#1 Start saving early.
You’ll never regret saving. Saving each month in an interest-bearing account will allow your money to grow and compound. The earlier you start saving in your career in law enforcement may mean the less time you will need to work overtime and more time with your family.
The easiest way to save money is to have a set amount automatically deposited into your savings account each pay period. Talk to a professional at Police Federal Credit Union of Omaha on how best to schedule your automatic deposits based upon your unique needs
#2 Spend wisely.
We know this can be easier said than done. However, it’s critical to spend less than you earn. Loans and credit cards can get you through a rough month, but don’t let this become a habit. Ask yourself, “What do I really need?” For example, you may very well need a truck, but that three-year-old used GMC with only 19,000 miles may be exactly what you need instead of that newest model coupled with a monthly payment that blows up your entire budget.
#3 Create a budget.
Yes, this may not be the most fun activity that you do in your off time to unwind, but you’ll thank yourself for it. Not only does it help you to avoid financial crises when an appliance breaks or your roof begins to leak but also allows you to plan for enjoyable events like vacations so that you don’t feel like you are missing out. There are a number of budget apps and programs out there. Talk to a professional at Police FCU of Omaha, and we’ll be happy to steer you in the right direction.
#4 Minimize debt.
Keep debt to a minimum so you can make monthly on-time payments. If you find you have trouble making on-time monthly payments, please seek help. Sometimes even the best of us can get into unexpected trouble. Sometimes life just happens. Police Federal Credit Union of Omaha is a financial partner you can depend on. If you are running into trouble, the sooner you come to us, the more we are likely able to do to help you.
#5 Diversification is key.
If you have already been following tip #1, you want to make your money work for you. Financial diversification is a strategy designed to reduce risk. Be sure to consult with your financial advisor and verify that you have been taking advantage of the proper financial vehicles for your age, risk level, and family needs.
#6 Review your insurance coverage.
There’s no question that a career in law enforcement can put us in harm’s way. Make sure you and your family are covered if there is an unfortunate event. Police Federal Credit Union of Omaha offers multiple insurance products, including Line-of Duty Death Insurance, for specific loans. Review all of your insurance coverages annually to verify that you are properly insured.
#7 Financial education is always important.
Knowledge is power. It’s important to stay current on all the latest financial topics. This doesn’t mean you need to have a Wall Street Journal tucked under your arm when you are walking into the department for your shift. However, realizing that ultimately you are responsible for your financial future creates a healthy perspective. Financial institutions, like you Police Federal Credit Union of Omaha, are resources for you. So, choose a partner that understands the banking needs of law enforcement and their families.
#8 Monitor your credit report.
Annually check your credit report for errors and monitor your credit score. You can get a free annual credit report by visiting www.annualcreditreport.com. There are also a number of services where you can check your credit on a monthly basis. Being diligent may alert you to issues before they become a major problem.
#9 Protect your identity.
Monitoring your credit and protecting your identity go hand in hand. When choosing ID theft protection, be careful not to simply use the equivalent of a smoke alarm that simply warns you that there is a problem. You want a fire extinguisher to help you to snuff out those issues. The latter is exactly what you receive when you open a Premium Checking Account with Police Federal Credit Union of Omaha.
#10 Schedule an annual financial review.
Reviewing all aspects of your finances on an annual basis can keep you on track. That’s why Police Federal Credit Union of Omaha is happy to conduct a Blue Review of your finances to guide you into the future. We are first and foremost a passionate financial-services provider to law enforcement and their families. We are proud to be a part of Your Blue Family and are always happy to assist you.