5 Tips to help improve your financial wellness
logo

Money Matters Blog for Cinfed Members

A “Wellness Check” for Your Finances

Posted on January 30, 2019
Topic Categories:

Dad with Son on Shoulders

by Kyle Chaney, Branch Manager



The benefits of physical fitness are well known: when you stay in shape with exercise and a proper diet, you feel better and stay healthier. Similarly, you need to devote time and effort to experience the benefits of financial wellness. 

 

Financial wellness can be defined as effectively managing your personal or family budget, and saving consistently while establishing economic stability. Financial wellness decreases stress and increases your self-esteem as you work toward achieving your goals.
 

It’s a long-term process, but here are some tips to check your financial wellness so you can start enjoying the benefits.

  • Create a plan. Decide where you want your finances to take you and compare that to your current financial situation. Write down all the steps to reach your financial goal and assign a time period to achieve each one. For example, you want to go on a trip and know about what it will cost. How much do you have to save each month to pay for it? How does it fit into the rest of your bills and expenses? Make a checklist and track your progress. Reward yourself periodically as you come closer to your goal. 
  • Automate savings. It’s easier to resist spending money if you never see it hit your checking account. Set up an automatic transfer each paycheck from your checking account to savings. Experts suggest aiming to set away six months’ worth of income for emergencies. It’s also wise to put about 10 percent of your income toward retirement. 
  • Carry cash. Swiping a credit or debit card can make spending money feel a little too easy. Pulling out dollars for each purchase forces you to be more aware of how much you’re spending. Take out only a set amount of money each week to help stay within your budget and cut down on impulsive spending. 
  • Improve your credit score. A poor credit score will hold you back financially, even if you’ve cultivated healthy budgeting and spending skills. Pay off lingering debts and be sure to pay off all new expenses promptly to improve your credit score. You may want to consider setting up automated bill pay, so you don’t accidentally miss payment dates.
  • Build financial literacy. You can’t be financially well if you don’t know how to be. Consider utilizing podcasts, books, articles, and shows that teach financial concepts. For a more hands-on approach, research financial literacy classes, or attend the educational seminars Cinfed hosts with Saxon Financial. Through Saxon, Cinfed offers certified financial counselors who are trained specifically to help improve financial wellness. 

     

Financial wellness is a marathon, not a sprint. You have many resources to help you along the way, from online and digital tools to the staff at your local credit union. If you take the time and make the effort, you will appreciate the results.
 





CONTACT CINFED

Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656

MEMBER REVIEWS

We've only been members for a little over a month and already feel the difference. I don't want to name names, but let's just say Cinfed is WAY better than our previous institution that rhymes with... 
— Jeff, Dawn, & Jordan, members since 2013
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985
Recently I tried to locate the Oakley office using google maps. The google directions did not get me close to Cinfed. I called the office and Liz remained on the phone until I reached the... 
— Debbie G
As a long time member, I have always received great service from all CinFed employees. I just wanted to say a special thank you to Dee Dee Day and Dawn Strickland. I had to make some changes to... 
— John-Member since 1990
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin

NOTE: You are leaving Cinfed Credit Union's web site. Cinfed is not responsible for content or security policies of this external, linked web site.