Facebook Blog | Shape up your finances | Credit Union | Needham | MA | DFCU


Shape up your finances | Credit Union | Needham | MA | DFCU 01/19/2017

Improve your financial fitness and manage your wealth. Get your finances in shape by taking these steps:

  1. Bulk up your emergency fund. Having a back-up fund may prevent you from having to tap or max out credit cards if your refrigerator dies or your car needs major repairs.
  2. Improve your credit score. Having a clean credit history is more important than ever. First, obtain your free credit reports from annualcreditreport.com, review them, and dispute any errors. Next, work to improve your score: Pay all bills on time, maintain a healthy mix of credit, use less than 25% of your credit limit, and be sure to pay all fines and tickets—even unpaid library fines or parking tickets may be viewed negatively by potential lenders.
  3. Stay on top of your accounts. To avoid overdraft fees, account closures, or other unexpected events, regularly monitor your credit card and other account balances.
  4. Create a spending plan - and stick to it. Bottom line: Expenses should not exceed income.
  5. Get organized. Consolidate accounts, organize financial documents, and use online banking, which can simplify your finances and reduce the likelihood you’ll miss a payment. Centralize your clutter by designating one space in your home for processing paperwork. Personal finance websites and apps make it easy to track your spending and manage your records, some with services that alert you when bills are due or balances are close to their limit.
  6. Pay down debt. Attack your high interest credit cards first by paying more than the minimum balance each month. Once you get your debt under control, make it a goal to pay off the balance each month to avoid accumulating interest.
  7. Use direct deposit. If you still get paper checks, think about switching to automatic deposit. By having all or some of your payroll check directly transferred to your credit union account, you'll be less tempted to spend what you could be saving.
  8. Take control of your investments. Regularly review and organize your portfolio, and talk to a financial professional about rebalancing it.


Direct Federal offers many products and services that help you get your finances on track.

Our HUB Checking account is free with direct deposit and eStatements. HUB account members receive a free annual credit report as well as the option to enroll in Overdraft protection to avoid unnecessary fees. 

Our online banking program features a money management system that allows you to keep track of all your spending and savings at both Direct Federal and outside Financial Institutions. Additionally, within our online banking program, you can set up daily alerts to be sent via email or text that will help you track large purchases, low balances, large deposits, etc.

We offer a low-rate balance transfer program for our Visa credit card which is 5.50% for the life of the balance and no has no balance transfer fee. Transfer your high-interest credit card balances to Direct Federal and start saving money every single month.

Give us a call today and talk to us about how we can help you save money every single month. 781.455.6500.