your children, an executor to carry out your financial and personal wishes and beneficiaries of your assets.


Focus on Life Stages

When it comes to making sound financial decisions, it’s important to consider what life stage you are in. Are you a recent college graduate, a first-time parent or someone preparing for retirement? Where you are in life will help determine the financial decisions you make. It’s important to understand that your finances are in a constant state of change and your financial needs fluctuate as your life changes. For most individuals, income levels, spending patterns, family situations and financial concerns tend to follow three primary stages of life. 

  • Stage One: This is typically when you enter the work force, get married and start your own family. This is when you develop financial habits and consider making major purchases like a home or a new car.
  • Stage Two: A bit further along now, your family is growing and your career is advancing. Now your financial activities include accumulating and managing your wealth and possibly funding college educations.
  • Stage Three: You’re now at the peak of your career and are considering retirement. If you had children, they’ve most likely left the house and you might now have grandchildren. Your financial focus has shifted to things like preserving your wealth and estate planning.
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Make a Budget

If you’re living paycheck to paycheck and are finding it hard to make ends meet, it’s probably time to create a budget. The easiest way to do this is to track your monthly expenses; see which expenses are necessary and which are not.   Once you see where you stand each month, you might find that you’re able to put aside some extra funds into a savings account

It may be surprising to discover how much the smaller items add up to at the end of each month.

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