Are You Financially Fit?
We all strive to be healthy and in shape. But have you thought about your financial fitness? At a time when we want to focus on healthier bodies and minds, we should also focus on healthier bank accounts and personal financial strategies. Here are three simple ways to improve your financial health:
1. Be prepared. In a time of trauma, could you locate your most important documents? It’s always a good thing to be prepared. Make sure you have the right documents in the right places. Keep the originals in a safety deposit box along with copies of your driver’s licenses and some cash. Here are the documents you may want to collect:
- Birth/death certificates, marriage licenses, trusts and wills
- Credit cards
- Insurance policies
- Mortgage/house deeds or statements
2. Pay down debt, but don’t forget about you! Be wise with any bonus check or extra money you receive this year. Pay down your debt starting with the highest interest rate, or consider consolidating to eliminate multiple payments. We also recognize that you’ve worked hard and want to treat yourself; we get it! Set a little aside to splurge while putting the rest away.
3. Tune-up your finances. Set yourself up for success by actually doing the things on your “I’ll do this tomorrow” list:
- Start a rainy day fund. This way, you can’t be tempted to spend money you never see and you save a bit of money in case of an emergency.
- Make sure to check your bank and credit card accounts regularly for suspicious activity. Set up balance alerts to catch any unauthorized transactions on your accounts.
- Review your credit report. Check for errors, fraud and any areas for improvement. You can download your report each year from annualcreditreport.com for free.
- Does your company offer a 401(k) match? If so, make sure you contribute enough to get the full amount of your company’s match. This is essentially free money!
So, how “in shape” are you financially? Do you need some help saving money or preparing for retirement? Are you trying to save for college or pay off outstanding debts? Take our quiz to see where you land and what you can do to improve.
For more information, visit telhio.org.
This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 9 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. All loans subject to underwriting approval and guidelines. NMLS #251831