The 74th anniversary of International Credit Union Day® is set for Thursday, October 20, 2022. This year, we will gather as a global movement under the theme: “Empower Your Financial Future with a Credit Union.”
Here are some ways that can help you empower your financial future:
1. Figure out where you currently stand financially
This will help you make plans of where you need to do to go forward in future.
For a basic understanding of your current fiscal situation, try the Money Advice Service’s Money Health Check Tool. The tool isn’t meant to replace a detailed financial check, but it can give an overall idea of where your stand regarding things like your pension and debt.
2. Set financial goals or evaluate your current ones
If you don’t have financial goals set up, it’s time to come up with some. This could be anything from paying off credit card debt to saving for a downpayment on a house or investing a certain amount every year.
A financial health check without goals will not really get you anywhere. You also need a plan so that you know where your money needs to go.
3. Take a look at your savings
If you don’t have an emergency fund, it’s time to set one up. Start small if you have to, but keep in mind that experts recommend saving up to three months of living expenses. Having an emergency fund will keep you from having to borrow or go into debt in an emergency.
Find out more about about Thamesbank’s Savings Accounts here.
4. Check your credit report
Keeping a close eye on your credit score is an essential part of a financial health check. A healthy credit report will improve your chances of getting approved for a loan or mortgage. It will also get you better interest rates when you do get a loan.
Checking your credit report regularly will help you discover any potential issues, such as errors or fraud.
5. Save as you earn for your financial wellbeing
One of the ways that you can save as you earn is through our Salary Saving Scheme. Not only will it help you with financial stability, but you will able to have a peace of mind knowing that you would have automatically put money aside. You can find out more here.
6. Financial literacy
Credit unions place particular importance on educational opportunities for their members and the public to help everyone become better-educated consumers of financial services. You can read articles in our ‘News‘ section which gives you hint and tips to help you build your financial future.