Tips to improve your financial wellbeing in 2021

 

The Consumer Financial Protection Bureau, a U.S. government agency working to empower consumers to take more control over their economic lives, once asked people from around the country what financial wellbeing meant to them. The agency learned that people believed that financial wellbeing meant having financial security and financial freedom of choice in the present and future. More specifically, having financial wellbeing is when you:

• Have control over day-to-day, month-to-month finances
• Have the capacity to absorb a financial shock
• Are on track to meet your financial goals
• Have the financial freedom to make the choices that allow you to enjoy life

 

Which leads to one vital question, how can I take control of my financial wellbeing? 

 

At Together Credit Union, we believe focusing on our members' financial wellbeing is the key to a successful relationship. To put yourself on the path to financial wellness, we offer three essential tips.   

 

First, use a debt reduction strategy if you have high-interest debt. 

We have partnered with GreenPath Financial Wellness to provide our members with free resources, including financial counseling, debt management planning. We will also review your credit report, educate you on your credit score, and help improve and/or manage your credit score. Again, these services are free for our members. 

If your financial institution does not offer resources, the St. Louis Regional Financial Empowerment Coalition can help. We are a proud member of this amazing organization dedicated to increasing self-sufficiency and prosperity through financial education and asset-building.

 

Next, use a spending tracker to determine how you are currently spending your money. 

Our mobile banking app (MobilAccess+) and digital banking platform (OnlineAccess+) offers a free money management tool to help our members better manage their finances. Including: 

Spending tracker  

Smart auto-creation of budgets based on spending history

Easy-to read charts

Debt management payoff calendar 

Email and text alerts

If your financial intuition does not offer a spending tracker, several popular apps are currently available in the Apple or Google Play app stores. 

 

Lastly, automate your savings. 

This is a great strategy to create a savings habit by turning your savings deposits into another monthly expense, which reduces the temptation to spend those funds. Our personal service counselors at the branches are happy to help you set it up, or you can set it up yourself through our mobile banking app (MobilAccess+) and digital banking platform (OnlineAccess+).

 

Additional Resources

Together Credit Union also offers free financial wellness workshops for residents and members, which can be found on our website at togethercu.org. For personal financial wellness questions, we encourage people to visit one of our 13 branch locations in St. Louis or call our Contact Center at 800-325-9905 or email [email protected].