SeaComm Federal Credit Union OFFICIAL BLOG

Personal Finance Habits Everyone Should Follow


Financial success doesn’t happen overnight – it requires dedication and perseverance. But if you’re ready and willing to put forth the effort, you’re already on the right track. Check out these five habits you’ll want to follow to ensure that you have a successful financial future.


Take advantage of your employer’s 401(k) or employee retirement plan. The tax benefits alone are reason enough to contribute to a 401(k) plan. Chances are, if your employer offers you a 401(k), they may also offer a 401(k) match. This means that your employer will contribute a certain amount to your retirement savings plan based on the amount of your own annual contribution – a major benefit (free money) you won’t want to overlook! It’s important to contribute as much as possible to your 401(k), setting yourself up for the golden years. Here are some more tips to ensure that you’re maximizing on this employee benefit!


Track your income and expenses. The most important component in maintaining a healthy financial life is awareness. It’s important to always be aware about what will be coming in and out of your accounts. You should be reviewing your checking account every day to monitor your debits and credits, verifying that you are on track with your budget, and avoiding unexpected or fraudulent charges. For a simpler way to pay your bills and track your expenses, sign up for SeaComm’s online bill pay by clicking here.

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Pay attention to interest rates. Whether you are applying for a personal loan, credit card, or a mortgage – you should always pay attention to the interest rate that is granted to you. After all, the interest on a loan is an additional amount you’ll be required to pay, on top of the principle loan payment. The determination of your interest rate is based on a number of factors, one of those being your personal credit score. Therefore, it will only benefit you to work on maintaining good credit, as well. For a look into SeaComm’s competitive, low rates, click here.

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Weigh the pros and cons before making any big purchases. Impulse buying, especially when it concerns large purchases, is something you should always refrain from doing when trying to maintain a healthy financial life. Whether it is a new couch, home, another vehicle, or exercise equipment – you should always look for a comparable option at a lower price.

Sometimes, when purchasing large appliances or furniture, the store will offer you the option to pay over time, usually on a monthly basis (with interest, of course.) Most of the time, this is not a good idea. Instead of being charged an outrageous amount of interest from a third party credit company, visit your local SeaComm branch to apply for a competitive rate personal loan!


Keep your spending allowance to a minimum. After you’ve paid your bills and taken care of other necessary expenses, you should be left with a modest yet respectable allowance. This should be used for a travel, dining out and other leisurely activities. The biggest problem with giving yourself a minimum budget for these things is that you’ll likely short yourself – and then be forced to dip into your savings. In order to avoid this, you should regulate your budget so that it allows you to enjoy some of the “finer” things, while also saving a substantial amount of money for the future.

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