I look forward to the beginning of each new year as an opportunity to set self-improvement goals. For many of us, New Year's resolutions are focused on health but it’s just as important to evaluate your financial wellness and resolve to set some long- and short-term goals. Fortunately, January is Financial Wellness month, which was created to remind us to pay closer attention to our financial well-being after the hustle, bustle, and high spending that comes with the holiday season.
A smart place to start is by taking inventory of your assets. Check in on each of your accounts, including emergency savings, equity in your real estate, retirement accounts, and education savings accounts. Are you maximizing your savings to help you build a bigger nest egg?
A Wall Street Journal article recently reported that 42 million Americans are missing out on billions of dollars in earnings by keeping their savings accounts at the largest banks in the country. If you’re one of those people, we make it easy to see how much more you can earn at Logix and we make it even easier to transfer your savings to Logix so that you can begin earning more right away.
The New Year is also a perfect time to review your credit report for accuracy. Visit AnnualCreditReport.com to request a free copy of your credit history from each of the three major credit reporting bureaus. If information appears on the report that doesn't belong to you, file a dispute with the credit bureau. Incorrect information on your report can lower your credit score and affect your future. Also, review your debt to see if you can pay down balances faster with a low-rate personal loan. Next, evaluate the rates and benefits offered on your credit cards and trade up to a Logix Platinum Rewards Mastercard® credit card to earn as much as 3% every time you use it for purchases, utility bills, entertainment, and more.
Last, it’s also a good time to review your financial plan with your financial advisor to ensure you’re on track to meet your goals. If you’re just getting started, Logix offers investment services to help you start building your assets. Set an appointment with one of our experienced financial consultants who can help you establish a financial plan.
Helping Members Thrive
No matter where you find yourself financially, we’re here to help you thrive. A recent industry report by Callahan’s listed Logix as the top credit union in California – and fifth nationally – for providing value to its members. They call this “Return of Member” and measure three core credit union functions, Return to Savers, Return to Borrowers, and Member Participation. High rates on savings, low rates on loans, and member usage of products and services are among the key indicators tracked to determine how well the financial institution returns values to its members. To say I’m proud of this recognition is an understatement. It shows that Logix is doing the right things to help our members thrive financially.
We know that the journey to financial wellness can be overwhelming so call us or come see us and visit our Financial Wellness page to learn more. We look forward to helping you achieve your financial resolutions this year and wish you a healthy and prosperous 2023.
Ana E. Fonseca
President and CEO
Please contact Logix at (800) 328-5328 or visit www.lfcu.com if you have any questions about this topic or would like to consider opening an account.
Logix Smarter Banking is a registered trademark of Logix Federal Credit Union.