Improve your financial fitness and manage your wealth. Get your finances in shape by taking these steps:
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Grow (or establish) your emergency fund. Having a back-up fund may prevent you from having to tap or max out credit cards when you have unexpected expenses.
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Improve your credit score. Having a clean credit history is more important than ever. First, obtain your free credit reports from AnnualCreditReport.com, review them, and dispute any errors. Next, work to improve your score: Pay all bills on time, maintain a healthy mix of credit, use less than 25% of your credit limit, and be sure to pay all fines and tickets—even unpaid library fines or parking tickets may be viewed negatively by potential lenders.
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Stay on top of your accounts. To avoid overdraft fees, account closures, or other unexpected events, regularly monitor your credit card and other account balances.
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Create a spending plan—and stick to it. Bottom line: Expenses should not exceed income.
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Get organized. Consolidate accounts, organize financial documents (paper and digital), and use online banking, which can simplify your finances and reduce the likelihood you’ll miss a payment. GE Credit Union’s Money Management system makes it easy to track your spending and manage your records. Our mobile banking app has customizable alerts and can alert you balances are close to their limit.
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Pay down debt. Attack your high interest credit cards first by paying more than the minimum balance each month. Once you get your debt under control, make it a goal to pay off the balance each month to avoid accumulating interest.
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Use direct deposit. If you still get paper checks, think about switching to automatic deposit. By having all or some of your payroll check directly transferred to your credit union account, you’ll be less tempted to spend what you could be saving.
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Take control of your investments. Regularly review and organize your portfolio, and talk to a financial professional about rebalancing it.
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Spend some time learning more about finances. Spring is a good time to learn more about finance and budgeting AND boost your kids’ financial smarts while you’re at it. Our online Financial Resource Center has many information articles, videos, and savings tips. Here are some articles that might be of interest to you: