Failing to Have a Budget
One of the first rules of effective money management is having a budget and sticking with it. Having a budget in place allows you to keep track of your income and expenditures but also allows you to track your savings goals. Always take a realistic approach to budgeting and review your budget regularly for possible changes.
Failing to Control Credit Card Debt
Nearly all of us have some credit card debt. However, if you are using your credit cards constantly for large-ticket items instead of saving money and purchasing them with cash, you can quickly find you are in over your head. One of the best things you can do is obtain a free credit report and review your credit card usage; then find out if you can lower your rates by reviewing the credit cards available through Oklahoma Central Credit Union.
Failing to Purchase Insurance
Another common money management mistake is the failure to have the proper amount of insurance. Singles and couples should have sufficient levels of life insurance, health insurance and accidental death insurance. This is one of the reasons why Oklahoma Central Credit Union offers a whole range of insurance products; insurance protects you and your family from the unexpected.
Failing to Save for Retirement
Retirement planning is an important part of money management. In addition to your company offered or sponsored retirement plan, you should be considering a ROTH or a traditional IRA based on your individual needs. Remember, it is never too early to start saving for retirement; retirement funds should be planned for in your budget.
Failing to Have an Emergency Fund
Your money management plan could fall to pieces if you have not factored an emergency fund into your budget. Emergency funds can protect you in the event of job loss, an on-the-job injury that requires you to be out of work for an extended period of time or household emergencies. Contact a representative at Oklahoma Central Credit Union at 918-664-6000, select option 8, or visit one of our branches to discuss the various savings account options that could help you plan for otherwise financially devastating events.
Planning for the future and keeping your finances in order is critical at all stages of life. Only by taking control of your finances today can you help ensure a more secure financial future.