Setting goals is an important step toward creating a secure financial future. Goals provide clear direction by requiring you to focus on a specific money target. While goals can vary greatly depending on individual circumstances, having both short-term and long-term goals is essential to successful financial planning. Short-term goals are typically achieved in a year or less, while long-term goals...

No one wants to lose money. But that’s precisely what can happen if you don’t stay in touch with your financial institution. Credit unions are legally required to turn a member’s assets over to the state where they’re marked as “unclaimed property,” if there is no account activity or contact with the member for at least one year. Common credit union assets that become unclaimed property include...

On the heels of record-breaking inflation and rising interest rates, economists predict a recession will hit the U.S. in 2023. Higher prices for goods and services, along with a possible loss in income due to unemployment, could leave a gaping hole in the middle of your finances. But households that shield their finances now will be in a better position to face the inevitable downturn. Even if the...

Planning a vacation that doesn’t break the bank is like assembling a jigsaw puzzle. You might need to review numerous options before piecing together the right combination of flights, hotels, and activities to fit your budget. And without a strategy, you could waste hours scanning deals that are a complete mismatch for your finances. Instead, solve your vacation challenges with these six creative...

The sooner you plant and nurture smart money habits, the better prepared you’ll be to weather financial storms that may arrive later in life. Individuals under age 25 who’ve learned to live within their means are often better equipped to shield themselves from the devastating effects of an income loss or other financial emergency. Plus, weeding out bad decisions makes it possible to grow a...

Predatory lending can cause significant hardship for vulnerable consumers – although many don’t realize it until it’s too late. If you’re in a dire financial situation, being able to pocket cash the same day could be exactly what you need to bring much needed relief. But it’s crucial to understand what predatory lending is and how to avoid it since signing on the dotted line could make matters...

Scammers continue to use the same slick tactics to steal money and valuable information from unsuspecting victims. But there’s good news. Because these crooks stick with tried-and-true methods, you can more easily identify these fraud schemes. While they might tweak their strategies to fit the situation, you can still keep your financial data and personal information secure when you know how to...

First things first, what exactly is FICO short for? FICO is an abbreviation for the Fair Isaac Corporation, the first company to offer a credit-risk model with a score, and named after Bill Fair and Earl Isaac, the founders. What is a credit score? A credit score is a numerical expression of your creditworthiness. Scores typically range between 300 and 850 and are based on credit history data...

Here are three main areas of contrast between the two types of financial institutions. Relationship Does the financial institution see you as a customer or a member? Banks are publicly traded or privately owned institutions with customers. Credit unions are not-for-profit institutions with members. As a customer, expect a relationship where the bank holds power and typically answers to its...

Here are seven ways to save for an annual splurge. 1. Open a separate savings account. It’s essential to designate a specific account as your splurge fund. Earmarking a separate account will help you stay disciplined and focused on your financial goal. Plus, keeping some funds somewhere besides your checking account reduces the desire to spend that money on something else. 2. Commit to a realistic...