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    Two Must Do's For Your Financial Health

    Lisett Comai-Legrand

    Lisett Comai-Legrand About The Author

    Jul 1, 2021 4:30:00 AM

    How exactly do you get your finances where you want them? Everyone's situations and goals are a little bit different, but these two financial health to-dos are a great place to start. 

    1: Check Your Credit Report

    Two Dos for Financial HealthA great credit score makes it easier to get credit and can make you eligible for lower interest rates, saving you money in the long run. A low score typically means you'll have to pay higher interest on a loan, or could lead to denial of credit. It's not the only way to measure your financial health, but it is an important factor. 

    It's a credit idea to check your credit report regularly. The important thing is to make sure your information is correct, and that you are paying on time and reducing credit balances. 

    You can pull a free credit report once a year from annual credit report.com. Here's what to look for on your credit report:

    • Check your name, social security number and contact information
    • Make sure all the accounts and credit inquiries on your report are truly yours
    • Look to see if the payment histories, balances and account status are all correct

    If you find mistakes, file a correction with the credit reporting agency on their website. 

    2: Make a Budget Plan

    One of the most important steps toward strong credit and financial health is to make sure you pay your bills on time. A budget can help you stay on track.

    • Add up all your income sources to find out how much money you have each month
    • Write down all of your bills and expense
    • Prioritize to decide what is non-negotiable
    • Plan for how much money you will devote to your bills, living expenses and savings

    By setting your budget in advance, it's easier to manage your money to meet your goals. You can use this free downloadable budgeting calculator to help you get started and keep you on track.

    Improve Your Financial Health at First Alliance Credit Union

    First Alliance Credit Union has many helpful resources to help you get started with reaching your financial goals, such as our Beginner's Guide to Budgeting and our Credit Score Facts Page. We've also partnered with companies like Green Path Financial Wellness, which offers free, unlimited financial education tools and one-on-one financial counseling. 

    How Financially Fit are You?Download Assessment

    We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.