Build a Solid Savings Foundation

As you look back on your saving and spending habits over the last year, do you get worried that you haven't saved enough? Get into the habit of saving and investing now, and you can be set for life. Follow these few simple steps, and you can be well on your way to building a solid foundation of wealth.

• Start saving. Spend less than you make and get your debts under control. Establish and maintain good credit. Be sure to check your credit report at least once a year to make sure your credit score is accurate.

• Build a cushion of cash in a money market account "just in case." Experts suggest three to six months’ of living expenses. When the unexpected happens, you don’t want to be one of many who has opened an IRA or 401(k) only to pay a 10% penalty tax to use the money to cover an expense.

• Keep a low-interest line of credit or credit card open (with a small or no balance) just in case of an emergency. Heritage Credit Union can help you obtain these credit tools and will help you with all your financial needs.

• Carry health insurance. You’ll limit the risk that unforeseen medical expenses would require you to tap into retirement savings.

Build a plan that will take you where you want to go. Whether you’re working with us at Heritage or you want to work on your own, you need to plan. Realize things will change along the way but you need to set short- and long-term goals to keep moving in the right direction.

If you have questions about your investment options, or if you would like to explore Heritage Credit Union's savings products, contact your local branch. We are available to help answer any questions you may have about saving and investing.