Whether you built up savings over the past year, received a tax refund, or earned a year-end bonus, congratulations! But now that you’re finding yourself sitting on extra funds, it’s time to do something with them. Make your money work for you with our five great strategies for paying yourself first.
5 Smart Money Strategies:
- Establish or top off your emergency fund: You should have, at a minimum, three months’ worth of expenses set aside in case of an emergency – but think how much better you would sleep if you had six months’ worth. Use our savings calculators to learn more or we can help you create a strategy.
- Pay off or pay down credit card debt. Start with accounts that are charging you the highest interest rates. Transfer remaining high-rate balances to lower-rate credit cards.
- Pay off or pay down student loan debt. The government doesn’t forgive or forget, but we can help you make a plan.
- Think about retirement. Increase your contribution to your 401(k) or establish or contribute to an IRA. Learn more with our resources and tools or contact us to determine your best options.
- Invest in yourself. Make that doctor, dentist, or eye appointment. Make sure you are in the best health possible so you can enjoy the future you have built through years of hard work.
TDECU is here to help you be your very best, so learn more about how we can help you make your money work smarter for you.