Financial Literacy Basics
Financial literacy can improve your quality of life by limiting financial stress. Use these tips to improve your financial skills and help prepare for the future.
Budgeting 101 - Prioritize Savings
1 - Start with your income!
You can start with gross or net
Gross: income before taxes are taken out
Net: income after taxes are taken out
2 - PAY YOURSELF FIRST! Prioritize your savings
You work hard for your money! Be sure to put some into savings to use later.
You can even open multiple savings accounts to organize your savings! Open a Vacation Savings, a School Supplies Savings, Rainy Day Savings, or just a Regular Savings account! It's up to you.
3 - Committed Obligations (a.k.a.: NEEDS): Rent, Utilities, Car Payment, etc.
4 - Discretionary Spending (a.k.a.: WANTS): Going to the movies, Starbucks, restaurants, etc.
5 - Make sure every dollar is accounted for - Have money left over? Put it into savings!
6 - Reconcile and learn
What payments did you not budget enough money for?
Do you have money left over? What will you do with it?
Make Smart Spending Haibts
Money management is essential for making big decisions. A checking account and online banking can help you keep track of your spending habits!
A Chaffey Plus* Checking account can help you manage your money, protect your identity, and provide everyday benefits to enjoy.
Save for the future
Set aside money from each paycheck to put into savings - your future self will thank you!
Be sure to pay off all credit cards on time to avoid additional interest payments
When making purchases, consider Wants vs. Needs. What items can wait?
Get ready for moving out, college costs, or your first vehicle purchase with a Chaffey FCU Savings account!
Build your credit
Keys to building a great Credit Score:
Make all payments on time
When possible, use less than 30% of your credit limit
Pay off all debt
Only open new credit accounts when needed
Ask all your questions about building credit at your appointment