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Step 12 of 12 to Financial Wellness – Review & Tweak

Congratulations! You’ve reached the 12th and final step of the 12 steps to financial wellness. Here, we’ll review the previous actions and adjust this part of your financial health plan as necessary.    Step 1: Track your spendingAre you regularly tracking your spending? Knowing where your money is going will help you make more responsible

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Step 11 of 12 to Financial Wellness – Start Investing

The world of investing can be confusing, especially for a first-timer. No worries, though; DoverPhila Federal Credit Union can help! Here’s how to invest in five easy steps. Step 1: Define your tolerance for risk  If you’re investing, be prepared for potential losses because there are no sure things. But how much loss can you

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Step 10 of 12 to Financial Wellness – Plan for Retirement

It’s never too early—or too late—to plan for your retirement. However, the more time you allow for your savings to grow, the bigger the nest egg you’ll have when it’s time to cash in.  Here’s how to get started on planning your retirement. Set a Target Number First, determine how much you’ll need to have

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Step 9 of 12 of Financial Wellness—Build & Maintain Excellent Credit Score

Your credit score is vital to your financial health. This number measures your money management skills, credit capacity and fiscal responsibility. An excellent credit score can open the door to large loans and with better interest rates, as well as employment opportunities and more.  Let’s explore the best ways to build and maintain an excellent

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12 Steps to Financial Wellness Step 8: Know When & How to Indulge

Living a life of financial wellness means being happy with a lifestyle that’s within your means, but doesn’t leave you feeling like you’re lacking. At the same time, financial wellness means discipline governs money choices and not by emotion. So how do you balance the two? Here’s how to indulge responsibly.  Live with a BudgetTo

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12 Steps to Financial Wellness Step 7: How to Pay Yourself First

“Pay yourself first” is a catchphrase that refers to prioritizing your personal savings above other expenses. To achieve it, savings should be a fixed line on your budget that happens every month without fail. Here’s how to pay yourself first. Review Your Spending Take a clear look at your spending. If you already have a budget,

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12 Steps to Financial Wellness Step 6: Pay it Forward

There’s so much good you can do with the money you’ve been blessed to have. There’s also a lot of good you can do with your time, talents, and possessions. Let’s explore some ways you can make the world better by paying it forward.  Donate funds to your favorite causeThe classic and simplest way to

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Step 3 of 12 to Financial Wellness: Pay Down Debt

You’ve tracked your spending, designed a budget for your monthly expenses, and you’re on a path to financial wellness. In this next step, you’ll create a plan for paying down debt. Consumer debt can be one of the biggest challenges to financial wellness. With some intentional action and commitment, reaching true financial wellness is possible.

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Step 2 of 12 to Financial Wellness: Creating a Budget

Now that you’ve tracked your spending and kept a careful record of where your money goes over the course of a month, you’re ready to move onto the next financial wellness step: creating a budget. Budgets play a crucial role in promoting financial awareness, which leads to more responsible money choices. Let’s look at how

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12 Steps to Financial Wellness-Step 1: How to Track Your Spending

Tracking your spending is the first step toward greater financial awareness and overall financial health. But, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple daily purchases? We’ve outlined how to track your spending in 3 easy steps. 1. Choose your tools. Tracing every

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Preparing Financially for a New Baby

Congratulations! You’re expecting a baby and you’re breathless with excitement — and nerves. A baby means big changes, and a part of those changes is lots of new expenses. How will you pay for it all? We’ve got the tips you need to prepare financially for a new baby. Pay down debtDon’t let your debt

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Five Ways to Prepare for Your College Graduation

After four years of late-night cramming sessions, a grueling class schedule, and too many term papers to count, the big day is finally within sight. Graduation! You can hardly wait to toss your cap into the air and start making your mark in the big wide world. As you count down toward graduation, don’t forget

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Managing Holiday Expenses

It’s supposed to be the most wonderful time of the year; but for many, the holidays can be an expensive time. From gifts to decorations to wrapping paper to special events, it’s easy to overspend and possibly even go into debt paying for all the extras. In 2019, Forbes reported on a Gallop poll showing

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The Importance of Financial Literacy in a Crisis

The COVID-19 crisis has caused income loss, uncertainties, and an increase in fraudulent attacks throughout Ohio and nationwide. Smart money management is more important than ever, but studies show that Americans are falling behind in financial literacy. While the U.S. is the world’s largest economy, Investment News reported it as ranking only 14th for financial

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DoverPhila Federal Credit Union Continues to Give Back

Following another very successful year at DoverPhila Federal Credit Union, the credit union was able to give back a $1.5 million year-end bonus dividend to its members. This marks the 25th consecutive year that DoverPhila returns earnings back to its members.  The credit union is a community-focused, financial cooperative controlled by its members making it

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Sticking to Financial Resolutions

Ohioans, like most Americans, entered 2019 hoping to better their finances, but many have likely already fallen off track. In an Ohio Credit Union League 2019 consumer survey, 69 percent said their New Year’s resolution was to get on a budget. That statistic isn’t surprising; many Americans looked critically at their financial situations as they

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Why The Money Talk is Important

Despite financial education being one of the most important lessons to shape our adult lives, it is not something many people learn until much later in life. As a parent, you have many “talks” with your children, but too often the “Money Talk” isn’t one that happens until it is too late.   Respondents in the

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DoverPhila Offering Award-Winning Financial Literacy Program for Free

Area residents are getting a free education in how to manage their money. DoverPhila Federal Credit Union is working with Banzai, a national award-winning financial literacy program, to make the curriculum available to the community and 10 schools in Tuscarawas County, completely free. “Banzai is a web-based financial literacy program. Kids have their own bank

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