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Glendale Area Schools Credit Union
Serving the Glendale Area Community Since 1937
ABA# 322280058
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  • Creating a Financial P.L.A.N.

Creating a Financial P.L.A.N.

The road to financial freedom can be short and sweet for those who follow a road map or a long and daunting path for those who fail to make a plan. Let GASCU help you take the first steps toward building a confident financial future, by creating a road map to your financial freedom, and designing a P.L.A.N.

How to Create a Financial P.L.A.N.

Pay yourself first

  • Promise yourself to take advantage of your employer’s retirement plan, whether it’s a 401(k), a 403(b), or any other kind of contributory plan.
  • Consider Dollar Cost Averaging, instead of investing assets in a lump sum, this may help to spreads the cost basis out over several years, possibly providing insulation against changes in market price.

Dollar cost averaging does not assure a profit nor protect against loss in a declining market. It involves continuous investments in securities regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue their purchases through periods of low price levels.

Live within your means

  • Promise to pay off your credit cards. Credit card debt is the number one reason most people can’t get ahead, paying the minimum balance due on a $10,000 balance with an 11% interest rate could take 20 years to pay off.
  • It’s often more rewarding to save for something vs. putting it on the card and getting stuck with payments each month. If you can’t afford it, think twice about buying it.
  • Financial fitness is a commitment, a lifestyle, similar to going to the gym and eating right.

Assure your families stability

  • Write or update your will. Wills are not just for the rich. Regardless of how much or how little money you have, a will ensures that whatever personal belongings and assets you have will go to beneficiaries you designate.
  • If you have children, a will allows you to appoint a guardian for them in the event of your death.
  • Life events such as buying a home or having a child could change the amount of coverage a family needs, work with financial professional to assess the amount of coverage you and your family may need.

Never stop learning

  • Write down your financial goals, this is your road map to financial freedom. The road can be short and sweet for those who plan and who follow a road map or it can be a long and daunting path for those who fail to make a plan.
  • Working with a financial advisor can keep your up to date with new investment opportunities available to you and your family.
  • Regular reviews can help keep your investment choices on pace with you and your needs based on risk tolerance and time horizon.

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