Even if you’d consider yourself to be in a good, steady place when it comes to your finances, there are always areas to improve. Here are three secrets to boosting your financial wellness, no matter what situation you’re in.
It’s Never Too Late to Invest
Saving money is incredibly important, of course, but it’s just the tip of the iceberg when it comes to building and growing your finances. The truth of the matter is that idle money kept in your savings account doesn’t cut it as “financial security” anymore. Why? Well, the idle cash in your savings account is an opportunity loss since it isn’t able to earn more money. Plus, it doesn’t have the potential to beat inflation. Here’s what we recommend: Instead of simply having a savings account (which you absolutely should—here are a few great ones to look into), try devoting some of your cashflow towards investments as well to ensure present and future financial security.
Here are a few great guides we’d recommend for investing beginners:
How to Start Investing by Nerd Wallet
How to Start Investing On Your Own by Charles Schwab
Strengthen Your Financial Literacy
Financial literacy is the ability to understand and effectively use various financial skills—including personal financial management, budgeting, and investing. Unfortunately, taking a personal finance class is not a requirement in most high schools (or colleges, for that matter!) across the United States, so adults of all ages can often find themselves struggling to manage their income and spending, stay out of debt, and even maintain their credit. To ensure you’re on the right track to financial comfort and success, we encourage you to focus on your financial literacy to avoid unnecessary financial stress and hardship. We recommend making a solid effort to strengthen your understanding of how finances work by subscribing to a finance channel on YouTube, taking a personal finance class, or even stopping by RMLEFCU’s Financial Education Center for some in-person advice.
Use Our Financial Wellness Programs
Especially in times of economic uncertainty, it’s more important than ever to learn more about how to protect, maintain, and grow your pocketbook. As you already know, we’re the credit union of choice for Colorado law enforcement—and we want to protect and support the LEOs that give so much of their time and effort to our communities.
That’s why in 2022, we’ve organized several financial wellness programs for our members:
Individual and Group Financial Counseling: Unfortunately, finances can be the source of a lot of anxiety and stress for many families. Through counseling, we hope to take financial stress out of the equation in the challenges of your career.
SavvyMoney Credit Reporting Tool: This comprehensive tool is available on our mobile app as well as our website. SavvyMoney empowers members to stay on top of their credit by providing them with their most recent credit score and reports, an understanding of key factors that influence their score, and up-to-date rewards that can help them reduce their interest rates.
Financial Education Center: When you visit our Financial Education Center, you’ll be able to access information and interactive learning that will support your financial decision making.
If you have any questions about our Financial Wellness Programs, please don’t hesitate to stop by one of our branches or give us a call at 303.458.6660.