It's Time For Your Financial Physical

It’s time for your annual finance physical!  Great news, though!  This physical is one you can do from home without having to don a medical robe.  Honest self-reflection and setting clear goals are both included in this physical, though, and asking yourself these three questions will help get you started on assessing your financial health:

1.     How much did I save last year?  Look at your last twelve months and tally up what you were able to save.  Did you touch that savings or let it keep stacking up?  Automatic deposits from each paycheck directly in to your savings can help you stay on track, and keeping a solid budget and savings plan can help you keep that savings growing.

2.   What are my bad money habits?  Doctors can’t help cure you if they don’t know your ailments, and the same goes for your finances.  What are three things you did over the past year with your finances that you would do differently next year?  It could be as simple as keeping a more up to date budget to keep your spending in line.  Budgeting tools, like Honor’s Money Desktop, can help you look at your overall financial picture including what you spend on, what you save, and your total debt.

3.  What is my financial health goal?  Goals are important both in your health and your finances.  Do you want to save more? Spend less? Pay off debt?  Everyone’s definition of success is different, but part of every physical should include looking ahead and setting goals and benchmarks of where you want to be by the time your next physical rolls around.  Once you set your goals, make a plan to get achieve them.  Need help with this?  Stop by your local credit union.  Tell us your goals and we can help you make a plan that fits your situation to get there!

Self-reflection isn’t always pretty, but trust us – if you are honest about your financial situation with yourself, identifying your goals and making a plan to get there will be a lot easier!  Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

A Fitness Plan For Your Finances

It’s a New Year, and time to make those New Year’s resolutions!  Two of the most common New Year’s resolutions have to do with financial health and physical health.  Starting a new year on the right foot is important, so getting your finances and your body right are both fantastic goals.  As you think about getting your wallet and yourself in shape, here are a couple of similarities between your local credit union and the gym to get you on the way to achieving your new year’s goals:

• All The Tools To Succeed – One reason people join a gym is to get access to all the equipment to get in shape that they just don’t have at their own house.  You can get a better workout when you have access to many of these machines, and your wallet can get in better shape with access to all of the products and services that credit unions have to offer!   

• Work Independently or Utilize a Personal Trainer – Some people prefer to work out on their own, while others like a personal trainer with them every step of the way.  At a credit union, like Honor, we can give you both scenarios, too!  Our team is here waiting to walk you through our products and services if you want, but we also give you the tools to manage your finances on your own with easy to understand and use technology like our mobile app, or online bill pay!

• No Judgment Zone – A good gym will welcome you with open arms regardless of your physical health.  They will help you achieve your goals, no matter how big or small they may be.  You can expect the same at a credit union!  We are here to help you get in the best financial situation possible, no matter your starting point!  No two people’s finances are exactly the same, and you can have confidence that there will be no judgments or comparisons at Honor! Every member matters!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu!  

Listen to Honor's Scott and 97.5 Y-Country's Wild Bill talk about their financial fitness tips in Mason Jar Monday!

Three Reasons You Should Be Using An Online Personal Finance Tool

Do you use an online personal finance tool?  Personal finance tools are tools that can make managing your money easier.  These convenient applications can make a big difference when it comes to managing the coins in your mason jar even more effectively!  There are many different options that you can use, but Honor’s version is called Money Desktop.  Here are three reasons that you should be taking advantage of one of these tools:    

1. Account Aggregation – We know that a lot of you have more than one financial institution or credit card, and that’s ok!  Keep track of all of your accounts on one website with account aggregation.  Whether it’s tracking your Kohl’s credit card, a retirement account, or a checking/savings account, you can view everything at one time on one screen with personal finance tools like Honor’s Money Desktop.   
2. Debt Payback Breakdowns – Did you know that the average number of credit cards per household is 3.5*? If this is you, did you also know that with an online personal finance tool you can track and look at different options to pay down all of your credit cards, loans, or other debt with just the click of a button?  For example, with Honor’s Money Desktop, an interactive tool with a graph for easy viewing will show you how to pay down debt based on “Fastest Payoff,” “Highest Interest First,” “Lowest Balance First,” or “Highest Balance First.”  And once you select one of those options it even projects when you will be out of debt based on the minimum payment!
3. Set Goals! – With an online personal finance tool, you can integrate your financial goals right in with all of your accounts.  You can set savings goals or debt payoff goals and keep track of your progress all in the same place.  No need to keep an excel spreadsheet that you may or may not remember to update each month, when you have an online personal finance tool to update it for you automatically!

If you want to learn more about Honor’s online personal finance tool, Money Desktop, visit our website!  Don’t forget to follow Honor Credit Union on twitter @honorcu and let us know using #askhonorcu!  

Listen to the Mason Jar Monday episode and hear Scott & Wild Bill's full conversation on Personal Finance Tools below! 

*Source - United States Trade & Development Agency

Financial "Faux-Pas" To Avoid In Your Twenties

Whether you are graduating from college, moving out on our own for the first time, starting your first real job, or making your first big purchase, your twenties are an exciting time often full of life milestones.  With those life milestones, comes the increased responsibility of managing your own money.  As exciting and fun as this time of your life can be, here are three financial “faux-pas” that you should avoid to set up your thirties and beyond to be a success. 

• Not setting financial goals: setting a savings goal is crucial regardless of your age.  As you approach the stage of looking at your first job, your first car, or even your first home, you will thank yourself for setting a savings goal and sticking to it when it comes to making a life purchase.

• Buying more than you can afford: on the flip side of savings, is spending.  We’ve all be tempted once we start to receive those first paychecks to go out and splurge.  Splurging a little is just human nature and is ok, but within reason.  Don’t spend more than you can afford (especially at the expense of your credit card!) just because you now have an income or are trying to keep up with your friends who are all buying brand new cars.  Set your limits, make a plan, and stick to it.  Your older self will thank you, later!

• Not starting a retirement fund: You’re probably thinking that you just started working, why in the world should you think about retiring?! It’s never too early and you will REALLY thank yourself when you are in your thirties and already have a head start on reaching your retirement goal.  Even if it is the bare minimum each paycheck, setting aside something towards retirement will literally pay off as the years go by. 

The full Mason Jar Money conversation between Honor’s CEO Scott McFarland and 97.5Y-Country’s Wild Bill on Financial “Faux-Pas” To Avoid In Your Twenties is below.  We just listed a few, but what are some other financial tips that you would give to someone in their twenties just starting out on their own?


Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!