ORLANDO, FL / ACCESSWIRE / March 31, 2021 / April is National Financial Literacy Month, normally a time when credit unions and banks raise awareness of the importance of financial literacy education. This information is especially valuable now with the economic uncertainties caused by the coronavirus pandemic (COVID-19).

The COVID-19 pandemic has left more than 21 million Americans unemployed and exposed the fragile financial situation of about three-quarters of American workers. The situation of almost half of them has not improved significantly to date. The unemployment rate, at 6.2%, and the number of unemployed, at 10 million, changed little in February 2021, according to a U.S. Bureau of Labor Statistics March 2021 Report. While both measures are well below their April 2020 highs, they remain well above their pre-February 2020 pandemic levels (3.5% and 5.7 million, respectively).

Working towards the goal of financial security and freedom may seem like a high ambition for those who still struggle to simply pay off their mortgage or put food on the table. Yet this is more true today than ever. Florida based STRONG WINDS Checkout has built its reputation on an altruistic approach to helping members achieve financial freedom. This April, Credit Union marks Congress-designated month with practical tips and advice for consumers, whether they need to rebuild, adjust, or maintain their path to financial security and freedom.

1. Set up an emergency savings fund to help prepare for the unexpected, such as car repairs or medical emergencies. By setting aside $ 2.74 per day, you can save $ 1,000 in one year.

2. Participate in your company’s 401 (k) or 403 (b) retirement matching program to avoid leaving “free money” on the table.

3. Pay off your debts, except your house. Once the smaller debt is paid off, roll the money you paid on that debt into the next smaller balance, and repeat. STRONG WINDS offers a new approach to traditional bundling programs by allowing its members to apply their additional savings as a principal payment to consumer loan accounts under a program called Change it.

4. Once your debt is paid off, fund your emergency savings account in full to cover 3 to 6 months of expenses in the event of a major life event and avoid getting into debt again.

5. Connect with a financial advisor to your credit union or bank, or with an independent advisor to help you set or adjust your journey to financial freedom and keep you on track to confident retirement. An advisor can help you calculate how much you need to build your retirement savings.

6. Set goals for future needs and start saving for them. Some tools to get you started include listing your goals and how much you need to save for them; open a savings account; automatically transfer part of your salary to your savings; and rename your savings accounts with the names of your goals.

7. Build your wealth by investing at least 15% of your household income in options like an IRA, Roth IRA, mutual funds, 401 (k), 403 (b) and others.
8. Pay off your home sooner by making bi-weekly payments. By halving your monthly payment and paying that amount every two weeks, you will get an additional full principal payment each year.
9. Live generously and help others by donating your time, talents and treasure. Find volunteer opportunities in person or virtually. Share your expertise with others and offer your talent to those who need help. Donate your treasure to the organizations and individuals that matter most to you.

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“Life’s most important trips begin with a plan, and financial freedom is no different,” said Larry Tobin, President and CEO of STRONG WINDS Checkout. “You need a goal to guide you and a savings plan to help you stay the course and be prepared for the detours that arise along the way. I hope these tips inspire consumers to embark on their own financial journey. “

About STRONG WINDS Checkout

Founded in 1949, based in Orlando, Florida, and servingWith over 200,000 members nationwide, FAIRWINDS Credit Union is consistently ranked among the top financial institutions and employers in its region. Visit FAIRWINDS.org for more information.

MEDIA CONTACT:

Kate Renner, Vice President, Marketing
[email protected] or (407) 277-5045, ext. 51221

SOURCE: FAIRWINDS Credit Union

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