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Use it.
Use this free advice to help you jumpstart your savings efforts. Ask your
credit union for help.
Financial
Sense Tips
Top
10 Ways to Beat the Clock and Prepare for Retirement
Calculate
Your Goals
Credit
Union Consumer Facts Home Buying Program
FREE
Financial Sense Tips
These financial
sense tips can help you get on your way to improving your financial situation.
- Examine
your credit reports from more than one credit bureau for accuracy at
least once a year. Start with basic information from Trans
Union, Experian,
or Equifax.
- A budget
doesn't restrict spending. A budget ensures that you'll have money to
spend now and in the future. Ask your credit union about credit counseling
or get it through:
The
National Foundation for Credit Counseling
network (800-388-2227), or
Consumer Credit Counseling Service
(888-462-2227).
- Divide
72 by the interest rate earned to estimate how many years it will take
to double your current nest egg. You'll generally need 70%-80% of your
current income to maintain your current standard of living in retirement.
- Taxpayers
pay the government more than $100 billion in excess tax withholding.
Examine your tax withholding to see if you could reduce it, thereby
increasing your take home pay.
- Think
of savings as an expense. When you pay bills, write your first check
to savings. A rule of thumb is pay yourself 10% of all your income first
before any other bills.
- Save
more on clothing by buying after Easter Sunday, after Independence Day
and after Christmas Day when retailers are changing inventory and are
offering end-of-the season sales.
- Using
a cash rebate and financing through your credit union may be a better
deal than using "low rate" financing from an auto dealer finance
company.
- Start
the savings habit early by teaching children to set aside at least 10%
of every allowance, gift or paycheck.
- If you
can't pay your credit card bill off each month, always make more than
the minimum payment. You can also save money by comparing annual fees,
grace periods, annual percentage rates and cash advance fees.
- Gift
idea for pre-teenagers: A few stock shares of companies that make their
favorite products can get them started on long-term financial planning.
- One extra
principal-only mortgage payment a year on a 30-year mortgage could help
you pay off your loan in 22 years versus 30.
- Annual
college costs are about $10,458 for a 4-year public school and $22,553
for a 4-year private school and they are projected to grow 5% annually.
Create a savings plan based on the number of years left before your
child goes to college and the risk you can afford to take.
Credit
Union Consumer Facts Home Buying Program
Use this free, helpful information in the Credit Union Consumer Facts
Home Buying Program to plan a home purchase. Click
here to see complete details.
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