YOUR$ Budgeting Tools

Discover the power of YOUR$ – 24/7 financial coach designed to transform how TVFCU members manage their money. With YOUR$, tracking spending, setting savings goals, and making informed financial decisions has never been easier.

Here's how it works:

Understand Your Spending: Your Money automatically categorizes transactions, giving you insights into where your money is going. For example, did you know the average Chattanooga family spends $1400 on food monthly? Your Money helps you see if you're on track.

Simplify Tracking: Easily track expenses like groceries and dining out, and quickly correct any miscategorized charges with just a few clicks.

Gain a Comprehensive View: Link other accounts, such as credit cards and additional checking accounts, to get a complete picture of your family's spending habits across all categories.

Take action: If you find your family spending too much on dining out, use Your Money's insights to make positive changes, like cooking favorite meals at home to save money and eat healthier.

Try a fun and challenging financial game "Financial Soccer" and test your money skills.

Players can choose the difficulty of the game, play singles or tournament style, gain financial education all while having a good time. *

*You will be directed to a third party webpage. TVFCU has no affiliation. Data rates and charges may apply.

 

Savvy Savings:

10 Tips for becoming a Money Master and Establish a Strong Financial Foundation

Tip #1 — Focus on the Short-Term If you've spent more money than you should have, it's important to prioritize getting out of debt before focusing on saving. Make sure to pay your bills on time and in full to avoid extra fees and interest charges.

Tip #2 — Set Clear Goals Before you start saving, set specific and achievable goals. Use the SMART goal-setting strategy: make your goals Specific, Measurable, Attainable, Relevant, and Time-bound. For example, if you want to save money for a specific item or event, set a target amount and a deadline to reach that goal.

Tip #3 — Plan for the Future When creating a savings plan, allocate a portion of your income for savings right away. Consider setting up an automatic transfer to a separate savings account. This way, you're less likely to spend the money impulsively, and you'll have savings available for emergencies or unexpected expenses.

Tip #4 — Check Your Spending Take a closer look at your expenses and identify areas where you can cut back. Look for unnecessary purchases or recurring expenses that you can eliminate or reduce. For example, consider packing your lunch instead of eating out or finding free or low-cost entertainment options.

Tip #5 — Understand Your Finances Become familiar with the basics of personal finance. Learn about concepts like budgeting, saving, and investing. Understand how to manage your money wisely, and develop good financial habits from an early age.

Tip #6 — Explore Ways to Earn Extra Money Consider finding ways to earn additional income. This could involve taking up a part-time job, offering services or skills you have, or exploring entrepreneurial opportunities. Earning extra money can accelerate your savings and help you reach your financial goals faster.

Tip #7 — Prioritize Needs Over Wants Practice distinguishing between needs and wants. Prioritize spending on essential items and experiences that add value to your life. Be mindful of impulse buying and take time to think before making non-essential purchases.

Tip #8 — Research Before Making Big Purchases Before making significant purchases, do thorough research to find the best deals and value for your money. Compare prices, read reviews, and consider buying second-hand or refurbished items when appropriate.

Tip #9 — Learn to Budget Develop the habit of budgeting your income and expenses. Track your income sources and allocate funds for different categories such as savings, spending, and any specific goals. Budgeting helps you stay organized and in control of your finances.

Tip #10 — Develop Good Saving Habits Lastly, cultivate the habit of saving regularly. Set aside a portion of your income for savings as soon as you receive it. Even small amounts saved consistently can accumulate over time and provide financial security.

Remember, building good money-saving habits early on can set you up for a financially stable future.