Today was the third installment of our ADC Lifetime Learners Series, a series with free and fun events that are open to all ADC team members. This workshop was called “Team ADC Learns to Save $$$.” Chelsea Berry from Principal came and talked about money management. She gave great tips on improving your credit score, decreasing debt, and saving up for emergencies and your future.

Did you miss the workshop? Here’s some tips!

  • Pay yourself first! Put money into your savings account when you get your paycheck before you do anything else.

  • Create an emergency fund. This fund is only to be used if you get sick or lose your job. Do not transfer money out of it unless you have to. It should have enough to cover 3-6 months of mandatory expenses (i.e. mortgage, car payment, basic groceries).

  • Do NOT use payday loans. If you have no other option, it’s better to miss a payment than get a payday loan. They have interest rates that are made so that you can never recover, and they force you to rely on those loans indefinitely.

  • Use annualcreditreport.com to check your credit once annually. (Do NOT do more than twice a year, because it does affect your score.)

  • Use Credit Karma to check your credit score for free without affecting your score. Do NOT ever use a service where you have to pay to see your credit score.

  • Do a personal audit. Use your online banking and go over what you have spent your money on for the last 30 days. Using this, you can see areas where you are over spending, cut your spending, and use that money to pay off debt or put into savings.

  • To build your credit, always have a credit card, bank account, and at least one utility in your name. Make payments on time and never charge more than you can pay back in a timely manner.

  • Never let anyone open a line of credit in your name. If you co-sign, the other person’s loan will affect your credit, so think carefully before you do this.

  • Take advantage of Austen-Dooley’s 401k plan. ADC matches dollar for dollar up to 3%. Beyond, that ADC matches 50 cents on the dollar up to an additional 2%. To get the most out of your 401k, you should consider contributing the full 5%. (To be eligible you must have been with ADC for 1 year, and you must have worked 1,000+ hours in that year. You must also be 21 years or older.)

  • Want help with monthly budgeting? Try the app Mint. This app will let you set spending limits and budget effectively.

Remember, everything comes back to personal accountability! If you want to save, you must set a budget and follow it!

 

(If you missed the workshop but want to see the presentation, call Hannah at 816-347-8184 and set up a time to view a video of the presentation.)