Imagine this scenario: your vehicle just blew a tire, or the fan belt just broke, or the engine has just blown. Or a major appliance in your home just stopped working. Imagine if your child has fallen into an accident and you have to take time from a job that does not offer sick time nor paid leave. Do you have any money in reserves to handle life’s unexpected circumstances? If the answer is no, then right here, right now is when you should start to save.
Go back and look at the financial affidavit you completed (the affidavit spans your
income and expenses for about 4 weeks). When you see your spending pattern over
the past month ask yourself: Was this spending based on my needs or my wants? Is
there anywhere I can perhaps cut costs? Am I eating out too often? Are any of there
purchases or expenses anything I can cut back on and still survive? Try challenging
yourself for the next 4 weeks to cut back on unnecessary spending, and instead put that
money aside into savings. Or try viewing your savings account as another bill you must
pay monthly. In one month’s time you will be able to see just home much money you
can save. This will change your mindset and hopefully encourage you to save more.
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So where to I start? Do I use a credit union or a bank? Well, Credit Unions are
more preferred, as they are not-for-profit, customer owned financial cooperatives,
whose earnings are paid back to its’ members in the form of higher savings rates and
lower loan rates, where as banks are for-profit corporations, with declared earnings paid
to stockholders only. This makes Credit Unions the better option, especially if you are
just starting out.
However, many financial institutions, credit unions included, may turn some
customers away due to a low credit score. But GTE Financial is one credit union that
will not. Founded in 1935, GTE Financial is one of the largest locally owned and
operated financial institutions in the nation with convenient locations and free
ATM’s throughout Tampa Bay. And you can open a checking & savings account with as
little as $5.00 in each account.
“Find the one that's right for you”
GTE Financial Other Local Credit Unions:
Sarasota Branch: Suncoast – Several Locations
3510 Fruitville Road, Sarasota Achieva – Several Locations
Open M-F, 9am to 6pm Florida Central – Limited Locations
www.gtefinancial.org / 813.871.2690
Offers $25 credit points