5 Money Rules to Live By!

Don’t carry credit card debt

Credit cards are awesome. They can help you accrue rewards and help you out in times of need for sure. But they can be extremely heavy when it comes to the burden of debt. Credit card rates can be downright ridiculous. So if you’re using yours often, make sure to pay it off each month.

WKFCU offers a VISA with rates as low 6.9%APR*, No Annual Fee, No Balance Transfer Fee, No Cash Advance Fee and No International Use Fee. Consolidate your other credit cards onto our VISA and get it paid off sooner.

You need good credit

Using your credit card is a great way to build a credit history, which is a big deal when it comes to your credit score. Just make sure you’re using it responsibly. Having a solid credit score can save you loads of cash over the life of a loan, so when it’s time to make a big purchase (house, car) you’ll be glad your credit score is in great shape before you go in for a loan.

You can build your credit with a share-secured credit card or a share-secured loan and by showing a good record of paying on time. Be sure to pay your bills on time. Setting up automatic payments from your account can help make sure you don’t miss any. If you are behind on any bills, work to catch them up. Pay down revolving account balances. Maintaining a low balance on them relative to their credit limits can help improve your scores. Limit how often you apply for new accounts. Each credit application can lead to a “hard inquiry” which may hurt your score a little.

Live BELOW your means

Even if you’re making enough money to cover your bills each month, living paycheck to paycheck isn’t an ideal situation. When you’re truly living below your means, you’re keeping money in your accounts at the end of each month, and that will start to add up. That is what you want.

It is a smart move to have some money payroll-deducted into your savings account each pay period. That way it happens automatically and you don’t even have to think about it.

Automate when you can

Having a hard time saving money? Automate it. Having trouble remembering to pay your water bill? Automate it. See how easy this sounds?

WKFCU offers free Bill Pay through our Internet Teller and Mobile App for your convenience.

If You Have It, Take advantage of your employer match

Does your employer offer a 401k or a 403(b) match? Are you taking advantage of it? WELL WHY NOT?! It’s free money! If you’re not taking advantage of free money to invest in your future, Get on it!

(Partically reprinted from CUInsight.)
(*Annual Percentage Rate. Some Restrictions Apply. Limited Time Offer. Applies to Collateralized Loans Only.)