07 Jan

Your Financial Health is Important

Financial Health

There is no denying the connection between physical well-being and financial health. Poor financial stability has a devastating effect. Money issues are commonly associated with stress and anxiety that may result in physical symptoms. These symptoms include lack of sleep, increased blood pressure, and heart problems. This will have an effect not only on one person in a family but also on all their loved ones and may also flow into the workplace.

Here’s what you can do to help alleviate some of the stress associated with finances.

Learn the Basics of Money Management

Learning the key financial principles will help relieve tension and lead you to better money management decisions. Knowing how money works and how to budget in the long run will help you out. It’s not about how much you make, but how much you save and how much you’re spending.

Make it easier for you to keep simple records. To start your budget, write down your expenses for the past three months, including treats! Many people don’t have any understanding of their expenses, particularly when they don’t budget for it, and yet they know exactly how much comes in on payday.

If you want to learn more about the basics of money, take a look at RMLEFCU’s financial education center.

Avoid Autopilot Spending

What autopilot spending refers to is the use of credit cards, PayPal, etc. When you’re spending without knowing how much cash you have on hand, you’re in autopilot mode and you’re far more likely to spend too much.

For example, when you’re hungry, don’t do your food shopping and avoid browsing online when you’re tired or not focused. This will result in impulsive and sometimes expensive decision making. Keeping cash on hand or using a debit card instead of a credit card can help you be more mindful of your spending.

Bad Credit or No Credit?

If you are struggling with credit, take advantage of the RMLEFCU Credit Builder Loan. This unique financial product is designed to raise your credit score without any money down and with low monthly installment payments. As you pay the loan off, the money is available to you again making it a great savings tool as well! Watch the video below to learn more about this helpful way to build credit.

Ask a Professional for Help

Just as some people choose to hire a personal trainer to help them develop a health and fitness program, you can be helped by a financial planner. A financial planner can help identify your budget and financial criteria, monitor you and hold you accountable.

You can also turn to your financial institution for help by using our resources, like RMLEFCU’s financial education center.

Financial health impacts every aspect of our lives including attitudes, habits and emotional stability, all of which affect our physical health. Our sense of worth is often associated with feeling financially safe and secure. When it comes to our physical and emotional well-being, our financial safety should be a part of the conversation. If you have further questions on how to gain financial stability, contact RMLEFCU at 303-458-6660.

24 Jun

4 Things You Must Do To Build Your Credit

Build your credit score RMLEFCUWe know you’re a trustworthy, reliable person. Anyone who has ever met you can tell right away that you fulfill obligations and that your word is as “good as gold.” I have bad news and more bad news. First, the price of gold is dropping and second, your reliability and trustworthiness, at least to people who might lend you large sums of money to buy a car or a home, relies on three little numbers – your credit score.

So, what are 4 things you need to do to build your credit?

  1. Get a credit card. First check out RMLEFCU’s visa cards. We have a couple options available depending on whether you want better rewards or a lower interest rate. If you’re unable to get an unsecured credit card, look into a gas card or store card. We would suggest if it’s a store card, to get one at a place where you normally do your shopping. For example, check out Target or Wal-Mart store credit cards. With Target you’ll get 5% off with every purchase, no shipping if you shop online and you’ll have 30 extra days to return items. With Wal-Mart, when you first open your account and spend $75 at Walmart.com, you’ll save $25. You’ll also receive 5 cents off per gallon at participating Wal-Mart gas stations. Bonus: Neither card has an annual fee.
  1. Pay your card IN FULL and ON TIME each month. We know what you’re thinking, isn’t this two things in one? “Paying in full” is like the peanut butter to the jelly that is “on time.” They are best when they are done together. Contrary to popular belief, you don’t need to carry a balance to build an awesome score. If you absolutely cannot pay it in full, always pay the minimum balance.

To make sure you are never late, set up an automatic payment. If for some reason that option is not available, ensure you have some kind of reminder, handwritten or electronic, to pay the bill each month. Thirty-five percent of your credit score is determined by your track record with making on-time payments on your bills.

There are a couple of myths out there about building credit that, like cockroaches, are hard to kill. Carrying a large balance will help boost your score and so will closing old accounts you don’t use. Doing either of these can really HURT your credit, so avoid them at all costs. Little known fact: Fifteen percent of your credit score is based on the length of time you’ve maintained a credit account.

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