Our credit union aims to help people grow. That same spirit permeates our organizational culture too. During our team’s Wellness Week, team members shared financial wellness advice with one another. We learned so much from our team that we wanted to amplify these tips far and wide! Here are a few of the most popular financial wellness tips from our team members:

1. Splurging? Save a matching amount.

Sometimes you just want to treat yourself. We can all relate. That’s why we loved this tip from William Jennings, Senior Database Administrator: “For every time you splurge a little, put that same amount into savings.” This method means you can enjoy a treat for yourself now while knowing that future you will appreciate the saved funds.

2. Subscriptions can be sneaky.

Those services that automatically recur each month can sneak up on us. A few bucks here and there can’t hurt, right? Well, according to a recent survey, consumers spent an average of $219 per month on subscriptions, more than 2.5 times what they thought they were spending.¹ Lee Johnson, Business Solutions Specialist, shared excellent advice about this common scenario: “Periodically review your automated subscriptions. I’ve found I was still getting charged for services I stopped using months ago.”

3. Make saving automatic.

When it comes to saving, the phrase “out of sight, out of mind” certainly applies. It’s a lot easier to manage when you make it automatic. Tonya Clark, Financial Operations Supervisor, applies this advice personally by transferring money to savings each pay period. She said, “I hide money from myself. I transfer money from each paycheck to an account that does not have a card attached to it so it’s harder for me to take the money back.” Taking these extra steps to ensure you’re saving enough will pay dividends in the long run.

4. Start early saving for retirement.

It’s important to understand the value of time when it comes to retirement savings. Plus, take advantage of your employer’s retirement matching funds, if available, and fund an Individual Retirement Account.² Desiré Ohlinger, Consumer Insights Specialist, shared, “Long-term financial wellness planning now will help with overall financial health later. When I first started a full-time job, it was recommended that I always contribute at least 10% to my retirement plan, so I aim to do at least that and then reevaluate every year.”

5. Put purchases on pause — temporarily, at least.

In the age of online shopping and constant advertisements, it’s difficult to avoid impulse purchases altogether. Bernadette Hogsett, Branch Supervisor, shared a great tip:

6. Stick to your budget.

The best way to get a handle on your financial wellness is to understand money in versus money out and get a game plan in place for the future. Our final tip comes from Guadalupe Tellez Vazquez, Relationship Specialist III, and it just might be our most-shared tip of all: “Create your monthly budget before the month begins.”

Budgets don’t have to be fancy, meticulous or burdensome. They can be personal, flexible and simple. Learn how to get started with budgeting.

¹Subscription Service Statistics and Costs. C+R Research Firm. Published May 18, 2022. Accessed December 2023.
²Certain restrictions apply. Not all taxpayers are eligible. Consult your tax advisor.

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