Earning extra money is a great feeling, but what can you do to really make it work for you? Spending it on shopping and nights out might be fun, but doing so will rob you of the opportunity to really make a difference in your financial life. Here are some ways to make extra income work for you.
Start by prioritizing your financial goals. Think of short-term things, like paying off debt, and long-term goals, like putting aside money for a home or retirement. Work to build up a 12-month emergency fund so you have a cushion for hard times. Set up direct debits and have your extra income go straight to a specified account or bill so that you aren’t tempted to spend it mindlessly.
Do you need help reaching your financial goals? Talk to a financial expert at GCS Credit Union in O’Fallon. We always put our members first and offer the same products as banks at competitive rates. Find out how to apply for membership by calling (618) 219-8600.
If you own a home, homeowner’s insurance is essential. Not only will your mortgage company require it, but it will also help you recover financially should a disaster strike your property. However, it is important to understand your policy completely. Many homeowners make assumptions that they have coverage on their homes that they actually do not have. If you’re not sure if your insurance policy meets the requirements of your GCS Credit Union mortgage, call our mortgage loan center for help. Here are the basics that all homeowners should keep in mind about how this kind of coverage works.
What Is Covered Under a Basic Plan?
Most basic homeowner’s insurance policies are similar. They cover things like fire and smoke damage, lightening strikes, ice and snow damage, theft, and damage from frozen pipes. Homeowner’s insurance policies also offer some degree of liability coverage to protect you if someone is injured in your home. For instance, if your dog bites someone who is visiting your house, your homeowner’s insurance may pay some of his or her medical bills. If you are unable to live in your home because of damage caused by a covered risk, your insurance will pay the cost for you to live elsewhere.
What Policy Additions Should I Consider?
Depending on where you live, you may need more than a basic policy. Flood damage is not covered under most basic policies and is a smart, affordable addition for many homeowners. You may also want to consider coverage for wind damage and earthquakes. Other available additions include coverage for damage caused by war or acts of terrorism.
How Much Should I Pay for Homeowner’s Insurance?
Insurance costs vary greatly depending on where you live and the value of your home. Keep in mind that you can reduce your monthly premiums by choosing a plan with a high deductible, but be sure you can meet that deductible if you need to file a claim.
At GCS Credit Union, we offer competitive rates on mortgages, auto loans, credit cards, and more. To discover all of the advantages of joining our O’Fallon credit union, call us today at (618) 219-8600.
Managing your finances may seem like an overwhelming task, but it doesn’t have to be. With the Pocket Budget Android app, creating and tracking your budget is as simple as tapping your smartphone a few times.
The Pocket Budget app is completely customizable and allows you to track several budgets at one time. Create separate budgets for different types of spending and stay on top of your savings goals. This app can help you get a clear picture of where your money is going so you can make smart decisions about spending.
You can use the Pocket Budget app to manage your savings and checking accounts with GCS Credit Union. To learn about our full-service financial institution in O’Fallon, IL, please call (618) 219-8600.
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GCS Credit Union has a great way to help out your budget. If you currently have an auto loan financed with another lender, we want you to check out our refinance special.
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