11 January 2023
Your Financial Wellbeing Guide 2023
Why financial wellness matters:
- Worrying about money causes stress! It has a negative effect on your overall physical and mental health.
- Financial worries can impact your relationships.
- Looking after your financial health means looking out for your future self by preparing for unexpected financial emergencies.
- Establishing good financial habits has a knock-on effect and can positively influence those close to you, including children.
How to improve your financial wellness:
- Write it down.
Take the mystery out of where your money disappears by tracking it.
- Budget Download & complete a simple budget plan.
If you are unsure of the expected costs for the year ahead, look through your bills/DDs etc. from the previous year as a starting point. It's always worth building in a contingency of at least 10%.
- Use the 50%/30%/20% Rule
Experts advise that you break down your spending into Needs/Wants/Savings using the percentages above.
- Rainy Day Fund
Set aside money to cover unexpected financial emergencies. It is advisable to save enough to cover 3-6 months' essential expenses.
- Seek balance
If you spend more than you earn, consider supplementing your income, or reducing your spending/choosing cheaper alternatives.
- 72-hour rule
Wait 72 hours before making a purchase. That way you can avoid impulse buys, or take the time to look for a better deal.
We support our members' financial wellbeing through:
- Flexible Terms & Conditions
There are no penalties for early repayment on loans. We are always available to talk with your members to find solutions to unforeseen financial issues which might arise.
- Free Loan Protection Insurance & Life Savings Insurance.
- Competitive & NO MAINTENANCE FEE Current Account.
- No documentation fees or charges on our savings & loans products.
- Budget Account
We offer a personal one-to-one service whereby we plan your monthly and annual outlay together, guaranteeing your bills are paid on time, giving you peace of mind that you're on top of your finances & are prepared for a rainy day.
At Comhar Linn INTO Credit Union, Membership=Ownership. We offer our members fair loan rates, with great terms & conditions and award-winning customer (member) service.
Talk to us! Feel free to contact us by phone or email, or drop into the office.