Get smarter about your money with this Financial Wellness Minute. I'm Vic Dale, from
Mid Minnesota Federal Credit Union's Alexandria Office. Often individuals apologize for asking what they feel are "dumb" questions. There are no dumb questions, we are here to help.
Here are just a few common questions we get:
How can I start building my emergency fund? Set a target amount to cover three months of expenses to start. Set up an auto deposit to a separate saving account from your paycheck until you reach your goal. $25 from a paycheck grows and provides you some peace of mind in case of an emergency. A six-month emergency fund is an ultimate goal.
How can I improve my credit score? Paying bills on time, keeping credit card balances low, and monitoring your credit report for errors are ways to see improvement.
Should I prioritize paying off debt or saving for retirement? Start by paying off high-interest debt first. If possible, add to your retirement accounts also. This provides you the benefit of your money working for you for an extended period of time. Consider consulting a financial advisor to create a personalized plan. By talking with a trusted person at your financial institution about any money questions you have, you lay a solid foundation for your financial future. Want to know more or have a weekly financial wellness tip sent to you? Sign up below or, contact your local
Mid Minnesota Federal Credit Union Office.
Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.
