Author: Erin Roberts

Money Mindfulness: Practicing Financial Self-Care

Posted on September 11, 2023 by Erin Roberts

Full length shot of beautiful, happy young woman sitting on the cozy sofa with hands behind head, looking away, smiling and daydreaming.

The prevalence of self-care messaging reminds us to nurture our physical and mental well-being—with mindfulness practices, exercise routines, and virtual detoxing. But what about financial self-care?

When we cultivate positive money habits and plan for our future we are (quite literally) investing in ourselves. Financial self-care is rooted in self-awareness, discipline, and intentionality. Here are several ways you can practice financial self-care, starting now.

Build a Budget
Building a budget is akin to giving yourself the gift of clarity: it allows you to track expenses, identify potential areas where you can trim spending, and allocate funds to help you achieve financial goals. Rather than seeing budgeting as a restrictive practice, frame it as a tool that grants you freedom to spend where it matters. Connect with your financial institution to see what budgeting tools they offer and check out this interactive budgeting worksheet in the meantime.

Create an Emergency Fund
More than half of Americans fear they wouldn’t be able to cover daily living expenses for a month if they lost their income tomorrow, according to a recent Bankrate survey. Invest in your future peace of mind: set up an automatic, recurring savings deposit with the goal of setting three to six months’ worth of living expenses aside. If you’re living paycheck to paycheck, you can start small by setting aside 2% of your net income and gradually increasing your contribution rate when possible.

Tackle Debt
With recent federal interest rate hikes, borrowing costs have reached historic highs which means even your debt is costing you more money. If you’re feeling overwhelmed, you’re not alone. Taking proactive steps towards debt reduction can improve your financial health and significantly reduce your stress. Unsure where to begin? Explore a Debt Management Program, designed to pay off your debt in 3-5 years and deepen your financial resilience.

Plan for Retirement
If your employer offers a 401(k)-retirement plan, take advantage of this benefit (especially if your company matches part or all of your contribution). Don’t have a workplace retirement account? You can still open a Roth IRA—a tax-advantaged retirement savings account. If you find it challenging to save throughout the year, consider setting aside part or all of your tax refund as a way to begin investing without impacting your day-to-day budget.

Get Educated
One of the most empowering aspects of financial self-care is education. Chat with your financial institution about what resources they offer. If you want to explore courses and are worried about costs, take advantage of free financial education online. Whether you’re preparing to buy a home or navigating your auto loan, these sessions offer jargon-free, shame-free guidance to help you reach your financial goals.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

Mid-Year Money Checkup: 5 Ways to Boost Your Financial Health

Posted on July 11, 2023September 1, 2023 by Erin Roberts

Summer financial planning

Summer is in full swing and so is peak travel season. And while July is a prime time to get outdoors and cash in on any plans you may have—at home or beyond—the reality is that financial concerns (and recent credit interest rate spikes) remain a pain point for many of us. Here are five steps to take to boost your financial health and reduce your worries this summer.

1. Assess your Budget
Do you have a budget? Midway through the year is a great time to build one. Money management apps typically provide monthly breakdowns that pinpoint where you might be overspending. A common strategy is to follow the 50/30/20 rule, but those percentages may differ for you, depending on your income and cost of living. Can you eliminate unused subscriptions or comparison shop for more favorable rates on home or auto insurance? Small cutbacks can add up to big savings.

2. Check your Credit Report
Obtain a free credit report from the major credit bureaus (Equifax, TransUnion, Experian) through www.annualcreditreport.com and carefully examine it for any errors or discrepancies. Ensure that all your accounts are accurately reported and that there are no signs of fraudulent activity. Addressing any issues promptly will benefit your credit score which in turn can positively impact your future borrowing capabilities.

3. Evaluate your Investment Portfolio
If you currently have an investment portfolio, mid-year is an opportune time to assess its performance over the past few months and rebalance if needed. Ask yourself: does my current strategy align with my long-term financial goals and risk tolerance? If you’re new to investing or feeling uncertain about what money moves to make, consider connecting with a financial advisor who can offer guidance.

4. Develop a Savings Strategy
Do you anticipate any large expenses in the latter half of the year such as home improvements or educational costs? Start setting aside funds or exploring financing options in advance to minimize future stress. Consider automated, recurring deductions from your paycheck that can funnel into a savings account. Not able to save just yet? That’s okay! Create a reminder to revisit again in 2-3 months’ time.

5. Make a Plan to Pay Down Debt
This is a good time to evaluate your outstanding debts, such as credit card balances, loans, or mortgages. Consider the balances, current interest rates, and payment terms for each. If you’re feeling overwhelmed by your debt, explore the option of a Debt Management Program (DMP) which could potentially lower your monthly obligation and improve your credit score over time. There is no one-size-fits-all solution so chatting with a counselor from our non-profit partner GreenPath Financial Wellness can help you determine if a DMP is a good fit for your situation.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

Digital Banking Basics

Posted on July 6, 2023September 14, 2023 by Erin Roberts

To get started with Wheelhouse Digital Banking, begin by visiting the Wheelhouse Credit Union website on your mobile phone. Scroll all the way to the bottom of the homepage and click either the App Store or Google Play link depending on your phone type. A notice will pop-up letting you know that you are leaving Wheelhouse Credit Union’s website. Click “Accept”. This link will take you directly to your phone’s application store, where you’ll download the Wheelhouse CU app.

When you open the app, you’ll be prompted to either login or register a new account.

If this is your first time logging into Digital Banking, click “Register a New Account”.
Review and accept the Digital Banking disclosure by pressing “Agree” in the top right-hand corner,
And then confirm your identity by entering information such as your Member Number, date of birth and social security number. If you need assistance locating your Wheelhouse Member Number, check your Membership Card or call our Phone Branch at 619-297-4835.

Finally, click “Continue” and your Digital Banking set-up is complete! At this time, you should see all your Wheelhouse accounts and corresponding information.

If you have any other questions about how to get the most out of your Wheelhouse Credit Union app, feel free to give our Phone Branch a call or visit our website and we’d be happy to help.