External Site

You are leaving Member One Federal Credit Union's website. The credit union is not responsible for the content of any other website. The privacy and security standards of other sites may differ from those practiced by the credit union. You should review the privacy and security policy of any site before providing any information.

Skip to Content
We are aware of a credit and debit card fraud ring that is currently impacting our members. Be aware of scammers calling, texting, and emailing, asking for your account or card number, pretending to be from Member One. NEVER give out this personal information over the phone or if it's solicited via text or email. Protect yourself and please call us directly at 800.666.8811 if you have any questions.
Virginia Credit Union and Member One Federal Credit Union announce intent to merge. Learn more.
Finances May 14, 2019

Steps for a Financial Do-over

Woman surprised a finances 978b8d064138018a1dfad71b9882dd21

Whether you spent a little more than you’d intended, or you were young and unwise with your finances, wouldn’t it be nice to just call a mulligan and start anew? While you can’t do that, you can take steps to get your finances back on track

Write down your goals

Any time you want to make big changes, it’s important to know why. Why do you want to get your finances back on track? Is it to get out of debt? To buy a car? To save for a major vacation? Figure out your financial goals and how to achieve them. Write down your goals and keep them top of mind.

Work on your credit

This is a three-parter—building, fixing, and monitoring. No credit history? Build one so you’ll have a better chance of qualifying for loans. Open credit cards and/or personal loans and, here’s the important part, pay them back on time. When fixing your credit score, first, determine which loan/credit card has the highest interest rate. Knock that one out first; then, move on to the next loan or card. Making payments on time and paying off debts will help rebuild your credit. Last, monitor your credit, particularly if you’re in the rebuilding process. And keep an eye open for any inaccuracies or indications of identity theft.

Create a budget (and stick to it)

Start tracking your monthly spending on things like rent, utilities, groceries, and entertainment. Look where you can make cuts (brown bag it for lunches), and set a limit for yourself on extras. Maybe stick to a cash-only diet, so once that cash is gone, you cannot spend any more.

Have an emergency fund

Nothing can ruin your credit and finances quite like unplanned emergencies, so set aside money each month, even just a little, for an emergency fund. You’ll be glad you did when something unexpected crops up.

At Member One, we’re here to help with all your financial needs. Call, click, or come in today.

You May Also Like