Starting a Career
You’ve spent years learning and preparing for your career – and now you’re finally ready to start off on your own. Making solid financial decisions now is essential to setting yourself up for a lifetime of success and independence. We can help you get started!
Manage Your Credit
If you’re like most students, you probably already have some debt – like student loans and credit cards. Managing this debt wisely is very important as you start off on your own. Making good decisions in this area can help you avoid late fees and penalties as well as ensure your credit remains strong so you can get loans later when you need them.
If you don’t currently have any loans, congratulations on starting your career debt-free! However, it’s important to note the advantages of beginning to establish credit in your own name.
Follow these tips to manage your debt:
- Always pay your credit card bills on time. While paying the minimum is a must, consider making a larger payment each month (or better yet, pay the balance in full). By paying down your debt faster, you’ll save money and also ensure your interest charges don’t get out of control.
- Always look for credit cards with the lowest interest rates possible. Credit unions are a great choice for a first credit card because rates are usually low and terms are fair.
- Always read the fine print on any new credit card offers – especially any that feature a low introductory rate.
- Know your credit score and monitor your credit report for errors. Your credit report not only helps you get loans, but it may also determine if you get a job. Many employers are now requiring a credit check as a condition of employment.
For more information, visit our StraightTalk® website or call us today.
Create a Realistic Savings Strategy
Most financial planners will tell you to have at least three months’ worth of expenses put away in a savings account. This money should be kept separate from funds you’re saving for other purchases such as a car or your first home. Although this may sound like a lot of money, if you take small steps to save every month, you can get there.
- Pay yourself first. The easiest way to save is to spend less than you make each paycheck. Consider setting aside a certain amount of money every month, which makes saving super easy. For example, with eBranch, you can set up an automatic transfer from your checking account to your savings every time you get paid.
- Keep a spending journal to track your expenses – chances are you can find simple ways to cut costs. Making small changes like skipping your morning latte or bringing your lunch to work can really add up.
For more information on budgeting and saving, visit our StraightTalk® website or call us today.
Start Investing in Your Future
Most young people don’t bother to think about retirement when they start their career because it seems like such a long way away. However, the earlier you begin saving, the easier it will be to reach the amount of money you’ll actually need to retire.
Contact us for more information about retirement planning and investing.
Evaluate Your Insurance Needs
Like saving for your retirement, paying for insurance might also be something you’re thinking about skipping in order to save money. However, having the right insurance can be more affordable than you think, and it could save you a bundle of money down the road if you need to use it.
- Health insurance is extremely important – especially because you may no longer be covered under your parents’ policy. If your employer doesn’t offer health insurance, consider an individual policy.
- Homeowners or renters insurance will give you peace of mind and protect your personal property.
- Also evaluate your auto insurance coverage – changing coverage or companies can save you money.
Contact the CCU Insurance Agency for more information about insurance products.