Financial Literacy with BALANCE Financial Fitness!

Financial Fitness

Whether you’re interested in developing a workable spending and savings plan, getting out of debt, taking a look at your credit report, buying a home, or planning for your financial future, Peach State Federal Credit Union wants to help. That’s why we’ve partnered with the BALANCE Financial Fitness Program to provide access to free and confidential financial counseling and education. The experts at BALANCE can help you identify the areas that need the most attention, then recommend just what you need to achieve your financial goals.

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Health Savings Accounts: Put Them to Work for You!

Health Savings Accounts

Poor, Misunderstood Health Savings Accounts

Health savings accounts offer a way for people with high-deductable health insurance plans to save up for medical expenses while earning returns and avoiding federal taxes. But few Americans understand how they work, according to a report from online insurance quote provider insuranceQuotes.com.

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Credit Union: Great Financial Tips from Your Credit Union

NAFCU Images

Your Credit Union Has Your Back

Get the New Year off to a good start by following these tips from the National Association of Federal Credit Unions (NAFCU):

1. Create and stick to a budget – Tracking your expenses is crucial to living within your financial means. If you’d like to create a budget but aren’t sure where to start, credit unions frequently offer free financial literacy classes that can provide assistance.

2. Make savings a priority – Many credit unions offer the opportunity to open a savings account for as little as $5. Consider splitting your direct deposit between checking and savings accounts. Now’s a great time to start a vacation or holiday account to save up for special occasions, or an emergency fund. Also, take advantage of 401K plans through work as well as IRAs and CDs that credit unions offer.

3. Avoid unnecessary fees – Most credit unions still offer no-fee checking and participate in a shared branching network that gives members access to credit union locations in all 50 states. Credit unions also offer access to tens of thousands of free ATMs nationwide, including at key 7-Eleven locations.

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Credit 101, Part 2

credit score diceWhat’s in a Credit Score

Now that you know how to obtain your credit report, from our Credit 101 Part 1 Article it’s important to understand how the credit reporting agencies determine your credit score.  According to www.myfico.com, your score is calculated from several different pieces of credit data in your report.  This data is grouped into five categories, each of which is weighed differently.  The five categories break down as follows:

Pie

 

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