Top five financial tips for the New Year Bayshore Courier News Posted:12/22/09
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New Jersey - Affinity Federal Credit Union has created a list of financial tips for the New Year to help consumers keep their financial houses in order as we head into 2010. Now that the New Year is upon us, there is no better time to re-evaluate your finances and make improvements. Below are Affinity's top five tips:
(Evaluate the terms and conditions of your credit cards) - Credit card rates have skyrocketed this year. Banks have raised rates to as high as 29.9%, lowered spending limits, and introduced new fees. It's important to make sure that the credit cards you use are a good fit for your spending profile and offer the most value. For example, if you are constantly on the road, it may be a smart idea to use a card that offers fuel rewards, even though the APR may be higher. If you like the option of carrying a balance, a card with a lower rate may be your best bet.
(Take advantage of free online money management tools) - There are excellent online tools available to help you monitor spending, track budgets and keep your financial goals within reach. Starting January 1, 2010, Affinity will offer "FinanceWorks" a free online money management tool, as part of Online Banking. "FinanceWorks" will allow you to view all of your accounts (from over 5,000+ financial institutions) all in one place, see where you are spending and find ways to save, get out (and stay out) of debt and set spending goals to stay on budget.
(Set up a meeting with a financial advisor) - It is important to annually review the goals and objectives that you have established and make appropriate adjustments to your investments in light of current economic conditions.
(Make contributions to your IRA) - If you haven't yet made your contributions for 2009, you have until April 15, 2010. Be sure to make your 2010 contribution as early in the year as possible to take advantage of compound interest (earning interest on your interest). Contact your financial advisor for guidance.
(Review your credit report) - It is important to review your credit report on an annual basis so that you can spot potential errors before they impact your credit score. It's also good to check your credit score regularly to ensure that you have not been a victim of identity theft. Everyone is entitled to a free yearly credit report from each of three nationwide consumer-reporting companies. AnnualCreditReport.com is a service that can be used to obtain a free copy. Affinity offers a Budget and Score Enhancement Service (BASES) coach who will provide free, one-on-one, unlimited counseling sessions to review, explain and enhance your credit.
The above tips offer a great financial start for anyone this upcoming year. For additional tips or more information visit Affinity Federal Credit Union or call the Member Service Center at 800-325-0808, or stop by your local Affinity branch.
About Affinity Federal Credit Union: New Jersey's largest credit union is a member-owned, not-for-profit, full-service financial institution with 18 branches throughout northern and central New Jersey with more than 130,000 members from more than 2,000 businesses and organizations and total assets in excess of $1.9 billion. Headquartered in Basking Ridge, Affinity Federal Credit Union has been offering superior financial services with a member-oriented focus since 1935.
