It has been said that into every life a little rain must fall. Will you be ready or will you get soaking wet? Your readiness in the event of a financial downpour, or even a trickle, depends on the choices you make now. There are many small steps you can take to build the financial strength you need to withstand even the gustiest winds of your rainy day.
First, pay down your debts. The interest you are being charged on outstanding debts is likely significantly higher than the interest you earn in savings and investment accounts. In short, it is probably costing you money to save money if you are in debt.
Consult your credit union for financial advice. Your local credit union may help you review and plan for your financial goals.
Consider an investment vehicle offered by your local credit union. Unlike banks, credit unions pass savings along to members in the form of great interest rates. Members enjoy generally higher rates on CD's and Money Market accounts than can be found at any other financial institution.
Make the maximum allowable contribution to your employer sponsored retirement account. This is a particularly strategy of your employer offers a matching component.
If you own a home it can be a powerful financial tool. Build equity in your home and resolve to use it only for expenses and projects with lasting impact.
Save the change in your wallet each day. Roll the coins and deposit them in your credit union account each month. Check with your local credit union about policies for change deposited.
Never max out your credit cards. Not only does this damage your credit score it also eliminates an important resource in the event of an emergency.
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