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Financial Wellness

Financial Wellness

Are you ready to begin your journey to financial freedom?

Whether you are just starting out, looking to improve your financial situation, or just looking for some guidance on how to meet your financial goals, Texas Bay is here to assist you on your journey toward financial success.  We want to be your partner in taking charge of your financial lives!

At Texas Bay, our staff has a passion for educating and coaching our members on their finances and financial options, but our holistic focus on financial wellness allows us to help all our members in more ways.

Do any of these thoughts keep you up at night?

  • I need to save more money!
  • I need to improve my credit score, so I can get approved for my loan and get a good rate!
  • I really need to consolidate debt!
  • I really need a lower car payment!
  • I need to make some home repairs, but I just don’t have the funds available!
  • I want to purchase my dream home, but I don’t know where to start!

Texas Bay has all the solutions tailor-made for your needs, to remove the financial worries that keep you up at night! Stress is the leading cause of health issues, and finances are the leading cause of stress.  We want to be your partner in helping to eliminate stress from your life.

Contact us today to receive a personal financial wellness check to see how healthy your finances are and receive coaching and solutions to areas that you want to improve.

Texas Bay is happy to put our expertise to work and provide you with the educational resources below to help you budget your expenses, strengthen your credit score, save for important purchases, and protect your investments.

 

 

Money Management & Credit Building

Take control of your financial journey!

Money Management
How do you ensure you have money for the things you need and want? One word: Budget.  It’s the most powerful tool you can use on your journey to financial freedom.  You might be saying to yourself “I’m doing okay right now. I can pay my bills on time,” or “I don’t have enough money leftover at the end of a month to even think about saving or creating a budget.” You might possibly feel like your goals are too overwhelming or you just can’t make any drastic changes to your lifestyle right now. Most of us have had those thoughts, but if you create a thorough enough budget, and instill the most important piece, DISCIPLINE, you can reach the financial freedom you’re dreaming of! It’s simpler than you think!

The number one rule when budgeting is, your income needs to be more than your expenses.  You can’t spend what you don’t have!

Here are some helpful tips to begin creating your budget:

Find what tracking tool works for you to create and track your budget…

  • Spreadsheet
  • Online tool
  • Financial Management savings and budget tool available to you in the new digital banking allows you to track your budget 24/7

Now begin creating your budget:

    • Start with entering in your income and consider all sources, but only count your base income so you won’t face surprises
    • Now tackle your expenses! Don’t just focus on your monthly bills, but take into account all the places your money goes.
      • Utilize your online account system to review all your transactions and ensure you are counting everything for the month

After all your income and expenses are plugged in your budgeting tool, take a look at the outcome. Is your income higher than your expenses? If you answered “yes,” that’s great, but if you answered “no,” don’t worry! Here are some tools to turn that around!

Take a look at where your money is going and let’s categorize them into one of these 4 areas: Reduce, Substitute, Postpone, and Forego…

  • Reduce: Determine where you can lower the amount of your purchases. For example: Maybe eat out only 2 days a week instead of 4.
  • Substitute: Look at what small adjustments in spending you could substitute for the cheaper option. Maybe brew coffee at home instead of going to the coffee shop in the morning?
  • Postpone: Access which purchases are essential. If the purchase isn’t absolutely necessary, can it wait another month or so?
  • Forego: Look at some of those impulse purchases. Could a purchase be eliminated all together?

The hardest part of budgeting is just getting started, but think of the satisfaction you will enjoy once it’s completed, and the freedom you will feel when you have your plan, and it will be so worth it!  This is just the beginning though, check out our video in the Education Center, to learn more about creating a budget or visit with one of our Financial Representatives today for more coaching and assistance on your budget.

Credit Building
Credit scores play an important role in many areas of your financial life.  Your score determines more than just the loans you are able to receive and the interest rate you pay, but landlords also use this score to determine who gets to rent their homes or apartments.  Did you know insurance companies use your credit score to set premiums for your insurance coverage?  Did you also know your credit score can impact your cell phone plan and utilities?

Did you know that Texas Bay offers FREE Credit Enhancement services?  As your financial partner we are here to assist you through the process of building your credit.  Contact us today to begin working with our experienced coaches to achieve that credit goal you’ve been striving for!

 

Money Management for Students

Begin your financial journey off on the right foot!

Texas Bay believes that educating our youth, at an early age, about finances, is so crucial to their financial success in the future.  Teaching our youth how to create and manage their budget, set aside savings for the future, and understand building and managing their credit, will set them up for success later in life.

It can even help them learn the tools necessary to own their own homes at an early age.

We want to start our youth off on the right foot by beginning their financial journey with healthy habits.

It is important we start teaching them to set up a budget, what credit actually is, and how, when the time is right, we need to start building that credit.

As a student/youth, you may be asking yourself, “How do I start?”.

The first step is to open your checking and savings account!

Then you can begin tracking exactly how much you have to spend, and where your funds are actually going.  Are you sticking to your budget, remembering not to spend more than you are depositing?

Are you setting aside a portion for your savings account?

The key to remember with creating a successful budget, increasing your savings, and even getting that very first credit card is, DISCIPLINE!

Only spend what you have available, and only charge on the card, what you are able to pay back easily each month.

We are passionate about sharing this financial literacy with even our youngest members! We’d love for you to bring them to one of our locations, so that one of our financial coaches can be your partner in teaching your child the keys to a successful financial future, and give them a road map on how to achieve their financial dreams as they grow into adulthood.

 

 

Planning for the Future & Those BIG Purchases

Don’t wait, the future is tomorrow!

More than half of all Americans live paycheck to paycheck, which makes saving for the future nearly impossible.  By laying out your savings goals and creating a budget to achieve them, it is possible to hit your savings targets, have funds available for unexpected emergencies, and to be able to make those big purchases, such as a dream home or a new vehicle!

There are so many reasons to save for the future.  The future doesn’t just have to be retirement – the future is tomorrow.  Saving means security and the ability to purchase, a vehicle, take vacation or purchase a home.

  • Make a budget & review your expenses
  • Automate your savings
  • The best time to start saving? NOW!

We have already discussed budgeting and how to get started, so let’s look at your savings.  The number one rule is, make your savings automatic!  You’ve heard the saying, “Out of sight. Out of mind?” Well, set a financial goal, and then allocate a feasible amount that can be divided up amongst each paycheck. Have the money deposited straight into your savings account, before it gets to checking, directly from your paycheck.  The temptation to spend those funds is easier to resist, when you have it taken directly out before it hits your spending account. Your future self will thank you, and you will see the number increase quicker than you think!

For more details on savings, planning for the future and planning for that next big purchase, check out our videos in the Education Center below.  Have specific questions or want assistance on your specific needs? Visit one of our branches and meet with a Financial Representative today.

 

 

Protect Your Investment

Don’t let life’s uncertainties catch you off guard!

How does Insurance impact your financial success?

  • Lenders Require Insurance on most collateral
  • Insurance Grants Peace of Mind during emergencies
  • Insurance Ensures Family and Business Stability
  • It Provides for your family, in the event of death or disability
  • Paying too much for insurance, or having insufficient coverage, could dip into that savings you’ve worked so hard for

Insurance not only helps reduce financial burdens should something unexpected happen, but it also encourages savings by reducing your expenses in the long run.  This allows you to avoid large out of pocket expenses for unfortunate events like auto accidents, natural disasters, and funeral expenses.

Insurance also provides you risk management in life.  Our biggest financial enemy is unplanned expenses, but with insurance, you are covered for life’s uncertainties.  With an effective insurance policy, you are able to manage the risk that accidents, natural disasters, or even your own death, could bring to your or your family.

The importance understanding different types of insurance and ensuring you have the right coverage and are not overpaying for it, is crucial for everyone to understand.  You might be thinking, “I can’t afford to pay the upfront costs of insurance products,” but take a glance at the big picture and what not having the right insurance could cost, should something happen.

We value your membership at Texas Bay and we want to help you not only find the right insurance, but ensure you have the right coverage at the right price.  Our Texas Bay Insurance Group is available to you anytime you need them.

What Texas Bay Insurance Group can help with:

  • Provide you with a FREE policy review of your current insurance coverage
  • Discuss what your insurance needs might be at every stage in life
  • Be your insurance resource to answer any questions you might have for FREE
  • Breakout different coverages and what you need and might not need
  • Offer you competitively priced insurance plans customized for YOU

Contact our Insurance Agent, Lorrie Freeman, to discuss all your insurance questions and needs.

Lorrie Freeman – Insurance Agent Representative
713-852-6821
LFreeman@tbacu.org

 

 

 

Education Center

What are your financial goals? Save for the future, make that big purchase, consolidate debt, manage your budget, build credit?  Whatever your goals are, we’re here to help.  Explore these videos to gain more insight on your need, or come by any of our locations for a free consultation with any of our passionate financial service representatives, who want to be your partner in financial success.

Stay tuned!  Your financial educational video library will be coming soon…

 

 

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