Maybe you have teenagers who will be driving soon and you wonder how to handle the costs of owning and operating another car. Or maybe you’re just beginning to think about starting a family and aren’t sure how to make the finances work.
You don’t have to figure things out on your own. For every age and stage of life, you have a partner in Honor Credit Union – whether you’ve just launched your career and are earning more income than ever or you’re about to call it a career and want to make your money last in retirement.
“It’s a journey,” said Sara Buursma, Director of Contact Center at Honor Credit Union. “We’re here every step of the way.”
April is National Financial Literacy Month. And if there’s one big lesson to be learned it’s this: Where you do your banking should be more than simply where you put your money.
Where you bank can be where you build a relationship with knowledgeable professionals and where you go for trusted advice on making your money work best for you. It can be your financial teammate that supports you with products and services just right for your specific goals at any and every phase of life.
Where are you in life, and what are your current financial goals?
Take a look at the situations below and explore how Honor Credit Union can help you make smart financial moves now and into the future:
Learning the Basics in Childhood & Early
Teenage Years
Maybe you have teenagers who will be driving soon and you wonder how to handle the costs of owning and operating another car. Or maybe you’re just beginning to think about starting a family and aren’t sure how to make the finances work.
You don’t have to figure things out on your own. For every age and stage of life, you have a partner in Honor Credit Union – whether you’ve just launched your career and are earning more income than ever or you’re about to call it a career and want to make your money last in retirement.
“It’s a journey,” said Sara Buursma, Director of Contact Center at Honor Credit Union. “We’re here every step of the way.”
“It’s a journey,” said Sara Buursma, Director of Contact Center at Honor Credit Union. “We’re here every step of the way.”
Where you bank can be where you build a relationship with knowledgeable professionals and where you go for trusted advice on making your money work best for you. It can be your financial teammate that supports you with products and services just right for your specific goals at any and every phase of life.
Where are you in life, and what are your current financial goals?
Gaining Independence as a Young Adult
Once you get that first car or that first job, you’ve suddenly got income – and expenses. Opening a checking account is perfect for handling day-to-day finances while learning how to manage and budget money at the same time.
Honor Credit Union offers free Benefits Checking, which earns interest at a rate of 5.15% APY*, and Connect Checking, which earns 1%** back when using your debit card on restaurant, grocery and gas purchases. Both checking accounts can be managed through the Honor app with easy-to-use digital tools that help build financial independence and track financial goals.
Building Momentum in Your Early Career
Whether you pursue educational and vocational training after high school or jump right into a career, the early adult years are vital for establishing a strong financial foundation. This time in life is when to build a credit history.
Responsible use of a credit card and making timely payments on an auto loan or student loan are common ingredients of a solid credit score, which will come in handy when looking to finance big purchases such as a home. On the other hand, carrying balances and missing deadlines can teach a lesson in the cost of borrowing and interest.
“This can be an exciting time,” Buursma said. “You’re moving onto the next phase and making more money. It’s really important to have a good savings plan and to have a budget to make sure you’re not living outside of your means.”
It’s also wise to start thinking about retirement at this time. If you pay yourself a little bit now through an employer-sponsored account such as a 401(k) or another savings fund, that can pay off in a big way later so you can enjoy your golden years the way you want.
Pursuing Personal and Financial Goals During Your Career
Looking to buy a home? Wanting to raise a family? Hoping to travel all over the world? Maybe all of those! Or maybe none of those. Life isn’t a one-size-fits-all deal.
Looking to buy a home? Wanting to raise a family? Hoping to travel all over the world? Maybe all of those! Or maybe none of those. Life isn’t a one-size-fits-all deal.
Whatever your heart desires, Honor Credit Union can help you realize that dream. You can find a home mortgage loan option that fits your financial situation. You can free up cash by tapping your home equity. You can put money away for your kids to go to college.
“Saving for those goals is very important,” Buursma said. “What products are there that make the most of the money I have coming in?”
Building Wealth in Mid-Life and Protecting Your Assets
You’ve worked hard to build a life. Your money should work hard to grow your wealth. You might open a Money Market Account that generates a high yield while keeping your cash accessible or explore investment services that focus on retirement planning and wealth management.
Plus, insurance services are vitally important to protect your assets from life’s unexpected events. Homeowners insurance and auto insurance are staples, of course, while products including life insurance, accidental death and dismemberment coverage and hospital accident protection can be important ways of ensuring long-term financial stability, too.
Trust and estate services are another piece of the puzzle to provide financial peace of mind for yourself and your loved ones.
Your financial situation changes throughout your life. As a result, how you handle money can be different from one phase of life to the next. That’s why financial literacy is so important, and why it’s crucial to have a partner by your side with guidance and tools that help you make the best financial decisions at every stage.
Learn more about Honor Credit Union and how to make the most of your finances every step of the way.
“We’re here for our members,” Buursma said. “We are people helping people, and we have everything that can help in all these different areas.”
*APY = Annual Percentage Yield. Rates accurate as of 11/1/24, $25 minimum deposit required to open. Earn the 5.15% APY on balances of up to $10,000.00. Members not meeting the Dividend Requirements will not earn dividends. Dividend Requirements are e-Statements, Direct Deposit, at least 20 debit card transactions per month that clear your account as signature-based or PIN-based point of sale (POS) debit transactions (PIN-based ATM transactions not eligible; please note that Honor posts transactions based on how they are received from merchants) and minimum 1 monthly online banking login. ^ATM foreign surcharge fees will be refunded monthly up to $20/month. Members not meeting requirements will not earn ATM foreign surcharge fee refunds. No free checks offered on this account. One account per Member. Rate is variable and may change after account is opened. Insured by NCUA.
**APY = Annual Percentage Yield. Rates accurate as of 11/1/24, $25 minimum deposit required to open. Account earns 0.00% APY. Members earn 1 reward point per every $1 spent on qualifying net debit card purchase transactions (purchases minus returns/credits) posted to their Connect Checking accounts as signature-based or PIN-based point of sale (POS) debit transactions (PIN-based ATM transactions not eligible; please note that Honor posts transactions based on how they are received from merchants). Qualifying purchase transactions are defined as those retailers whose Mastercard Merchant Category Codes (MCC) are classified as follows: Grocery Stores, Supermarkets, Restaurants, Fast Food, Drinking Places, Discount Stores, Variety Stores, Wholesale Clubs, Pharmacies, and Gasoline (gas stations, EV charging stations). All other debit card transactions will not accrue reward points. Account holders are advised to refer to the uChoose Rewards program terms for comprehensive details on point redemption, limitations, expiration, and other pertinent information. Some restrictions may apply. Insured By NCUA.