As the holidays approach, gift cards remain a popular gift option, but they’re also a target for scammers. These fraudsters use tactics like phishing and tampering with physical gift cards to steal funds before they can be used. To protect yourself and your loved ones this season, it’s important to stay aware of these risks.
Having a well-stocked emergency fund is important. But so is saving for retirement. So how do you know which one to focus on? Well, we’ve got you covered. Here’s what you should know.
Halloween is a time for spooky fun, but it can also bring a scare to your wallet if you're not careful. From costumes to decorations and treats, the costs can add up quickly. Here’s how to manage your Halloween budget and keep your spending under control while still enjoying the festivities.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
Ah, February – the month where love is in the air and, for us single folk, it is the month where we get amazing deals on post-Valentine’s Day chocolates. In February, relationships are celebrated with romantic dinners and roses, however, there is an important relationship that often goes uncelebrated – your relationship with yourself! Self-care is being mindful of your own needs to deal with the stress we encounter in our daily lives! Whereas most people focus on their physical, emotional, social and spiritual needs – self-care should include our financial needs, too!
What does financial self-care mean, then? Financial self-care means that you take the time to focus on your finances in order to create healthier money habits! These healthier habits lead to greater financial health and overall wellbeing. When you first dive into your financial wellness journey, it can be daunting, because, let’s be honest, managing money is not easy! If the concept of financial self-care is new to you, fear not! Feeling confident in your management of money is not impossible but it will take patience and the power to stick with it!
There are so many ways to help maintain your financial well-being, and they’re not all boring and scary! Here are my top tips to help kickstart your financial self-care journey:
When you think of the word “money” – what words pop into your head? If you thought of words, such as “fear,” “debt,” or “confusion,” then it is time to discover where these thoughts are coming from. In a previous blog, I spoke about how I’ve started to mimic my mom’s financial beliefs and behaviors as I’ve aged into adulthood. Essentially, I was already limiting my ability to make money because I had accepted my mom’s thoughts: “I’ve never had money growing up so money doesn’t matter to me now.” Recognizing these connections is a great first step into developing new financial habits.
Alright, this one might be scary! Personally, I avoid looking at my bank account after I know I went crazy shopping over a weekend. However, avoiding my bank account won’t make my expenses go away. For this tip, write down all of the money you have coming in (paycheck, social security, etc.) and then track your spending! Starting with the fixed payments (utilities, mortgage, etc.) and then look at your last bank statement to see where the rest of your money is going. Take a look at your debts and savings, too! Really get the full view of your financial picture to help you see areas for improvement and where to start with a financial spending plan.
I say this with caution because this does not mean to go to the Lamborghini dealership and purchase a car ten times out of your price range – I still think it’s important to cut down on unnecessary spending when possible! However, give yourself some grace. So, you want a Starbucks coffee? Buy the dang coffee. Maybe we don’t buy a coffee every day, but every once in a while is fine! If you restrict yourself too much then the more miserable you’re going to feel towards your finances. You order that Grande Mocha Latte and enjoy it!
“Happiness” also doesn’t just translate to a material item. Happiness could mean buying an experience! Experiences can increase your wellbeing and the wellbeing of others you share them with! We are also less likely to experience buyer’s remorse because an experience doesn’t lose its value over time. They create timeless memories, instead!
With finances, people are always comparing themselves to others. Who has the nicer house? Who is wearing the pricier jewelry or the better brand of clothing? Often, we even compare our income to others and only feel satisfied if our own is relatively higher. This mentality isn’t limited to finances. Humans have a tendency to compare everything to what others have. Let’s say you just bought yourself a brand new car. It isn’t just any car but your dream car! Only, your neighbor just pulled in with the exact same one, except theirs has a sunroof and yours doesn’t. Initially, we may be elated with our purchase but seeing our neighbor’s sunroof – we think theirs is better. Why can’t we just be happy with our car?! Comparing ourselves to others is a never ending cycle of dissatisfaction.
In order to combat this thought-process, set aside some time to reflect upon all of your financial achievements – without comparing to other people. Focus on how you’ve improved or grown without worrying about any blips that occurred along the way. Maybe you got a raise at work or saved an extra $50 each month by using coupons at the grocery store. Whatever it is, acknowledge all that you’ve done – big or small.
As cheesy as it sounds, the best investment we can make in life is to invest in ourselves. While this can include a consistent workout regime, drinking enough water and a fabulous skin care routine, it also means to pay attention to your finances! So, this Valentine’s Day, let’s all make a commitment to show ourselves some love and give the relationship we have with our finances the attention it deserves.
Need help managing your finances? MVCU has partnered with GreenPath Financial Wellness to offer members free financial counseling, debt management, and other financial services.