Tag Archives: money management

Need a Budget?

You Need a Budget — Here’s How to Make One –
If you’re just winging it financially, that can mean missing out on important opportunities to improve your financial health. Start by learning why you need a budget and how to create one that works.

Why follow a budget?
Budgets have many benefits beyond the obvious one of forcing a close examination of spending habits and determining ways to make improvements. These plans also prepare you for emergencies, comfortable retirement, and other financial goals. In addition, budgets prevent you from spending more money than you have so you can avoid excessive debt. All these advantages can add up to the lasting peace of mind that comes with financial stability.

Budget basics
Creating a budget starts with a clear snapshot of your money. Begin by adding up income from salary, investments and other sources. Next total your fixed expenses. These are bills that are about the same each month, such as rent or mortgage, car payments, and utilities. Finally add up variable expenses, which may include entertainment, groceries, clothing, and incidentals.

Now it’s time to do the math. Subtract expenses from income to see where you stand. If the picture isn’t pretty, examine variable expenses first to see where you can cut back, or try to find ways to increase earnings. You’re then ready to set goals such as saving for a home, vacation or an emergency fund.

Budget tips
To make the most of your new budget:

  • Consider opening a alternate savings account at a financial institution like HCFCU. Making regular deposits can help you move toward goals.
  • Consider investing in payroll deduction share certificates or opening an individual retirement arrangement, or IRA, to reach long-term objectives.
  • Keep track of cash spending to see where you can cut back.
  • Create goals that are specific, attainable and rewarding.
  • Set specific time frames for reaching each goal.

Budgeting can be much easier these days thanks to free tools that make it possible to manage finances from your smartphone, tablet or another device. Here are just a few of these apps:

  • Mint: Mint can help you categorize and track spending, provide a way to set goals, and view progress using pie and bar graphs drawn from your accounts and transactions.
  • Level Money: Designed for Android- and iOS-powered devices, this app lets you know how much cash is available for the day, the week and the rest of the month, using account links and goals you’ve created.

Lastly and perhaps most importantly, remember that you’re human. If you stray from the spending plan, don’t give up. Acknowledge the error and get right back on track. As time goes on, goals that once may have seemed mere possibilities may appear more attainable, and you can begin to consider reaching for even bigger and better things in the days ahead.

Roberta Pescow, NerdWallet

Three Transitions to Retirement Seminar

We are excited to share with you a new workshop brought to you exclusively by CUNA Mutual Group and MEMBERS Financial Services.

Seminar Objectives: 

  • How to confidently address the financial, lifestyle and emotional transitions to retirement.
  • How to guard against risks and manage those that are inevitable.
  • Whether they are ready for retirement.

Are you ready to retire? You might be prepared for the financial transition, but you’ll experience lifestyle and emotional transitions as well. We can help you understand these upcoming changes and provide the information you need to better prepare for this exciting season of your life. Working together, we’ll gain clarity and confidence about your path to retirement.

This information-packed presentation includes a workbook to help you assess your retirement readiness.

This no-cost, no-obligation seminar is hosted by Jodie Smith, the Representative of MEMBERS Financial Services located at Harris County Federal Credit Union. For more information or to reserve your place, call 713.755.5160 ext 127 or email jodie.smith@cunamutual.com. Space is limited, so make your reservations today by visiting hcfcu.com/fec/free-seminars.

Entry for Credit Union training room is located in the elevator lobby between the ATM and Checkout station. An employee or security must escort you inside the building, and one will be waiting. Doors open 30 minutes prior to start time. Parking can be found in the 1401 Congress Garage, or available street/meter parking areas and entry into elevator lobby are located on the corner of Congress and Austin St, while entry into the 1401 Congress garage can be found from the Austin street side, and La Branch St.

This workshop is educational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact a financial advisor. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries, and affiliates. Annuities are issued by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and distributed by their affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, IA, 50677. CMFG Life and MEMBERS Life are stock insurance companies. MEMBERS® is a registered trademark of CMFG Life. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution.
All contracts and forms may vary by state, and may not be available in all states or through all broker/dealers.

Financial advisors are not tax experts. For information regarding your specific tax situation, please consult a tax professional.

MGA-1805761(CM).2-0718-0820                                                                                                                    © 2018 CUNA Mutual Group