YOU RE. WORTH MORE with. Your Guide to Financial Success

Transcription

1 YOU RE WORTH MORE with Your Guide to Financial Success

2 FOR EVERY DAY. FOR EVERY THING. Questions? Visit stop by your local AmeriCU Financial Center, or call our Member Service Center at ! A full list of AmeriCU locations and current rates is available at This guide is for informational purposes only and does not constitute a guarantee of results. All rights reserved AmeriCU Equal Housing Lender. Membership Restrictions Apply. Federally insured by NCUA. All information contained in this guide is accurate as of February 1, AmeriCU provides our members the right financial services to live life, dream big, and achieve financial success. Get started today!

3 TABLE OF CONTENTS 1 Start saving today! What s the most important step you can take today to help you reach your savings goals? Start! 3 Where are you now? Take an honest look at where your money is going right now. 5 Set up your budget. What do you want your money to do every month? 7 Make your dreams into goals. Set yourself up for success by making SMART goals. 8 See yourself succeed. Create a vision board to stay focused on your goals. 11 Choose the right financial services. Your AmeriCU Member Relationship Advisor can help you choose the right financial services to help you save. 13 What s your plan? Using every thing you ve learned, it s time to put together an action plan! 14 The 52-Week Savings Challenge Commit to saving over $1,000 in a year with this savings challenge.

4 Start Saving Today! What s the most important step you can take today to help you reach your savings goals? Start! Even small amounts add up over time. $10 a week becomes $520 in a year. $150 a month turns into more than $9,000 in 5 years. Whatever you can start saving today will help you build a strong financial foundation for your future. It can seem overwhelming to know how to start, but with our Guide to Financial Success, saving will be easy! As you work through this guide, we ll help you: Figure out where you are now. Make your dreams into goals. Set yourself up to succeed. Choose the right financial services. Achieve financial success! 1 Your Guide to Financial Success.

5 Dream Big AmeriCU is here to help you live life, dream big, and achieve financial success. What are some of your dreams? Circle any of the ideas below or write in your own! College Vacation A New House Wedding A New Car Emergency Fund Renovations Baby Your Guide to Financial Success. 2

6 Where are you now? Let s take an honest look at where your money is going right now. To see the big picture, get all of your bills, debt payments, expenses, and income together. What are you spending your money on? Use the worksheet on page 5 to fill in your current monthly spending. What did you learn? Is your money going where you want it to? Is your money working toward your dreams? Could you have more left over at the end of every month? Set up your budget 3 Your Guide to Financial Success.

7 needs vs wants Now, take another look at your current spending. How much of your money is going toward things you need? How much is going toward things you want? Are these the things you really want to be spending your money on? Where could you cut back and have more money to save? Cut back on your subscriptions. Are you spending money every month on premium services you don t use much? Make a list and stick to it. Decide what you need (and how much you ll spend) before you get to the grocery store. Having a list will help you stay focused! Pay less for your debt. Refinance higher interest loans, transfer credit card balances to a lower interest card, or consolidate your debt to save on monthly payments. Think before you buy. Before you buy anything, ask yourself, Is this worth it? If the answer is yes, and you have the budget for it go ahead! If not, pass. Next, go to your budget worksheet on page 5. Look at each category and see if there are places you could spend less. Fill in the New Budget column with your updated spending plan. Your Guide to Financial Success. 4

8 BUDGET WORKSHEET Current Spending New Budget Home Mortgage or Rent $ $ Property Taxes $ $ Other Home Expenses $ $ Utilities Electricity $ $ Gas or Oil $ $ Water/Sewer $ $ Phone $ $ Cable & Internet $ $ Other $ $ Food & Entertainment Groceries $ $ Restaurants $ $ Entertainment & Leisure $ $ Other $ $ First, fill in your current monthly spending. Then, create a new budget thinking about areas where you might be able to cut spending back. Every little bit helps! Next, we ll talk about what you can do with some of that newfound money. 5 Your Guide to Financial Success.

9 BUDGET WORKSHEET Current Spending New Budget Health Insurance $ $ Expenses $ $ Fitness $ $ Transportation Car Loan or Lease $ $ Car Insurance $ $ Gasoline $ $ Repairs & Maintenance $ $ Debt Payments Credit Card(s) $ $ Student Loan(s) $ $ Other Loan(s) $ $ Other Subscriptions $ $ Vacation $ $ Child Care $ $ Other $ $ Total Spending $ $ What s Left? Monthly Income $ $ - Total Expenses $ $ What s Left $ $ Your Guide to Financial Success. 6

10 make your dreams into goals You know where you are, and what you have left at the end of each month, now let s set some goals! Before you take a trip, you have to know where you re going and when you want to get there. Otherwise, you re going to have a lot of problems. Think of your savings plan the same way! Dreams are just that until you set some goals and make a plan. Set yourself up for success by making SMART goals that are specific, measurable, action oriented, realistic, and time bound. Short-Term Goals I will save $ by for. I will save $ by for. I will save $ by for. Long-Term Goals I will save $ by for. I will save $ by for. I will save $ by for. 7 Your Guide to Financial Success.

11 SEE YOURSELF SUCCEED Seeing your goals is a powerful tool that will remind you to stay focused on where you re going. Post your goal sheet from the previous page somewhere you look every day (like the front of your refrigerator or the bathroom mirror). Creating a vision board can help remind yourself of why you set your goals. Use the stickers in the front of this booklet (or draw something yourself!) to create your financial vision board on the next page. Dream big, set your goals, stick to your plan and see your SUCCESS! Your Guide to Financial Success. 8

12 Vision Board 9 Your Guide to Financial Success.

13 MAKE IT EASY TO SUCCEED Now that you ve looked at your spending and set your goals, it s time to set yourself up for success. Make saving automatic. Set up a regular direct deposit or automatic transfer into your account every time you re paid. If you pay your savings first, you ll be less tempted to spend the money. Make it harder to access your savings. If it s more difficult to get your money, it s easier to keep saving it. Don t set up debit card access to your savings share, open a Money Market share with limited transactions, or consider opening a Share Certificate with a fixed term. Track your progress. Every month, check your account and see if you re still on track to meet your goals. If not, make a plan to get back on track next month. If you are pat yourself on the back. You re doing great! Your Guide to Financial Success. 10

14 CHOOSE THE RIGHT FINANCIAL SERVICES Your AmeriCU Member Relationship Advisor can help you choose the right financial services to help you live life, dream big, and achieve financial success! Here are just a few of the many options AmeriCU offers: Dedicated Saver Share Certificate You commit to leaving your money in your account for 3-12 months and earn a higher APY* than a traditional savings account. Plus, since there s a penalty for early withdrawal, you ll have to think harder about dipping into your savings when it s not an emergency! And, with the Dedicated Saver, you ll set up automatic direct deposits or automatic transfers into the share every month. Money Market Our Money Market Savings is a great choice if you d like more access to your money than a share certificate, but are still looking for an incentive to keep your money in your account! This account pays tiered rates (as balances increase, rates do too), and provides daily access to your funds with unlimited additional deposits. Six transfers/ withdrawals are allowed per month. Transfers/withdrawals in excess of the limit will be charged an excessive transaction fee. Share Savings When you meet the minimum balance requirements of the share, you ll be rewarded with dividends compounded and paid monthly.* Opt for direct deposit and automatic transfers make achieving your financial goals easy! *APY = Annual Percentage Yield. Full details and current rates available at americu.org/current-rates. 11 Your Guide to Financial Success.

15 Choose the right financial services Checking All AmeriCU checking shares feature free Direct Deposit, a no-fee VISA debit card and fee-free access to hundreds of ATMs, free online & mobile banking, no per-check fees, optional Member Privilege overdraft protection, and more! IRAs These personal savings plans allow you to set aside money for retirement with tax advantages. There are two primary types of IRAs: Traditional and Roth. Depending on which one you choose, you may be able to deduct some or all of your contributions. You also may be eligible for a tax credit equal to a percentage of your contribution*. HSAs If you are enrolled in a High Deductible Health Insurance plan, AmeriCU offers Health Savings Accounts (HSAs). You can make tax-deductible contributions, accumulate tax-deferred earnings and withdraw funds tax-free for qualified medical expenses* with these special accounts. We offer both single and family savings options. With an AmeriCU HSA, you can earn dividends on account balances of $25 or more, carry over contributions, and establish a long-term savings alternative. HSAs are a great way to plan for medical expenses and to make your money go farther! Share Certificates Whatever your savings goals, AmeriCU s Share Certificates offer you total flexibility and better rates than traditional savings shares. Choose a term of 32 days up to 72 months and earn dividends that are compounded daily and paid monthly**. *For general informational purposes only. Consult your qualified tax advisor. **Full details and current rates available at americu.org/current-rates. Your Guide to Financial Success. 12

16 WHAT s YOUR PLAN? By now you ve Gotten a realistic view of your current spending (and where you can save more). Know where you are now. Made your dreams into goals. Set yourself up to succeed. Chosen the right financial services. Using every thing you ve learned, it s time to put together an action plan! Write down three to five things you re going to start doing today to make sure you reach your goals. I will. I will. I will. I will. I will. 13 Your Guide to Financial Success.

17 THE 52-week SAVINGS CHALLENGE Complete the Savings Challenge chart below and you will save $1,378 in just 52-weeks! Week Deposit Balance 1 $1 $1 2 $2 $3 3 $3 $6 4 $4 $10 5 $5 $15 6 $6 $21 7 $7 $28 8 $8 $36 9 $9 $45 10 $10 $55 11 $11 $66 12 $12 $78 13 $13 $91 14 $14 $ $15 $ $16 $ $17 $ $18 $ $19 $ $20 $ $21 $ $22 $ $23 $ $24 $ $25 $ $26 $351 Week Deposit Balance 27 $27 $ $28 $ $29 $ $30 S $31 $ $32 $ $33 $ $34 $ $35 $ $36 $ $37 $ $38 $ $39 $ $40 $ $41 $ $42 $ $43 $ $44 $ $45 $1, $46 $1, $47 $1, $48 $1, $49 $1, $50 $1, $51 $1, $52 $1,378 Your Guide to Financial Success. 14

18 WHAT s NEXT? There s only one thing left to do now... ACHIEVE FINANCIAL SUCCESS! 15 Your Guide to Financial Success.

19 FOR EVERY DAY. FOR EVERY THING. Our friendly, local staff is here to help you reach your goals! Call our Member Service Center at or stop by your local financial center today. For a full list of AmeriCU locations, current rates, and for more information about our products and services, visit

20 FOR EVERY DAY. FOR EVERY THING