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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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Understanding the Mortgage Process

Most would agree – home ownership is part of the American Dream. According to Bankrate, a recent “Consumer Mortgage Understanding Study” conducted by Fannie Mae showed that  91% of more than 3,600 respondents prefer owning a home to renting, but are still largely unaware when it comes to home-buying basics. Securing a mortgage is often

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Why Does Credit Score Matter?

Your credit score is an indicator of your financial wellness and responsibility. We have outlined how credit scores are calculated, why it matters, and steps to take to improve your score. How is my credit score calculated?The three major credit bureaus in the U.S. collect and share information on a person’s credit usage with potential

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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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Step 12 of 12 Towards Financial Freedom: Celebrate!

Is your debt shrinking? Have you gotten rid of one of your outstanding loans or lines of credit? Well, then it’s time to celebrate! Take the time, this month, to celebrate every small goal you’ve reached on your journey toward paying down debt. You don’t need to spend much to celebrate an achievement; find inexpensive

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Financial Dos and Don’ts During the COVID Outbreak

Q: What steps should I be taking to protect my personal finances during the coronavirus outbreak? A: The coronavirus outbreak has already generated consequences for the national and global economies — and experts say this is only the beginning. The virus ended one of the longest bull markets in history, as the stock market plunged by a

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Step 11 of 12 Towards Financial Freedom: Track Your Progress

Update every bit of progress you make on the debt spreadsheet you created earlier this year. Keep your spreadsheet in a visible place so you can quickly and frequently track your progress. Watching those numbers shrink will give you the motivation you need to work harder and make it all happen quicker. Just imagine; one

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Step 10 of 12 Towards Financial Freedom: Make It Automatic

Now that you’re maximizing your payments toward the debt you’ve prioritized, make sure it happens by automating your payments. Set up an automatic transfer in your designated amount from your checking account or your savings account to that debt each month, and it will be well on its way to disappearing! Need help? Meet with

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