Young adults graduate from high school and college with a number of important
and valuable skills. Unfortunately, money management typically isn’t
one of them. The good news is that it doesn’t take a degree or even
very much effort to take control of your personal finances. If you want
to do a better job managing your money, your
O’Fallon credit union can help. These tips can also help you get started in the right direction.
Set a Realistic Budget
One of the most fundamental
rules of personal finance is to make sure your expenses aren’t exceeding your income. The
best way to do this is by budgeting. Setting a budget will allow you to
see exactly where your money is going so you can find areas to cut back
or eliminate so you can put more money aside each month.
Put Money Aside for an Emergency
Speaking of putting money aside, another key to good personal finance
is to pay yourself first. No matter how much you owe in credit card debt
or student loans, you can find some amount of money in your budget to
save in an emergency fund each month. Having money set aside for an emergency
will help you sleep better at night and can also help you avoid serious
financial trouble later on.
Start Saving for Retirement Early
You’re never too young to start planning for retirement. The sooner
you get serious (and aggressive) about saving for retirement, the more
you’ll have later on in life to enjoy during your golden years.
Take advantage of any company-sponsored retirement plans you have access
to, especially those that match part or all of your contributions.
Everyone here at
GCS Credit Union is committed to your success, which is why we offer all of the tools,
products, services, and resources for you to take control of your financial
future. Visit a branch in O’Fallon or call us at (618) 219-7091
to learn about the benefits of becoming a member at GCS Credit Union.