Financial Fitness Friday: It's Personal!
Hi! I’m Ashley, Financial Education Specialist for Credit Union 1! Check out my blog every Friday for fun tips and tricks to help you manage your finances.
Do you read this blog on a regular basis? Wahoo for you if you answered yes! By reading my blog each week, hopefully you’re gaining more knowledge. This is a great outlet to ask questions anonymously and have them answered by a professional! I know sometimes it’s hard to muster up enough courage to ask questions about your personal finances and that’s why I’m here. Any question you have for me…ask! You’ll be able to ask without identifying yourself, so there’s no question to small and no reason to feel embarrassed! You’ll get non-judgmental, helpful answers that will put you on a path towards financial success. And who knows? Your question might be one other readers need answered, but are too afraid to ask!
This is the week that I’m rewarding you, my readers! The first 10 folks to post below with an answer to the following question will get a bag of awesome CU1 stuff! Plus, we’ll mail it to you for free so this is a great opportunity for all the people who can’t get to a branch to reap the benefits!
The question is: “What was your biggest financial goal and how did you meet it? Or if you haven’t met it yet, how are you working toward it?” Remember to post your answer below and the first 10 to respond will get a CU1 bag, filled with goodies like an “i-CU-drinking” cup, coffee tumbler, keychain, pens, a hat, and more!
Ready, set, go!
Comments
Biggst financial goal
Sat, 01/12/2013 - 12:30 — AnonymousMy biggest financial goal was to save enough money to never be a burden to anyone in my old age. I seem to have made it.
RE: Biggst financial goal
Sat, 01/12/2013 - 14:12 — Ashley - CU1Sounds like you got on the savings train early - way to go! I'm sure you're no burden anyway but a healthy savings account never hurts :)
Biggest Financial Goal
Fri, 01/11/2013 - 16:43 — AnonymousOur biggest financial goal is to pay off our mortgage as soon as possible. We refinanced to a lower interest rate & continue to pay extra principle every month in order to pay the loan off in about 1/2 the time.
RE: Biggest Financial Goal
Fri, 01/11/2013 - 18:59 — Ashley - CU1This is AWESOME! So awesome in fact that CAPS can't even show how amazing this is. You'll reach your goal before you know it with the lower interest rate and paying it off so quickly!
Getting out from under student loans
Fri, 01/11/2013 - 15:32 — AnonymousMy biggest financial goal is paying off student loans. The 7% interest rate on the student loans adds many extra payments to the repayment of the borrowed money.
I have started an IRA account at CU1, what is the best way to ensure that this account will be of some use when I reach retirement age?
RE: Getting out from under student loans
Fri, 01/11/2013 - 18:57 — Ashley - CU1Student loans can be pretty hefty from time to time and it can seem never ending! Don't give up! If you're able to pay more than the minimum payment each month, that will help shave some of those extra payments off the end and will help you save money!
The best way to ensure that you'll be able to put your IRA to use when you retire is to keep contributing to it! A little extra here and there can turn into a lot over the span of several years.
commented on using the
Fri, 01/11/2013 - 15:09 — Anonymouscommented on using the snowball method for debt repayment & forgot to leave my email-
Biggest financial goal & how did I meet it...
Fri, 01/11/2013 - 15:07 — AnonymousMy biggest financial goal is to reduce the amount of debt we have. Currently we are using the snowball method. You attack the smallest debt first, still making minimum payments on everything else. As each debt is paid off, you take that payment amount & apply it to the next debt to be paid off. We are still working on it.
RE: Biggest financial goal & how did I meet it...
Fri, 01/11/2013 - 18:54 — Ashley - CU1This is my ABSOLUTE FAVORITE debt repayment method! I'm glad that you're working hard towards your goals! YOU CAN DO IT!
Trying to save Money
Fri, 01/11/2013 - 14:52 — AnonymousI've been trying to just save up some emergency money. So I opened up another account and have $100 direct deposited into it. This way I don't see it come out of my check and it is slowly building.
RE: Trying to save Money
Fri, 01/11/2013 - 18:53 — Ashley - CU1OOOH you know how I feel about saving for emergencies - wahoo! I also love your "out of sight, out of mind" approach! Keep up the saving and you'll hit your goal!
Financial Goal
Fri, 01/11/2013 - 14:48 — AnonymousWas going to ask you, what is a good percent of income to be putting away into a 401K for a husband and wife, with 2 kids age 14 & 7. With a low to modest income? Currently we have been putting 9% there.
RE: Financial Goal
Fri, 01/11/2013 - 18:50 — Ashley - CU1If you're able to put away 9% in your 401k - it sounds like you're already doing a great job! Always make sure to match (or exceed) what your employer will contribute to make sure you're maximizing your savings. It's hard to answer your question exactly because a lot of it depends on how old you are, what age you'd like to retire, how much risk you're willing to take and how much you think you'll need at retirement. Here's a link to a retirement calculator and it's also full of other retirement resources. Happy planning!
I haven't met my financial
Fri, 01/11/2013 - 14:18 — AnonymousI haven't met my financial goal yet. Something I am currently working on. My financial goal is to get my credit score up and to pay off debt and make sure my accounts are up to date. I am doing this by working on paying more of my minimum payments and being on time with my payments!
RE: I haven't met my financial
Fri, 01/11/2013 - 18:41 — Ashley - CU1Don't get too down on yourself, friend! That's what we're here for - to help you achieve your financial goals. You're definitely on the right track with making more than just the minimum payments and getting them there on time. Let us know if we can help you!
My biggest goal was to gain
Fri, 01/11/2013 - 14:16 — AnonymousMy biggest goal was to gain credit. I started with an auto loan with cu1, then a credit card, & finally a shared secured loan. Most if not all of my credit history is thanks to cu1. THANKS!!
RE: My biggest goal was to gain
Fri, 01/11/2013 - 18:40 — Ashley - CU1Woot woot! I'm happy to hear we were able to help you establish your credit! We appreciate your membership!
Saving for a down payment on a home.
Fri, 01/11/2013 - 13:57 — AnonymousMy wife and I are currently saving for a down payment on a home; we are about halfway there.
RE: Saving for a downpayment on a home.
Fri, 01/11/2013 - 18:38 — Ashley - CU1Sounds like you and me are in the same boat! I know how tough saving for a down payment on a home is, but I know all the sacrifice now will definitely pay off in the end. It's all down here from now since you've reached the half way point! Congrats! Have you checked out CU1's home loans? We're totally competitive, have great programs AND we service your loans here in Alaska!
Financial Goal
Fri, 01/11/2013 - 13:48 — AnonymousPaying down debt is my biggest goal. Still working towards it, by paying bigger sums toward it.
RE: Financial Goal
Fri, 01/11/2013 - 18:32 — Ashley - CU1*in a chanting voice* YOU CAN DO IT! YOU CAN DO IT!
Sounds like you're executing your plan...keep up the hard work and you'll obtain your goals!
Financial goals
Fri, 01/11/2013 - 13:44 — AnonymousMy goal is to find a job so I can buy a second car and start saving money.
RE: Financial goals
Fri, 01/11/2013 - 18:31 — Ashley - CU1What an awesome goal! Have you checked out CU1's vehicles for sale? They're great cars at extra low rates - check that out here!
Today's question
Fri, 01/11/2013 - 13:29 — AnonymousI am currently working on being credit card debt free and keeping up withy paying my bills on time. When adding up all the late fees anywhere from 3.00 to 20.00 per bill it can get expensive especially when you have the funds to pay your bills and are just waiting to get around to paying them. I have not met my goal of being credit card debt free yet but I am working on it little by little. Unfortunately it feels like forever away. But at least I am trying, making sure there are no new purchases going in, and paying any little bit extra a month I can.
RE:Today's question
Fri, 01/11/2013 - 18:24 — Ashley - CU1Wow - sounds like you have a great plan! You're right about late fees...try your best to pay on time, it will save you money and keep you from potentially hurting your credit score! Keep brining those balances down and paying more than the minimum will bring the balance down faster.
Financial Goal!
Fri, 01/11/2013 - 13:28 — AnonymousMy biggest financial goal is a work in progress...But I'm getting there! My boyfriend and I are saving as much $$$ as we can to purchase a condo. We are on track to get one this summer! We opened a joint savings account and are putting a set amount from each of our paychecks in at the beginning of the month, and anything we have left over at the end of the month we save too. And that savings account is off limits! We don't pull anything out from it.
We are also applying for several first-time home buyer programs/grants/loans, what have you. It has definitely been a process, but it should be a very rewarding one!
(I hope I'm one of the first 10! If so, thanks in advance for the goodies!)
RE: Financial Goal!
Fri, 01/11/2013 - 18:19 — Ashley - CU1I'm so glad to hear that you and your boyfriend are working hard to save and become homeowners! Keep socking that money away and leaving it only for your goal - you'll get there! Be sure to check out CU1's awesome first time homebuyer program when you start looking at lenders!
Financial Goal
Fri, 01/11/2013 - 13:24 — AnonymousOurs is to have enough money for retirment, currently we have money in savings that we are adding to, and we both are working and putting money into a 401K,. We also cut our "willy nilly" spending down to a minimal. We will be well prepared for when that day comes.
RE: Financial Goal
Fri, 01/11/2013 - 18:17 — Ashley - CU1Saving for retirement can seem like a daunting task, but it sounds like you're taming that beast! Enjoy your retirement...you've earned it!
Debt free
Fri, 01/11/2013 - 13:24 — AnonymousMy wife and I are working to be totally debt free
RE: Debt free
Fri, 01/11/2013 - 18:15 — Ashley - CU1This is awesome! You can do it!
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