What does it actually mean to Love Your Money?
“An investment in knowledge pays the best interest.” -Benjamin Franklin
I remember my first paycheck from my first full-time job, straight out of college. Up until then, I had been working part time jobs to cover gas, car insurance, textbooks, and a lot of coffee, but having finished school and moved out of my parents’ home, I suddenly had more financial responsibilities. That paycheck felt enormous at the time (but it dwindled pretty quickly)!
Since then, my life has changed considerably – I have a spouse, a mortgage, various bills, a life insurance policy, and more worries than I did during my college days. However, a reality that has followed me through every season of my adult life is this: in order to make ends meet, I have to make money and manage it wisely. Much easier said than done!
Attitudes towards money can vary wildly from person to person and generation to generation. For many, talking about money can feel uncomfortable or bring up feelings of shame. Many want to have conversations about finances but have no idea where to start.
So, what on earth does it mean to Love Your Money?
In a nutshell, Loving Your Money means using it as a tool to nurture what matters most to you. To Love Your Money, you need to protect it, nurture it, and use it intentionally!
- Protect It
Protecting your money means utilizing important resources to ensure your assets are protected and wishes are honored. It’s a common misconception that wills, trusts, powers of attorney, and other estate planning items are only necessary for those with considerable wealth, but that’s not true! Estate Planning helps you protect and delegate your most important financial and medical decisions in the event of death or incapacitation. No matter what your financial situation is, your voice deserves to be honored. DNCU is proud to partner with Legal Karma to offer affordable and accessible Estate Planning services.
When it comes to protecting your assets and financial wellbeing, insurance is essential! TruStage Insurance offers a variety of insurance options – Vehicle, Home, Life, etc. – all at exclusive DNCU member pricing.
- Nurture It
To nurture your money is to strategically save and watch it grow over time. Putting money into high yield savings accounts or Share Certificates is a great way to grow your savings and earn returns. DNCU offers Share Certificates with competitive rates and flexible terms – all designed to help you reach your specific short-term or longer-term financial goals. When it comes to saving for retirement, DNCU also offers great options, including Individual Retirement Accounts (IRAs), to help you prepare for a rewarding financial future.
Nurturing your money goes beyond growing it – it also means strengthening your financial literacy and learning more about how to manage your finances with intention. DNCU offers valuable, no-cost financial tools, including More Than a Score to help you strengthen your credit score, GreenPath Financial Counseling, and helpful financial content through Banzai.
- Use It Intentionally
To conclude, loving your money means leveraging it and using it for the things that align with your values, goals, and priorities. Do you have a heart for at-risk youth in your community? Consider using your resources to help provide safe spaces and other important supplies and services. Do you have a desire to someday own your own home? Use your knowledge and resources to work towards that goal. Do you want to help your children finish college with minimal to no debt? Leverage your resources to help plan for their education and set them up well! When used intentionally, money can be a great tool to help build a fulfilling legacy.
Whatever your attitude is or has been towards finances, it’s never too late to start protecting your money, nurturing your money, and using your money intentionally. At DNCU, we are here to help you discover the best options to help you reach your financial goals. If you are ready to love your money more, set up an appointment at your nearest branch location today!