Member Newsletter

Should it stay or should it go?

Seasons bring a change in the weather, our schedules, and yes, our wardrobes. Before you step out on a shopping spree, do your wallet a favor and do a necessary inventory check by cleaning out that closet.

De-cluttering is the simple act of removing unneeded, unwanted, unused items from your living and work spaces. It allows you to mentally and physically get rid of things and free up space for new items or much-needed improvements.

Besides the obvious results of de-cluttering, other side effects do not always register until after the fact. It can also benefit your mental well-being and your financial obligations.

De-cluttering reduces stress hormones in your body and lowers anxiety about unfinished chores. It can help you clear your mind to focus on more pressing needs and give you a more peaceful space for better sleep.

Your wallet benefits from de-cluttering too. It helps you recognize what you have (even duplicates) and what you need to get rid of. It opens your eyes to items you can sell for additional income and curbs your impulse to buy things just 'because' you can. Finally, it frees up space to eliminate the need to pay for storage units or larger places to live.

Start the new season off right by opening those closet doors and freeing your mind and wallet for new spaces.

Time to De-Clutter

· Start with a plan and tackle the room or closet that needs the most attention.

· Sort items into three piles: Keep, Donate / Sell, Trash.

· BE HONEST. If you haven't used it in at least a year, or it no longer fits or needs repair, it's best to get rid of it.

· Make decisions quickly. Do not give yourself a chance to rethink your initial choice.

· Clean the space before putting kept items back. Dust, vacuum, and deodorize if necessary.

· Sort items by season and store out-of-season items in airtight bins in a convenient place.

· Jot down items you need to replace and the timeline for buying them. (Seeing you need boots but can wait until summer to buy can get you a good bargain).

· Stick to your plan. Do not get sidetracked and move on before the room / closet is finished.

Holiday Cha-Ching

We haven't even had time to put up the swim trunks when the stores are "snowing" up with holiday deals. While we support planning and researching purchases outside your regular budget (i.e., holiday spending), GKCU reminds you to choose the best payment method so you don't spend more than you have to.

Cash: Paying for items with dollar bills helps keep purchases within budget. Cash is easy to spend and helps keep the "secrets" of gift purchases. You can collect that change for a coin jar to add to your savings later on!

Debit Cards: Using your debit card makes it more convenient and safer than carrying large amounts of cash. It is easy to track what you bought and where, and it makes in-store returns easier if needed. Be sure to keep a list of what you've bought and how much you've spent per person.

Credit Cards: Paying with credit is beneficial because it lets you buy now and pay later. Because it is a loan, you must be approved for a credit limit, and payments will include interest and applicable fees. (In other words, your purchase may cost you more if not paid in full when it's due). Credit cards add a level of protection, especially online, since it does not expose your checking information in the event of fraud. Reminder: introductory rates do go up, so watch for changeover dates. Finally, if you cannot pay in full, pay more than the minimum balance to help pay down debt faster.

So get that list ready and make a plan on the best ways to pay so your stockings are not left empty this holiday.

Benefits of Debt Consolidation

·Makes credit manageable. One or two card payments are easier to manage than multiple accounts.

·May lower interest rates and makes rates predictable.

·Budgeting is easier because you know your payment amount and when it is due.

·Making one payment can help pay down balances faster and reduce interest and fees.

·Paying down revolving credit may improve your credit score. Making payments on time and in full (or more than the minimum) may also help increase your score.

·Can ease anxiety about debt and feel more comfortable managing credit responsibly.

·Enroll in Credit Sense to view credit scores, set goals for credit improvement, and get tips for saving for larger purchases.

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