This document provides 10 tips for personal finance and financial freedom. Tip 1 is to figure out your values and financial goals by writing them down. Tip 2 is to pay yourself first by setting up automatic savings transfers. Tip 3 is to pull your credit report annually to check for inaccuracies. The tips provide advice on tracking spending, reviewing investments, planning emergency savings, reducing debt, protecting your family with life insurance, reviewing insurance policies, and creating a will.

1. RBFCU Financial Literacy Month
10 personal finance tips to
get you on the path to financial freedom!

2. “What do I value?” You would never run a race without knowing that there
was a finish line somewhere out there, so why would you spend or save
money without knowing what you are working toward?
“Don’t tell me where your priorities are. Show me where you
spend your money and I’ll tell you what they are.”
James W. Frick
Tip #1: Figure out what is most important to you

3. How to do it:
• Write it down. This will help you figure out your financial goals.
• Create a plan that aligns your spending and saving with your financial
goals and values.
• For example, some folks would prefer to use an app or budgeting
software while others prefer to write things down. There’s no right or
wrong way, just make sure you can stick to your plan.
Download our Family Spending Plan template.
Tip #1: Figure out what is most important to you

4. Once you have identified your values and what drives you to save, plan to pay
your future self first and simplify your life by making those savings choices
automatic.
Pensions are a thing of the past and Social Security may not be able to keep
up with inflation so it is left in our hands to plan for our own futures.
“Do not save what is left after spending,
but spend what is left after saving.”
Warren Buffet
Tip #2: Pay yourself first and make savings automatic

5. Tip #2: Pay yourself first and make savings automatic
How to Do It:
• Make saving automatic by setting up electronic transfers straight from
your paycheck to your savings or retirement account(s).
 Based on life expectancy, a good amount to save is 10% for men and
12% for women of monthly gross salary.
David Bach is a wonderful financial author who provides some great insight
into making saving automatic.

6. Credit history plays an important role in your financial standing and can
affect:
• Job opportunities
• Your ability to buy or rent a home
• The price of your auto insurance
However, unless we are applying for a specific type of loan, many of us forget
to check it on a regular basis. Credit reports should be reviewed at least once
a year.
“We always take credit for the good and
attribute the bad to fortune.”
Charles Kuralt
Tip #3: Pull your credit report

7. Tip #3: Pull your credit report
How to Do It:
• Schedule a reminder on your calendar dedicated to reviewing your report
• Report any inaccuracies regarding loans or payment history
Did you know RBFCU offers a low-cost credit monitoring service
called IDProtect Plus which also allows you to access your credit
report and your score once every 90 days at no additional charge?
You can also access your free report once a year from the major
bureaus at AnnualCreditReport.com.

8. It is a good idea to monitor your account activity in order to:
• Check for accuracy
• Identify spending leaks
• Prevent fraud
Spending leaks are those day-to-day purchases that may be small but can be
disastrous because they can add up to quite a bit of money over time.
“Beware of little expenses; a small leak will sink a great ship.”
Benjamin Franklin
Tip #4: Review statements to track your spending

9. Tip #4: Review statements to track your spending
How to Do It:
• Save your receipts and review your account activity when you get your
statement to make sure they match up.
• If you identify any spending leaks, reduce the frequency of those
purchases.
• For example, if your habit is to buy a latte 5 times a week, reduce it to
2-3 times per week. You can still save money, while not feeling
deprived. Try out this worksheet to figure out your “Latte Factor” and
track your spending.

10. Review investment accounts and make sure they are up to date with your
retirement goals and values. A regularly scheduled check-up can keep you on
track as you work toward your financial goals.
As your life changes, you may need to adjust your investment strategy and
make sure your funds are diversified. As you near retirement, make sure your
risk is in line with your age.
“Compound interest is the eighth wonder of the world. He who
understands it, earns it…he who doesn’t…pays it.”
Albert Einstein
Tip #5: Do an investment account check-up

11. Tip #5: Do an investment account check-up
How to Do It:
• If you’re not saving for retirement, start now.
• Schedule a visit with a financial professional to make sure you’re on the
right track when it comes to saving
Did you know…You can schedule a no-cost, no-obligation financial
check-up with a registered RB Financial investment advisor?
RB Financial LLC is a wholly-owned subsidiary of RB Premier Services LLC. RB Premier Services LLS is affiliated with RBFCU.

12. No one can ever truly plan for the unexpected, so how do you know how
much money you should be saving?
• Set aside enough money to cover your living expenses for at least six
months in an accessible savings or money market account.
• Keep your “emergency” funds liquid so they are easy to access when you
need to withdraw them.
“Balancing your money is the key to having enough.”
Elizabeth Warren
Tip #6: Plan for the unplanned

13. Tip #6: Plan for the unplanned
How to Do It:
• Open a separate account that is meant solely to cover any financial
surprises life throws your way.
• This account could be used for anything from an unscheduled medical bill
to that well-deserved weekend getaway that you have been meaning to
take.
• Start putting aside set amounts each month to build up this fund.
• Planning for the unplanned doesn’t stop when you reach your goal
because you can never be too prepared for what life throws your way.
How to Budget for Emergencies | Quicken

14. Review your credit accounts to get an accurate picture of the amount of debt
that you currently have. Seeing is believing.
“I don’t look to jump over seven-foot bars; I look around for one-
foot bars that I can step over.”
Warren Buffet
Tip #7: Reduce unnecessary debt

15. Tip #7: Reduce unnecessary debt
How to Do It:
• First, be smart about the debt that you’re taking on and don’t get into
situations you cannot afford.
• Add up all your credit balances to figure out the total debt you owe.
• Plan to pay more than the minimum payment to the highest rate debts
first.
• Be patient and persistent. Debt is typically not accumulated overnight so it
won’t be paid off overnight.
• Don’t stop saving while you are paying down debt. Seeing a positive
balance accumulate in savings will help you to stay strong during moments
of temptation.

16. • “I have a policy at work, why do I need additional life insurance?”
• “How do I know how much life insurance to purchase?”
• “Am I too young to need life insurance?”
These are a few standard questions that most people have asked themselves
at one time or another. The truth of the matter is that the answer lies in
figuring out what your family needs to survive if they lost you.
“Someone is sitting in the shade today because someone
planted a tree a long time ago.”
Warren Buffet
Tip #8: Protect yourself and your family

17. How to Do It:
Remember that list of financial goals? Take a look at it, and ask yourself if
your family would able to achieve those goals without you.
• For example, if your goal is to send your child to college, would your
significant other be able to do that on their income alone?
Life insurance can provide comfort in a stressful situation. To learn more
about life insurance options, click here (Investor Connection - Life Insurance).
Tip #8: Protect yourself and your family

18. Periodically pull out your auto and renter/homeowner insurance policies and
review them to ensure that your coverage is in line with what you need.
Unplanned damage or losses happen and in those cases, insurance can help
us financially recover those costs. As life changes, updates may be required.
“Money is only a tool. It will take you wherever you wish, but it
will not replace you as the driver.”
Ayn Rand
Tip #9: Protect your assets now

19. Tip #9: Protect your assets now
How to Do It:
• Contact your insurance agency and ask about any discounts that they may
offer.
• Ask your agent for advice on how much coverage you need. You don’t
want to pay for more coverage than you need but you also don’t want to
short yourself either. Shop around for competitive pricing as well. Many
insurance companies will provide you a discount for bundling your auto
and home policies.
Did you know…You can request a no-cost, no-obligation quote for Auto and
Homeowner’s insurance from Randolph Brooks Insurance Agency, LLC (RBIA)?
Randolph Brooks Insurance Agency LLC is a wholly-owned subsidiary of RB Premier Services LLC. RB Premier Services LLS is affiliated with
RBFCU.

20. Do you know who will retain your assets upon your death? Many of us may
believe a will is for a rich person or that if we don’t put it in writing then it
automatically goes to our family, but the truth of the matter is, it’s not always
that simple.
“It takes as much energy to wish as it does to plan.”
Eleanor Roosevelt
Tip #10: Protect your assets later

21. How to Do It:
• If you have a will, make sure it includes current beneficiary information on
all accounts.
• If you don’t have a will, consider working with an attorney or using an
online program to create one.
• Make sure your family knows where to find these crucial documents in
time of need.
If you fail to name a beneficiary or have a valid will, state law determines how
your assets will be allocated at your death. Make your choices now so that
your choices are not made for you.
10 Things You Should Know About Writing a Will
Tip #10: Protect your assets later

22. “He who fails to plan is planning to fail.”
Winston Churchill

23. For further information or to request financial
education resources, contact the
Financial Literacy Department at
financialeducation@rbfcu.org