All Utah First branches will be closed on January 21st in observance of Martin Luther King Jr Day. Online & Mobile Banking, and our ATMs will be available for your convenience.

If you are facing financial difficulties as a result of the U.S. Government shutdown, please contact us at (800) 234-0729.

7 Steps to a More Secure Financial Future

Looking into your financial future can be frightening. After all, it’s hard enough to think about managing your money now, let alone years down the road. And yet, with a few simple changes to your lifestyle and money management, you can look to the future with peace of mind, instead of fear. Here are 7 steps to a more secure financial future.

1. Invest in Your Strengths

It might sound oversimplified, but the foundation of your financial future is you. The first step to a secure financial future involves taking some time to assess your earning potential, your happiness, and your strengths. If your current situation is far from ideal, take steps toward investing in yourself and your strengths. Find a balance in life that contemplates both your happiness and your earning ability. That doesn’t necessarily mean giving up your current gig all at once, but it does mean doing little things to start down the road toward a happier and more financially healthy you.

2. Set Goals

The next step to a more secure financial future is to define your goals. What does it mean to you to be secure in your future finances? When do you want to retire? Do you have kids you want to send to college? Maybe you have a vacation coming up in the not-so-distant future. Every one of your goals should be planned for. And, that means spelling out your short-term, mid-term, and long-term financial goals and making a defined plan to accomplish them.

3. Make Your Money Work for You

No matter what you do for a living, it’s always a good idea to put your money to work for you. Do some research or talk with a financial adviser to see which investments are right for you and your situation. There are plenty of investment options out there, and each carries a different level of risk depending on the market, but with a little research and some helpful advice, a little money can go a long way when invested wisely.

4. Pay Down Debt

One of the mortal enemies of a secure financial future is high-interest debt. Make a plan to pay off high-interest loans, especially consumer loans, and then find a way to stay debt free. That might mean taking steps to curtail your spending, it might include looking for better ways to accumulate wealth, and it might be as simple as switching to a better credit card with a low APR and no fees.

5. Set Up a Retirement Account

For many, a secure financial future is defined as a worry-free retirement. And yet, faith is failing when it comes to many traditional retirement options, including Social Security. To be secure in your financial future and retirement, start saving for when your income stops coming in. Take advantage of employee-sponsored 401(k) options, or set up an individual retirement account or CD, and then contribute as much as 8% to 12% of your income every month.

6. Have an Emergency Fund

Part of planning for a secure financial future involves expecting the unexpected. Have an emergency fund to cover unexpected expenses that pop up and try to alter your long-term financial goals. As long as you keep paying for short-term, unexpected expenses with high-interest loans that take forever to pay off, your financial future becomes increasingly difficult to plan for.

7. Review Your Plan

The most important part of making a plan is the follow-through. See your good intentions through to the end, and check back periodically to see how your goals are matching up with your current financial picture. If you notice yourself getting off track—a natural and inevitable part of almost any financial plan—make course adjustments and revisions to ensure that you reach your goals.

Financial security is attainable, but you can’t expect to arrive at your destination by accident. Map out your route with easy-to-measure checkpoints along the way, and before you know it, your future financial security—once frightening and hard to find—will become a reality.

News & Events
Jan 16, 2019 / Money Tips

It’s the beginning of a new year and your list of resolutions is still fresh in your mind. If you resolved to resolve your debt this year, debt consolidation might be the perfect way to give you a head start. Here are a few questions to help you better understand debt consolidation....

Jan 07, 2019 / Local Utah

Relationships are an essential part of life. They allow you to stay focused on what’s most important and help you follow through with life goals. The same is true with your banking relationships. In fact, having a good relationship with your local credit union can help you focus on your...

Dec 28, 2018 / Home Equity

The holidays are nearly over – the most expensive season of all. The food, the parties, the presents – they make the season special. But they don’t always come cheap. If you’re wondering about the best way to afford this year’s holiday expenses, a home equity line of credit may...

200 E South Temple
Salt Lake City, Utah 84111
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.