New Horizons Credit Union Blog

America Saves Week is February 21-25, 2022 and America Saves has written articles to help you reach your financial goals. Below are tips to help you reduce your debt so you can pay it off for good. Debt is a great contributor to stress. If you're having a tough time financially, it can feel isolating, but the truth is 80% of Americans have consumer debt! The only way to relieve financial stress is to make a plan and work your way through it. But to make that plan, you'll need to understand the type of debt you have, your best-case scenario to pay down your debt, and how to leverage your knowledge so that you can maintain or increase your credit score. GET A CLEAR VIEW OF YOUR FINANCES When you know your exact income and expenses, you can better steward the discretionary income left over after your bills are paid. It will become easier for you to decide how much to spend, if you can put more toward debt, what goes into savings, and whether to begin making investments....

Retirement is one of those things in life that fall into the “someday” category. When you're a person in their 20s, 30s, and even 40s, retirement seems so far away. When those every day expenses come up, you hold back on saving for retirement because it's not a bill you get every month, so you forget about it. But, we all know — life comes at you fast. Saving enough for retirement continues to be a leading source of significant financial stress for all generations. While studies show that 71% of Americans are adequately prepared for retirement, much of that includes receiving Social Security benefits under the current law. However, Social Security payouts are only scheduled to be paid at the full benefit amount through 2035! Thus making Millennials and Gen Z approach retirement from a different perspective — one that is diverse and doesn’t rely on Social Security benefits. The good news is that starting early allows you to reach your retirement goals more easily. 1. ...