Perform an annual credit check-up Many people don’t realize the importance of checking their credit on an annual basis.  Not only is it a smart way to maintain your financial health, but it also helps to avoid financial and identity fraud.  Penobscot County Federal Credit Union performs free Credit Check-Up Clinics periodically throughout the year.  Compare an annul credit check-up to that of a yearly physical; it makes sense and you’ll feel better knowing your financial healthy!

Keep to a personal budget You may think that budgeting is boring, too time consuming, or just plain unnecessary.  However, the truth is, the debt you could incur by not budgeting would be more of a disappointment.  In order to get a handle on your finances, you must figure out your income vs. your expenses (how much you make vs. how much you spend) each month.  This will help you be more aware of the areas you need to cut back on to pay off your debts and contribute more to your savings.

Start building for their future now Regardless of your child’s age it is never too early to start setting aside money for their future.  Not only will opening a youth account for your children or grandchildren set them up for their adult-life, it will also help them understand the concept of a dollar, how it works, and how to set goals.