Welcome to 'Know Your Dough': financial education video series. 

Navigating Your Financial Terrain

Understanding your financial landscape is the crucial first step towards financial empowerment. Dissect your income and expenses, aligning with established benchmarks like housing (30%) and savings (20%).

Embracing Technology with YOUR$ App

In today's digital era, managing finances is made simpler with the right tools. Utilize the YOUR$ app or similar resources to consolidate accounts and track spending seamlessly across various categories, providing a clear overview of your financial health.

Crafting Realistic Financial Goals

Effective financial planning hinges on setting achievable goals. Base these goals on a thorough understanding of your financial situation. Allocate funds to short-term or long-term savings, ensuring your plan is concrete and actionable.

Adapting and Thriving

Financial planning isn't static; it requires ongoing review and adjustment. Regularly assess your finances to identify areas for improvement and make necessary changes. Trim unnecessary expenses and redirect those funds towards savings to accelerate your path to financial security.

Conclusion: Charting Your Path to Financial Freedom

As we venture into 2024, equip yourself with the knowledge and tools necessary to seize control of your financial destiny. The journey to financial freedom begins with a single step, and each decision brings you closer to your goals.

 

 

 

Empowering Women in Finance: Insights from TVFCU and UTC:

In a conversation about women in finance, we hear from Kim Gunter, VP of Marketing at TVFCU and Dr. Bento Lobo, Chair of the Department of Finance and Economics at UTC. They discuss gender diversity and initiatives for fostering female leaders.

• TVFCU Leading in Gender Diversity: TVFCU's senior executive team comprises 40% women, exceeding the industry average of 17%.
• Empowering Young Women: UTC's "Empower Your Future" program introduces high school girls to female role models in finance.
• Unique Perspectives Women Bring: Diverse perspectives in finance are crucial for addressing social justice, inequality, and environmental concerns.
• Recognizing Stay-at-Home Moms: Stay-at-home moms often become financial heads of households, underscoring the importance of valuing their contributions.

 

 

Understanding Employee Benefits: Insights from TVFCU Experts

TVFCU HR Expert Matt Hopkins shares insights from an HR perspective, shedding light on the often-overlooked world of employee benefits. Total Rewards: More Than Just a Salary When considering a job offer, it's natural to focus on the salary, but there's more to the equation. As Matt aptly puts it, it's all about "total rewards." You're not just thinking about your paycheck; you're looking at the entire package. Your benefits, including health insurance, dental, vision, and contributions to a 401(k), play a significant role in your total compensation. Beyond that, there's life insurance, disability coverage, and much more. It all depends on your unique situation and what makes the most sense for you. Unlocking the Benefits of a 401(k) Matt emphasizes the importance of examining your employer's 401(k) provisions. By not taking full advantage of employer matching contributions, you might be leaving money on the table. Maximize your retirement savings by understanding your options. Health Savings and Flexible Spending Accounts Health savings accounts and flexible spending accounts offer excellent ways to save for medical expenses. These accounts allow you to allocate pre-tax funds toward healthcare costs, reducing your taxable income. Access to HR: A Valuable Resource At TVFCU, employees are encouraged to approach HR with questions about benefits. Navigating the world of employee benefits can be complex, but having a knowledgeable resource can make all the difference.

 

 

Building Your Emergency Fund with Smart Financial Moves:

Are you financially prepared for unexpected challenges? An emergency fund is your safety net for life's curveballs, whether it's a car repair, medical bills, or job loss. Start by creating a monthly budget to allocate savings toward your fund, and consider TVFCU's secure accounts with competitive interest rates for added security. Avoid the credit card trap, and if you're already in debt, explore TVFCU's consolidation options with lower interest rates. Boost your fund creatively through part-time work or automatic transfers.

 

Unraveling the Psychology of Money: How Biases Impact Our Finances:

Dive into the fascinating world of behavioral biases and their profound influence on our financial decisions. Let's explore some common biases and how they can shape our money management strategies.

 

Credit Score and Loans:

Learn how the TVFCU's lenders look beyond the three digit number to know the borrower and understand what their journey has been up to their current point. Develop a better understanding of your interest rates and loans available to you thorugh TVFCU. 

 

Spending Plan vs. Budget:

TVFCU explains how wording can play a role in your savings mindset. TVFCU has found the word budget tends to hit people negatively. However, 'spending plan' is thought to induce a less restrictive perspective. Learn how to structure your plan by categorizing and prioritizing your expenses. 

 

 

Owning vs. Renting a Home:

TVFCU sheds light on the many ways we can help more members of our community become homeowners. How to improve credit, save for a down payment, and the benefits of owning vs. renting. 

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Welcome to the TVFCU Personal Finance Education Portal.

With this video, participants will gain valuable financial insights from a trained Credit Union Financial Counselor.

Download and print our Personal Finance Worksheet to determine your strengths and areas of improvement while you follow along with this course.

 

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THE PERSONAL FINANCE WORKSHEET