As an educator, you play a critical role in shaping the future of your students. That includes their financial futures. Financial literacy is a key component of a well-rounded education, and that's why we're committed to helping you live your best financial life.
By establishing good financial habits and leveraging the financial wellness resources available to you through Educators Choice and Suncoast Credit Union, you can build your skills and confidence. Our priority is helping our members live their best financial lives so we are simplifying savings by sharing some basic financial tips that you can put to use throughout the entire year:
- Set goals…big and small! Setting goals not only helps to identify what’s important to you, it also helps to trigger new behaviors and to guide your focus. People who set goals are 10x more likely to succeed. Not sure where to begin? A dedicated financial professional can help you set your personalized goals. Whether in person or virtual, consultations are offered at no cost to you and there is no obligation. Get started today.
- Picture the outcome. Keep your focus on the feeling you will have when you reach your goal rather than the day-to-day act of saving. There may be some opportunity costs along the way but when you reach your goal, all of those will fade.
- Recruit an accountability partner. Tell someone about those goals! Ask a friend or family member to be your accountability partner then focus on one goal at a time and have them ask for status updates regularly. Just knowing that someone is pulling for you (and checking on you) may just provide the extra motivation you need to reach that goal.
- Don’t dwell on the “B” word. Creating a budget can be daunting and nothing makes someone want to quit more than feeling overwhelmed or defeated before they even take the first step. Try making one or two little changes at a time. Plan ahead and cook more meals at home, take your lunch to work, go for a walk when boredom strikes instead of browsing online for deals, adjust your thermostat by 1 degree, shop around for insurance quotes and streaming options.
- Set up automatic payroll deductions to help with savings and don’t include that money in your discretionary spending budget. You may not feel like you ever have money left over after paying bills but if you take it out ahead of time and tuck it away in a savings account (cleverly labeled to describe what you are saving for), you may find that you don’t really miss it. This is also a great way to save for retirement… there’s no better goal to have than to be able to live your best financial life all the way through retirement! The Suncoast 403(b) account makes it easy to get ready for retirement! Enjoy the convenience of online enrollment and set up automatic contributions through payroll deduction. Learn more.
- Pay attention to fees. Understand the fees associated with your accounts and purchases, not only at your financial institution, but for every transaction you make. If you see a charge that you don’t understand or that could be an error, always ask for clarification and if you don’t like the answer, it may be time for a change in purchasing habits or with accounts. Suncoast is here to help! FEA members receive special benefits only available through Educators Choice including a $100 cash reward* when opening a fee-free checking account**with direct deposit.
Click here to become a Suncoast member or click here to learn more about the other exclusive benefits available through Educators Choice!
Find out more about achieving financial wellness by exploring our learning library or joining an upcoming webinar.
*Offer valid on new memberships and new Smart Checking Account. No minimum balance required to open or maintain Smart Checking account in order to receive the $100 reward. Your Smart Checking will earn 0.01% Annual Percentage Yield and is subject to change. Direct deposit or ACH must be made within 90 days from the date checking account was opened. Payment of cash award is within 7 business days following the direct deposit or ACH. Not to be combined with any other offer. Deposit of $100 may qualify as taxable income and a 1099INT form will be issued reporting the value of this offer. Consult your tax advisor with any questions.
** Please note that should you overdraw your account, there is a fee for insufficient funds that are both Paid Non-sufficient Funds (NSF) and/or Check/ACH debit return unpaid Items. See Fee Schedule at suncoastcreditunion.com for details. Free ATM access is through the CO-OP ATM network.