Seeking Financial Health as a Family | Cleveland Bradley County Teachers Federal Credit Union

May is known as Family Wellness Month. And while focusing on your family’s health and wellness is important, our team at Cleveland Bradley County Teachers Federal Credit Union would also like you to focus some attention on your family’s financial wellness.

The Family That Saves Together Stays Together

It’s never too early to teach your children the value of a dollar. And what better way to teach your kids about money than to get them involved in the family finances?

Let’s take a look at some ways you can involve the entire family in your budget and other money-related issues.

First, sit down and establish a family budget together. Are you saving for a summer vacation? A new house? A trip to Disney World one day?

Don’t put the pressure all on yourself. Talk as a family about the financial goals you would like to hit and how you can reach them together.

For instance, if you’re wanting to go to Disney World as a family within the next year or two, make a pact as a family to eat dinner at home more, as well as find entertainment that is cheaper or even free.

By having a clear goal in mind as a family, it will be easier for everyone to sacrifice a little to make a bigger dream come true.

Second, if it’s been a while since you last reviewed your insurance policies, now might be a good time to consider making changes.

Did you add a new family member? Are you about to be in between jobs? Is your partner going to start being a stay-at-home parent? Is one of your children about to turn 16?

These are all reasons to consider getting a second look at your insurance coverage to ensure your family is covered in case an emergency hits.

Finally, if you haven’t already, it’s time to consider establishing a retirement fund. If you have a retirement fund set up, it’s time to put more money into it. Or it might be time to look into additional options for your retirement savings.

For example, while you might already have a 401(k) set up, it might be worth it to consider a traditional or Roth IRA, which is something our team can help you with!

Are you ready to make a difference in your family’s financial well-being? Contact Cleveland Bradley County Teachers Federal Credit Union today to learn about our banking options that are designed for the whole family!