The Best Boost for Your Financial Health
May 1, 2021
They say that knowledge is power. When it comes to finances, being mindful is a crucial part of controlling one’s destiny, but do you really know where your money goes? With all the economic uncertainties of the past few years, the most important thing you can do for your dreams is to make sure your finances are on track. Fortunately, Honda FCU provides the tools and assistance you need to stay financially informed and in charge.
HONDA FCU TOOLS
Benefits of Membership include online resources as well as experts who can provide you with personalized services, such as a financial health checkup, a review of your accounts and retirement goals as well as tracking your debt. Several online calculators can help you take a snapshot of your current financial status in several key areas.
Some essentials for your checkup include reviewing your budget and current debts, checking your emergency and education funds, and tracking progress on your retirement savings. A thorough checkup should also include reviewing all your insurance coverages, updating tax deductions and credits, and going over your credit report. Be sure to round it out with a review and update of your final estate plans. Though it seems like a lot, expert help and advice can make this process go more quickly and efficiently.
SET AN APPOINTMENT WITH YOUR FINANCIAL TO REVIEW YOUR ACCOUNTS
At Honda FCU, making an appointment to review your accounts takes only a few minutes and is easy. Call Members Services at 1-800-634-6632 and select option 4 to speak with an advisor or submit a contact form on our website to set an appointment. You can also check your financial wellness with help from Honda FCU’s partner, Apprisen.
You might be ready to cancel the PMI payments on your home loan. Learn more about ridding yourself of PMI payments in the Honda FCU Financial Resource Center.
Contact all financial institutions where you have accounts. They can help with combining your funds into one central account, which might raise your interest rate. Also, be sure to check on any retirement account that was set up with high-risk investments.
KNOW YOUR NET WORTH
Determining your net worth isn’t really that hard, once you’ve gathered information on your accounts and property value. Here is a list three simple steps to determine your net worth.
- Create a list of all your assets – everything you own. Include the amount of money in all your bank accounts, the current value of investment accounts, the Blue Book value of your car, the market value of your home, any business ownerships or interests, personal property, such as a boat, jewelry and electronics, and the cash value of any insurance policies. Estimate the value of anything that’s not readily priced. Add them up to one total.
- List all your liabilities – everything you owe. Include your mortgage, car loan, credit card balances and any other loans, such as student loans. Add them up to one total.
- Subtract your total liabilities from your total assets. That gives you your current net worth.
REFINANCE HIGH INTEREST DEBT
For many, credit card bills seem to multiply on their own. The problem is, high interest rates can weigh you down. Lowered interest rates can lighten your debt burden, enabling you to reach for your dreams. If you’re paying high rates for credit card, home loan, car loan or other debts, it’s time to look into refinancing for a lower interest rate. Your Honda FCU lending advisor can talk with you by phone about the costs and benefits of refinancing. If your new interest rate is significantly lower, it eventually offsets costs of initiating a new loan. Honda FCU competitive interest rates could be the answer. Consolidation might also be an answer to debt management when you take advantage of low rates available at Honda FCU.
Honda FCU offers financial counseling that can assist in providing debt counseling as well as help in reducing high interest rates. Depending on your situation and the amount of debt you’re facing, they can help you come up with options to lighten the load. Set up an appointment for a free counseling session with Honda FCU soon!
PREPARE FOR THE UNEXPECTED
You can limit how often a general financial checkup is necessary by dedicating one account for unanticipated expenses. This will help you keep it simpler when tracking your account balances. Don’t let emergency withdrawals chip away at balances … and your financial power.