GCTFCU Blog | All posts tagged 'Financial Management'

Financial Management Tips

Financial management is the process of planning, budgeting, saving, investing & spending your money to meet long-term and short-term financial goals. With a good financial management plan in place, you will be able to make well-informed financial decisions while giving yourself a safety net for times of emergency. Here are some reasons that emphasize on the importance of financial management:

Allows to establish clear financial goals.
Fulfils daily financial needs.
Helps in managing your income. (Budgeting, Savings & Expenditure)
Gives a healthy financial future.
Keeps you prepared for sudden & big expenses.
Improved standard of living.
Helps to optimize the worth of your income.
Financial Independence.

Here are some proven money management tips:

Determine Your Financial Priorities

Assess your financial needs & priorities to streamline the process. Create short-term & long-term goals and build an effective financial plan to achieve them.

Create a Budget

Create a budget that aligns with your financial priorities, income, daily expenditures, recurring expenses, taxes, wants, needs, savings & debt repayments. You can also choose a budgeting framework to set financial boundaries.

Example: Use the 50/30/20 budget rule. Spend 50% of your income on needs & daily requirements. Dedicate 30% of your income on wants like shopping, dining out, travel, entertainment and other luxuries. Minimum 20% of your income should be added to savings, emergency funds & debt repayments.

There are multiple budgeting plans, choose one that suits your income and priorities.

Track Your Money

Making yourself aware of the financial situation helps to keep things organized and transparent. Make a checklist or use financial apps or calendar to monitor the movement of your money. With changing income, expenses and priorities revisit the budget plan time and again to keep track of it.

Savings & Investment

Explore various savings and investment options to grow your money over time. Study interest rates and other outcomes of the plan before investing your money. Consider opening a savings account in a credit union to seek higher dividends. You can also avail automated savings & investment options. Diversifying your investments usually generates positive results.

Create An Emergency Fund

Save a specific amount of money as an emergency fund. The emergency fund provides a safe cushion in situations like medical emergencies, financial distress, etc.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union offers multifarious automated services, savings, investment & lending options. For more financial management tips, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542 or browse through www.gctfcu.net

Savings Account Benefits

A credit union savings account lets you securely store your money and earn modest interest. Credit union members run these cooperatives as owners and customers, emphasizing competitive rates. At Greater Central Texas Federal Credit Union, we are more than a financial institution - we are your financial success partners. Our diverse savings accounts, including IRAs, Club accounts, Share Certificates of Deposit, and Regular Share Savings, empower your financial future.

Following is a list of the benefits of opening a savings account with a credit union:

Interest Rates: Credit unions often provide competitive interest rates on their savings accounts. This means that your money can grow more quickly over time through earned interest. Take advantage of our competitive interest rates that help your savings flourish.
Fees: Credit unions generally have lower fees for their accounts and services. This can help you save money on things like account maintenance, ATM usage, overdrafts, transaction fees and more. Credit unions generally offer robust online and mobile banking platforms with features like bill pay, fund transfers, and account management with little to no extra charges.
Member Ownership: Being a member of a Credit Union gives you a sense of ownership and a say in the credit union's decisions, as well as potential voting rights for matters such as board elections.
Personalized Service: Credit unions often provide more personalized and attentive customer service. Since they are community-oriented and have a smaller customer base, they can focus on building stronger relationships with their members.
Community Focus: Credit unions are typically rooted in the communities they serve, and they often prioritize local needs and initiatives. By using the services of a credit union, you are supporting the local economy and community development.
Financial Education: Many credit unions offer free financial education resources, workshops, and seminars to help their members make informed financial decisions. This can empower you to manage your money more effectively.
Focus on Member Needs: Since credit unions are member-driven, they are more likely to focus on your financial well-being rather than maximizing profits.
Deposit Insurance: Our savings account provides peace of mind as the National Credit Union Administration (NCUA) backs deposits up to $250,000.

At Greater Central Texas Federal Credit Union, we are committed to providing you with the tools you need to achieve financial success. Our savings account is a powerful resource that combines security, growth, and accessibility - all while being tailored to your needs.

To know more about savings and investment options in Killeen, TX, you can visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd., Killeen, TX 76542, or call (254)690-2274. You can also browse our services at www.gctfcu.net or check out our social media profiles on Facebook, Twitter, Google Plus, and Instagram.

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