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We want your financial wellness education experience to be unlike any other you've experienced before. That's why we've partnered with Balance Financial Fitness, a not-for-profit dedicated to providing financial education tools and resources free of charge to our members.

Explore the categories below and look for Financial Wellness U throughout our site to gain access to our online toolkits featuring: educational tutorials, videos, and resources that make you a more empowered consumer.


Tip of the Month

Savings: Your Key to Success
 

You have wants. You have needs. And you have two ways of paying for them – pull out the credit card or use the money you have set aside. Which would you prefer?

It’s a safe bet that most people would choose to have a stash of cash from which they could pay for everything from impulse purchases to long-term financial goals. But how do you save when there are bills to pay and the paycheck only goes so far?

Do It Now
Even without a specific goal, saving immediately will make you feel good. Have debt? Put a little aside anyway. Acquiring a savings habit as soon as possible is critical. By setting a little aside each month while aggressively paying down your obligations, you will graduate into being debt free with a happy little nest egg in place. And in the event of an emergency you won’t have to touch the credit cards and feel like you’re driving in reverse.

Set a Goal
All achievable goals share the same five factors:

  • Specific – describe your goal to the smallest details
  • Measurable –  how much do you need to save?
  • Actionable – break it down into reasonable action steps
  • Realistic – could you really achieve this goal in the given time?
  • Time-bound – what is the timeframe for the goal?

Put it somewhere. How much you have, your timeframe, and personal risk tolerance will determine the best home for your money. A few accounts you may consider are:

  • Savings account – A great starter account. Interest and risk are low and minimum deposit is small.
  • Money market account – This savings account pays slightly better interest but may require a higher minimum balance.
  • Money market fund – A very secure mutual fund account. Invested in high-quality, short-term investments. Higher deposit, interest and risk.
  • Certificates of deposit (CDs) – Generally a three month to seven year investment commitment, CDs offer higher and fixed interest rates, but with a greater initial deposit and penalty for early withdrawal.

For mid to long-term goals, you may opt for investment rather than savings vehicles. After you’ve saved enough in one of the above accounts, you can transfer your money to mutual funds, bonds, or individual stocks if you wish.

Impossible? Not at all. With careful planning, savings is the key to successfully managing your money and getting everything you want.


Consumer Education |

General consumer awareness resources that help you protect your identity, manage your credit report, or recover from a natural disaster or recent unemployment.

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Deposits and Checking |

Managing these accounts is critical to everyday life. If you've been saving for years - gain the insight to maximize your plan. If you're just starting out, get the tools to help launch a lifetime of financial wellness.

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Loans and Real Estate |

Consumers get loans for some of the most important purchases in their lives. Buying a car, purchasing a home, or going to college. Make sure you're ready by exploring these essential tools and resources.

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Retirement Planning |

You've worked hard your entire life - it's time to enjoy a stress-free retirement. No matter your goals, these educational toolkits will empower you with the tools to enhance your financial quality of life.

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Questions? Ask McClever.