How to Use Your Credit Union's Tools to Help with Financial Planning

Financial planning is an essential part of achieving your goals, whether you're saving for retirement, buying a home, or simply trying to create a budget. Fortunately, credit unions offer a variety of tools and resources that can help you take control of your finances and create a roadmap to a more secure financial future.

In this post, we’ll explore some of the key tools we offer and how to use them effectively to help with your financial planning.

 

Budgeting Tools: Get Control Over Your Spending

One of the first steps in financial planning is understanding your income, expenses, and where your money is going. There are many free applications across all major platforms for budgeting and financial planning that can be used for a quick and easy session. For a more personalized approach, we, along with many other Kentucky credit unions, offer financial counseling services for your specific goals.

  • Interested in Learning about our GreenPath Counseling Services? Click Here!

By consistently using a budgeting tool or financial counseling service, you can stay on top of your financial situation and make adjustments as needed.

 

Savings and Investment Calculators: Plan for the Future

Many credit unions offer calculators that can help you determine how much you need to save for big goals like buying a home, paying for your child’s education, or retirement. These tools can also give you a sense of how long it will take to reach those goals based on your current savings rate and the return on your investments.

  • How to Use It:
    • Go to the Search Button in the Upper Right Corner and search "calculator"
    • Once you have found the one you need, enter your financial goals (e.g., retirement amount, home down payment, education fund) into the calculator.
    • Adjust your savings amount and time duration to see how changes in your contributions can impact your future savings.
    • Use the investment calculators to get an estimate of how much your current savings could grow, depending on your investment choices (e.g., savings accounts, share certificates, or other investment products)

These tools give you a clearer picture of how much you need to save, helping you set realistic expectations and make a plan to achieve those goals.

 

Debt Repayment Tools: Pay Down Debt Faster

If you have debt, especially high-interest credit card debt, managing and paying it off should be a top priority in your financial planning. Many credit unions offer debt repayment calculators that can help you figure out how long it will take to pay off your debts and how much you need to pay each month to achieve that goal.

  • How to Use It:
    • Input all of your debt information—including balances, interest rates, and monthly payments—into the calculator.
    • Use the tool to see the impact of paying more than the minimum. The calculator will show how much you could save in interest and how much faster you could become debt-free.
    • Prioritize your debt by either using the snowball method (paying off the smallest debt first) or the avalanche method (paying off the highest-interest debt first).

 

Using these tools regularly can help you stay focused and motivated as you work toward becoming debt-free.

 

Automatic Savings and Investment Programs: Make Saving Easy

One of the easiest ways to stay on track with your financial planning is to automate your savings. Many credit unions offer automatic savings and investment programs, allowing you to set up regular transfers from your checking account to your savings or investment accounts.

  • How to Use It:
    • Set up automatic transfers from your checking account to your savings account or investment account (e.g., a retirement fund or a college savings plan). You can choose the amount and frequency (weekly, bi-weekly, or monthly).
    • Start small: Even if you can only afford to save a small amount each month, automating the process ensures that you’re consistently putting money aside for your future.
    • Increase contributions over time as your income grows or expenses decrease.
 

Automating your savings makes it easier to stick to your financial goals without having to think about it. Plus, you won’t be tempted to spend money that’s already earmarked for your financial future.

 

Mobile Apps: Manage Your Finances on the Go

In today’s busy world, having access to your financial tools from your smartphone is essential. Most credit unions offer mobile apps that give you easy access to your accounts, allow you to track your spending, and even deposit checks.

  • How to Use It:
    • Download Transcend's mobile app and set up notifications to keep you updated on your account balances, upcoming bills, or large transactions.
    • Use the mobile app’s budgeting tool to track your spending in real time. Set alerts when you approach your budget limits for categories like dining out or entertainment.
    • Transfer funds from one account to another, or set up automatic bill payments, all from your phone.

Having these tools on the go makes it easier to stay on top of your finances and ensures you don’t miss any important deadlines or payments.

 

 

Your credit union is a powerful resource that can support you in achieving your financial goals. From budgeting tools and savings calculators to automatic programs and personalized advice, these resources are designed to help you create and stick to a financial plan that works for you.

 

By utilizing the tools Transcend offers, you can take control of your financial future, make smarter decisions, and ensure that you’re on track to reach your goals. Whether you’re saving for retirement, paying down debt, or building an emergency fund, the right tools can make all the difference.

 
Need an extra hand to take charge of your finances? Contact us today!