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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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The Best Way to Spend Your Paycheck

Everyone loves payday, but too many employees don’t know how to allocate their paycheck in a way that best serves their financial needs. Use the tips outlined below to learn how to manage your paycheck responsibly. Automatically Deduct Contributions Your first step in managing your paycheck is making sure you are deducting the optimal amounts.

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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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What to Do with Your First Paycheck

What to Do with Your First PaycheckAs part of the changes you’re gearing up for in the months after you graduate, you’re poised to enter the working world as a long-term employee, perhaps for the first time in your life. As you prepare for this transition, you might have dollar signs dancing in your head

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Beware of Debt-Collection Scams

Don’t be the next victim of a debt-collection scam! Here’s all you need to know about these scams: HOW THE SCAMS PLAY OUT In a debt-collection scam, a caller claiming to represent a debt-collection agency demands immediate payment for an alleged outstanding debt. The caller insists on specific means of payment and may threaten to

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Five Ways to Trim Your Fixed Expenses

When trying to trim a monthly budget, most people don’t even consider their fixed expenses; however, with just a bit of effort and research, most of these costs can be reduced. 1. Consider a refinanceTrim your mortgage payments by refinancing at a lower interest rate. It will cost a bit, but you can roll closing

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The Beginner’s Guide to Filling Out a W-4

It’s no secret that the IRS excels at making things complicated. And when you’re busy learning the ropes of a new job, trying to fill out a 4-page W-4 form can be a huge hassle. It’s not a good idea to rush through it, though, because a small mistake now can mean withholding too much

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Complete Guide to Using Credit Cards

Using credit cards responsibly is a great way to boost credit score and financial wellness. Unfortunately, though, credit-card issuers make it challenging to stay ahead of monthly payments and easy to fall into debt with credit-card purchases. No worries, though; DoverPhila Federal Credit Union is here to help! Here is what you need to know

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How Can You Replenish a Savings Account That’s Been Wiped Clean?

Using emergency funds to survive prolonged unemployment, an unexpected large expense, or a medical emergency is the best way to make it through financial hardship. If your savings are depleted, though, it’s best to start rebuilding as soon as possible. Here’s how: SET A GOALBefore getting started on saving up money, establish a tangible goal.

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