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As a credit union, our mission is to help our members thrive and achieve their financial goals, whether it's building a better financial future for their families or financing a major purchase.
This kind of success doesn't happen overnight. It results from taking many small steps that align with your goals and being consistent.
We find that the secret to consistently taking these steps is to turn them into habits you can cultivate and maintain. Read on to learn more about the healthy financial habits we recommend adopting to take control of your finances.
Mindful Spending and Conscious Consumption
Create a budget by identifying recurring expenses and immediately setting aside enough to cover your monthly needs. You'll likely set aside around a third of your income for housing, up to 20% for transportation, and 10 to 20% for food.
For everything else, these mindful spending habits can help:
One of the most important things you can do for your future only takes a few minutes. Open a savings account if you don't already have one and set up automated transfers.
Every time you receive a paycheck, a set amount will go into your savings account. Getting started with saving 20% of your income is a sound financial goal, but you should review your saving goals regularly.
Cultivating a Growth Mindset in Finances
A growth mindset is the idea that anything is possible as long as you seek the tools you need to succeed. When it comes to finances, adopting a growth mindset is mainly about focusing on financial literacy and actively researching new financial products.
Besides helping you make better financial decisions, adopting a growth mindset will make you more resilient when facing financial challenges. Our Knowledge Center is a great place to get started.
Leveraging Technology for Financial Tracking
Take a few minutes to log into your online banking account and review your monthly purchases. You can create a basic budget by organizing your expenses into different categories.
In addition, most banks and credit unions offer free Money Management tools within online banking and their mobile apps.
A few other apps to consider:
Getting married, welcoming your first child, or buying a home are examples of major life events that will result in new financial concerns and priorities. External factors such as the economy can also impact your finances.
The best thing to do is spend an hour each week to catch up on the latest economic news, research financial topics, and consider adopting healthier financial habits.
Accountability Partners and Community Support
Being consistent with your financial habits is easier if you're accountable. You can hold yourself accountable by writing down your goals or sharing them with others. Agreeing on goals as a couple or family is crucial for building a future together.
You can also create a supportive financial network by sharing financial tips with friends or joining a group on social media.
Adopt Healthy Financial Habits With Power Financial Credit Union
Focusing on small steps and consistently adopting healthy financial habits will lead you to financial success. Remember that building wealth doesn't happen overnight. It's a lifelong journey, and you'll run into many unexpected twists and turns.
You can make a difference today by adopting at least one of the healthy financial habits outlined above. We also invite you to contact a financial advisor from Power Financial Credit Union to discuss your financial goals and identify financial products and strategies that will help you achieve these goals.
As a credit union, our mission is to help our members thrive and achieve their financial goals, whether it's building a better financial future for their families or financing a major purchase.
This kind of success doesn't happen overnight. It results from taking many small steps that align with your goals and being consistent.
We find that the secret to consistently taking these steps is to turn them into habits you can cultivate and maintain. Read on to learn more about the healthy financial habits we recommend adopting to take control of your finances.
Mindful Spending and Conscious Consumption
Create a budget by identifying recurring expenses and immediately setting aside enough to cover your monthly needs. You'll likely set aside around a third of your income for housing, up to 20% for transportation, and 10 to 20% for food.
For everything else, these mindful spending habits can help:
- If an item costs more than $5, wait three days before buying it.
- Take at least 15 minutes to research a purchase to make sure it's worth it.
- Pay for discretionary spending with cash if you tend to charge items on your credit card.
- Pick experiences over things. You'll get more satisfaction out of the things you spend money on.
One of the most important things you can do for your future only takes a few minutes. Open a savings account if you don't already have one and set up automated transfers.
Every time you receive a paycheck, a set amount will go into your savings account. Getting started with saving 20% of your income is a sound financial goal, but you should review your saving goals regularly.
Cultivating a Growth Mindset in Finances
A growth mindset is the idea that anything is possible as long as you seek the tools you need to succeed. When it comes to finances, adopting a growth mindset is mainly about focusing on financial literacy and actively researching new financial products.
Besides helping you make better financial decisions, adopting a growth mindset will make you more resilient when facing financial challenges. Our Knowledge Center is a great place to get started.
Leveraging Technology for Financial Tracking
Take a few minutes to log into your online banking account and review your monthly purchases. You can create a basic budget by organizing your expenses into different categories.
In addition, most banks and credit unions offer free Money Management tools within online banking and their mobile apps.
A few other apps to consider:
- Goodbudget is a free budgeting app that allows you to organize your spending in virtual envelopes.
- For couples, Honeydue is a great way to get on the same page with your finances.
Getting married, welcoming your first child, or buying a home are examples of major life events that will result in new financial concerns and priorities. External factors such as the economy can also impact your finances.
The best thing to do is spend an hour each week to catch up on the latest economic news, research financial topics, and consider adopting healthier financial habits.
Accountability Partners and Community Support
Being consistent with your financial habits is easier if you're accountable. You can hold yourself accountable by writing down your goals or sharing them with others. Agreeing on goals as a couple or family is crucial for building a future together.
You can also create a supportive financial network by sharing financial tips with friends or joining a group on social media.
Adopt Healthy Financial Habits With Power Financial Credit Union
Focusing on small steps and consistently adopting healthy financial habits will lead you to financial success. Remember that building wealth doesn't happen overnight. It's a lifelong journey, and you'll run into many unexpected twists and turns.
You can make a difference today by adopting at least one of the healthy financial habits outlined above. We also invite you to contact a financial advisor from Power Financial Credit Union to discuss your financial goals and identify financial products and strategies that will help you achieve these goals.