If you’re having a baby…
Your family is changing and so should your spending plan. You’ve got to sit down with your partner to create a new family budget. Remember to factor in items such as: increased healthcare costs, clothing, diapers and baby products, as well as insurance. Keep in mind that this may mean that some of your other expenses will need to decrease such as, your entertainment and dining out expenses. Talk to your member service representative about starting Minor Savings Accounts to start saving for your children.
If you will be sending a child to college…
Know that the cost to educate children has grown rapidly in the past 20 years and you will need to determine how you will take care of the bill. This may take some time and research so, develop a plan as early as possible. Take time to learn about the various options for financing your child’s education. Here are some things you might look into: Student Loans (check out the Smart Option Student Loan offered by SallieMae http://www.salliemae.com/smartoption/pgafcu) Private Scholarships (talk to a member service representative about the PGAFCU college scholarship). Talk with your student and their high school guidance counselor for more college funding options. Make sure your child understands the importance of maintaining a high Grade Point Average GPA, and the involvement of extracurricular activities.
If you are preparing for a divorce…
This may be a difficult time, and there are a few things you will need to do to move forward financially. Start out by obtaining a copy of your credit report (try AnnualCreditReport.com.) Make sure that all of the accounts listed on the report are indeed your financial responsibility. Also, set up a procedure to pay the debts on your own, determine what types of withdrawals and deposits you will be making, and how to file your taxes. Using PGAFCU Bill Pay may be a simple solution to organize your monthly payments and we are always here to assist you.