Page 61 - November 2019 FOP

Maintaining a good credit rating
Diet books, fitness apps, live-streamed exercise classes...they all tell you the same thing: Maintain- ing good physical health requires discipline and ad- herence to a few simple habits, such as eating wisely, getting enough sleep and exercising regularly.
consolidating your debt by transferring the balances to a single account that offers a low interest rate.
Keep in mind, however, that there is such a thing as “good debt.” For example, taking out a home equity loan or line of credit to pay for household improvements, consolidate
But did you know that the same basic formula can also apply to achieving and managing financial fitness? If you’re look- ing to shed some unwanted financial fat and build a potentially healthy financial future, all
you need is a good attitude, dedication and a solid plan to get you on track.
Priority one: Be smart about it
Just like maintaining a food diary may help you determine if you are eating healthy meals and snacks, the same strategy can help you become a more self-aware ⁠— and better ⁠— spender. That’s why it’s so important to keep track of your actual spending, to see how it matches up against your ideal household budget. Next on the agenda: Cutting the fat
Accumulating debt ⁠— particularly high interest credit card debt ⁠— is like gaining a few extra pounds; it’s often easier (and more enjoyable) to do than undo. But on a positive note, achiev- ing success in your attempts to lose a bit of weight or reduce the amount of money you owe can be an incredibly satisfying and rewarding experience.
So, how can you begin tightening your financial belt? Start by making a pledge to use credit cards only in emergencies or to make big-ticket purchases you intend to pay off immediately.
If you find it difficult to make more than the minimum month- ly payments on your credit cards, you should probably consider
FINANCE
Recording Secretary
high interest credit card debt or pay for large purchases can be a possible option and is still one type of loan that allows you to deduct the interest on your income taxes. A constant goal: peace of mind
Once you get into the habit of making better spend- ing decisions and minimizing your debt, your work is not done. In fact, budgeting and getting a handle on your debt
are just the beginning of achieving financial fitness.
Keep in mind that while identifying a plan of action is easy, you shouldn’t be too hard on yourself if you don’t see the desired results overnight. After all, a couple of quick trips to the gym won’t give you the body of an Olympic athlete. And it may take more than a few weeks of smarter spending before your financial
well-being shows signs of long-lasting improvement.
Be patient, stay focused and let yourself feel good about doing
the right thing one day at a time.
In the end, the tremendous satisfaction and accomplishment
of being financially fit might even stretch beyond your checkbook or savings account.
Andrew Hall, a financial advisor with the Chicago Municipal Employees Credit Union, takes a no-pressure, personal approach to understanding a client’s needs and thoughtfully develops sound, long-term strategies to help his clients pursue their goals and dreams. Andrew earned Series 7 and 66 registrations and is a certified financial planner (CFP®) professional.
ANDREW HALL
REPORT
CMECU now offers Lend-A-Paw Loans!
Lend-a-Paw Loans are designed to give pet-owners an alternative to paying high credit card rates to cover an emergency trip to the vet, professional training or other unexpected expenses.
Apply for up to $5,000, starting at 4.99% APR. CMECU Membership is open to ALL residents of Chicago and most of suburban Cook County.
Become a Member of CMECU today!
To join CMECU and apply for a Lend-A-Paw loan go to: www.cmecuonline.org or call 312.236.2326.
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