FEATURED ARTICLES
Moving the Needle of Your Finances
Sometimes it can feel like you need thousands of dollars to move the needle on your finances even a little bit.
If you find yourself with a few hundred dollars from an unexpected windfall, the temptation to spend it can be great. After all, how much difference can $500 make? But used wisely, even a few hundred dollars can put you on the road to a more financially secure future.
Here are some ways to make even the smallest amount of money count.
1. Start an emergency fund. Ideally you want three to six months of living expenses stashed to cover unforeseen expenses, but $500 is a good start. And once you have a good start, it can push you to keep contributing.
2. Take advantage of compound growth. Before spending that money, consider putting it into your IRA or 401k. Not only will compounding increase your balance over time, but increasing your pretax contributions could positively affect your taxes.
3. Save for a bigger-ticket expense. Whether it’s for a major house renovation or a dream vacation, put the money in a First Florida savings account; whenever you have a little extra money come in, set it aside as well. You could end up with a gift the whole family will cherish for years.
Copyright 2018 Credit Union National Association Inc.