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Newsletter Home Mid-Atlantic Federal Credit Union Privacy Pledge to Our Credit Union Members Business Members – Are You Paying Too Much to Accept Credit/Debit Card Payments? Demand for Small Business Loans Is Up Organize Your Records and Save on Taxes Prioritize Your $pending in Five Easy Steps Why Non-correlated Assets Are Important in These Volatile Times Are YOU Ready to Buy a Home? CommunityCorner |
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Prioritize Your $pending in
Five Easy Steps
Student loans or retirement? Credit card bills or emergency fund? Spend or save?
If you're a young adult facing the tangle of covering expenses, managing student loan debt and planning for the future, you may be wondering: Where do I start?
one step at a time
Reaching your financial goals is achievable – if you take one step at a time. Everyone's situation is different, but the following steps could lead to a sound financial foundation – now and in the future.
Examine your expenses. Make a list of your living expenses and make cuts where you can – renting a cheaper apartment or canceling the cable can free up extra cash quickly.
Create an emergency fund. It's smart to have at least three months worth of expenses saved – but that can seem daunting. Start by saving up at least a nominal amount (say, $1,000) before moving on to your next financial goal, and gradually build the rest over time. A Mid-Atlantic FCU representative can help you set up an automatic savings plan that will automatically deposit money from your checking into your savings account each month.
Pay off student loans and other debt (excluding mortgage). Focus on paying off one debt at a time while making minimum payments on the others. Repaying the highest-interest debt first is often recommended – but paying off a small debt completely might give you a boost of motivation. If you are looking to consolidate some of your higher rate debt, the Mid-Atlantic FCU Platinum Visa® card may be a good option for you.
Save for retirement. While you work on paying your nonmortgage
debts, start planning for the future. Contribute whatever you can afford at first, and gradually add 1% to 2% more until you are contributing 15% of your household income. Mid-Atlantic FCU offers IRAs to help you save for your future.
Work on that mortgage. Once your other debts are repaid and your savings are rolling in the right direction, pay extra on your mortgage if you own a home – or consider homeownership by saving toward a down payment.
work with us
Ready to take steps toward your financial goals? A professional at Mid-Atlantic FCU could help you consolidate debts from the past or focus on saving for the future. Call 301-944-1800 or visit mafcu.org for more information.
MAFCU Teams with FoolProof to
Promote Financial Literacy
Personal finances are not as simple as they used to be. Today, young people need to know about different investment products, interest rates, safeguarding identity, how to avoid financial scams and much more.
That’s why MAFCU is teaming up with FoolProof, an organization that teaches financial literacy to students for free through online lessons. The new partnership makes available, through the MAFCU website, a full range of lesson plans for teachers as well as interactive tools for students to teach themselves the basics of financial literacy. The plans include tips on balancing a checkbook, scams that prey on students with credit problems, identity theft and much more.
FoolProof is a turnkey financial education program used only by credit unions that provides financial literacy tools to school systems, teachers, students and parents. FoolProof uses web-driven, interactive modules, video and audio clips to engage young people and educate them on sound financial practices.
To take a tour of the FoolProof online resource visit mafcu.org and click on Youth Accounts under the Products tab.
Promote Financial Literacy
Personal finances are not as simple as they used to be. Today, young people need to know about different investment products, interest rates, safeguarding identity, how to avoid financial scams and much more.
To take a tour
of the FoolProof
online resource,
visit mafcu.org.
FoolProof is a turnkey financial education program used only by credit unions that provides financial literacy tools to school systems, teachers, students and parents. FoolProof uses web-driven, interactive modules, video and audio clips to engage young people and educate them on sound financial practices.
To take a tour of the FoolProof online resource visit mafcu.org and click on Youth Accounts under the Products tab.
