Financial Wellness in Knoxville: Tips from Your Credit Union

Budgeting 101: Take Control of Your Finances

Creating a budget is the first step to achieving financial wellness. Start by tracking your income and expenses to understand where your money is going.

Make a list of your monthly expenses, including rent/mortgage, utilities, groceries, and debt payments. Then, prioritize your spending based on importance and urgency.

Saving for the Future: Retirement Planning

It's never too early to start saving for retirement. Take advantage of employer-matched 401(k) or IRA accounts, and consider contributing a portion of your income each month.

Consider automating your savings by setting up automatic transfers from your checking account to your retirement fund.

Avoiding Debt: Strategies for Financial Freedom

Debt can be overwhelming, but there are strategies to avoid it or pay it off quickly. Consider consolidating high-interest debt into a lower-interest loan or credit card.

Prioritize your debt payments by focusing on the accounts with the highest interest rates first.