May 8, 2020
Back in January, if you had told us that we’d be spending whole months confined to our homes, not visiting our families, binging countless hours of Netflix and Hulu, and working our 40+ hour jobs while simultaneously trying to teach our school-aged children, we’d probably have laughed at your vivid imagination… and yet here we are.
The COVID-19 pandemic has dramatically changed the way we live and do business, but it’s also provided us with a silver lining: an opportunity to get back to the basics. Being in quarantine means we can tackle projects we might not otherwise have found the time to accomplish. Have you been meaning to clean out your garage? Now’s the perfect opportunity. Are you looking to try your hand at gardening? The weather’s been beautiful lately and those flowers from your local nursery/greenhouse would look beautiful in your front yard!
You can also use this time to improve your finances. There’s no time like the present to sit down and research your options. We’ll even get you started. Here are three tips we can offer to help you get your finances in order:
Sounds simple, right? Some people like to claim that they’re organized, and that they save all their relevant documentation, but really, those important documents are stuffed in a file folder at the back of an already jam-packed desk drawer. If you can relate, now is the time to organize them!
First, make sure your documents are separated by topic (i.e. bills, bank and 401(k) statements, insurance policies, paycheck stubs, etc.) and then put each pile in chronological order. What you might realize is you have financial records that date back years. How long you should keep these documents varies, so if you’re looking to free up space in your filing cabinet, be sure you know what should stay and what can go… to the shredder.
Review Your Investments
While organizing your files, you probably came across a pile of investment statements. Whether these are 401(k) updates or statements from the funds and stocks you’ve invested in on your own, you’ll want to take a few moments to review them. How much is each investment worth and how has it performed over the years? You may also want to review your options for retirement planning. If you haven’t yet gotten started on planning for your future, there’s no time like the present. Community Financial Services at LUSO Federal Credit Union can work with you to develop a financial plan that focuses on helping you to accomplish your personal goals.
Switch Financial Institutions
If you’re unhappy with the service at your bank and are looking to partner with a financial institution like LUSO that can better serve you, now is the perfect time to switch. Are you already a member looking to make LUSO your primary financial institution? We can help. Our Member Service Representatives can set up your share draft checking or savings account with direct deposit and can even help you refinance or consolidate your loans with us. Just ask us how!
LUSO Federal Credit Union is a not-for-profit, member-owned financial cooperative dedicated to providing members with quality financial services and products. We at LUSO pride ourselves on serving the financial needs of our members and helping them save for the special occasions in life.
Feel free to contact our Ludlow or Wilbraham branch toll free at 1-844-LUSO-FCU.