Control Your Financial Future
No matter where you are on your financial journey, Mainstreet Credit Union is here to help!
Whether you are just beginning your professional career or have a few years of experience, the right financial planning is key to success. Your income can help you achieve your short term and long-term goals. Purchasing a home, paying off student loans, or building a nest egg, Mainstreet Credit Union wants to see you reach ALL your goals. Lean how we can help you create the best solutions and provide you with resources to be successful every step along the way.
How to create a solid plan:
Budget & Save
When you first begin earning an income, budgeting is the critical financial skill you need to master. Develop a realistic budget and build the discipline to live within your income so that you don’t fall into a too much debt. Once you learn to contain your expenses to available income, start building savings into your budget. Establishing a $500 Emergency Fund is a good first step. It will help give you peace of mind when the unexpected happens.
While being in debt is never ideal, some types of debt are better than others because of the effect the debt can have on you or your net worth. To reflect this, debt is sometimes broken up into “good debt” and “bad debt.” The main difference between good and bad debt is whether the investment will appreciate and grow in value or depreciate and lose value. Even if your debt is technically “good,” that doesn’t mean it won’t still end up hurting you if you become unable to make your payments. Servicing your debt, controlling debt use and building your credit history are all important elements to debt management.
Invest in your future self
Choosing some investments for retirement is an important task at this stage even though the goal may seem too much in the future to be relevant now.
Mainstreet Retirement and Investment Center offers a free initial consultation. Set up an appointment to discuss how you can begin investing and saving for your future self today.