By Article Author
Reach your financial goals sooner rather than later by asking yourself these questions the next time you’re tempted to open your wallet for an unplanned purchase.
Will this purchase move me closer to or take me further away from my financial goals?
Prioritizing your financial goals brings clarity. Whether it’s to create a three-month emergency fund, contribute 10 percent of your annual salary to your individual retirement account, or to save for a weekend getaway this fall, giving your money a purpose helps rein in spending.
Will I be able to pay off the purchase when my credit card comes due?
Creating an ongoing cycle of minimum credit card payments that don’t seem to make a dent in your credit card balance will keep your dreams of a prosperous financial future out of reach. Instead, pay with cash and leave your credit card at home.
Do I really need this purchase?
Take a day or two to let the idea and excitement of owning the purchase cool off. Review your financial goals. If you’re able to adjust your budget without sacrificing your financial goals, then make the purchase. Otherwise, save up for the purchase and buy when you can pay cash.
Hughes Federal Credit Union is committed to helping its members reach their financial goals. From checking & savings accounts to mortgage loans, we can help get you where you want to be. Have questions about how to get started? Stop by any of our eight convenient locations or visit HughesFCU.org to learn more.
