August 15, 202210 Ways to Improve Your Finances

To celebrate National Financial Awareness Day, we’re bringing you 10 ways to improve your finances. Take these steps to protect your financial health through 2022 and beyond! 

  1. Address your tendency to overspend. Sticking to a budget is the key to success. Overspending can cause stress and anxiety around money, so addressing it is important for healthy financial fitness. 
  2. Consider starting your own business. If you find yourself in need of another source of income during challenging times, consider turning one of your unique skills into a side gig. This year might be your year! 
  3. Prepare for major life events. Make sure you’re saving enough each month to cover yourself for any unexpected life events. Put a little more into savings when you can for some extra padding. You can also prepare for expected life events (like marriage or moving expenses) with a separate “sinking fund,” where you’ll put money that you know is going to be spent on these events. Open a PEFCU Club Account to get started. 
  4. Don’t neglect your retirement accounts. Make sure you’re taking advantage of your company’s 401k and any matching programs available. Consider bumping up your contributions by 1% this year! 
  5. Create a debt repayment plan. Some experts suggest paying down high-interest debt first, and some recommend paying the smallest amount first and then adding that monthly payment to the next smallest and so on (the snowball method). Regardless of the method you choose, make sure it works for you and fits your budget. 
  6. Fully fund your emergency account. Experts recommend having three to six months of expenses in an easily accessible account for emergencies like unexpected job changes, accidents, repairs, etc. Read 5 Ways to Build Your Emergency Fund for more information. 
  7. Switch to a credit card with a better rate. PEFCU offers a credit card with a low, non-variable rate and great rewards. Visit to see if we can beat your current credit card rate. 
  8. Protect yourself from identity theft. Make sure your passwords are secure and use two-factor authentication when available. Check your mail daily and make sure to shred any mail or documents that contain personal information. Also, make sure you monitor your credit report for unusual activity. 
  9. Automate bill payments. Enrolling in automatic bill payments will help you continuously pay your bills on time. You can enroll in PEFCU’s free Bill Pay feature via online or mobile banking.  
  10. Review your subscriptions. Look at all of your subscription services to see if there are any you can cut out. You’d be surprised how much you can save by canceling unused subscriptions.  

Want more tips for improving your finances? Check out these blog posts: 

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