Navigate Every Stage of Your Financial Journey with Team One.
From your first Savings Account to retirement, we’re here for you.
At Team One Credit Union, we know that every financial journey is personal—but no one should have to navigate it alone. Whether you’re just starting to budget in early adulthood, saving for your first home, or preparing for a well-earned retirement, we’re here to help!
Explore the guide below for tailored financial tips for every stage of life, with practical strategies to help you take control of your money, achieve your goals, and plan with confidence.
Budgeting Basics for Young Adults
Just starting out on your money management journey?
No problem! As your dedicated financial partner, Team One is here to support you through all of life’s phases. Here are a few budgeting tips to help you get started:
Why is Budgeting Important?
- Clearly visualize your income-to-expense ratio
- Prevents overspending
- Encourages saving for future goals such as school, travel, family, or retirement
- Prepares you for life’s unexpected expenses by helping you build an emergency fund
- Enhances overall financial stability
Understanding the value of budgeting makes it easier to create a plan and stick to it. To establish an effective budget, it’s important to have a clear grasp of your income and how you should factor it into your financial planning.
Understand Your Income
- Gross Income – Total earnings before taxes or deductions
- Net Income – Your take-home pay, ideal for budgeting
- Discretionary Income – What’s left after essential expenses; use this to save, invest, or enjoy
Once you have identified your net income, you can begin organizing your expenses into two main categories: needs (rent/mortgage, food, insurance, utilities, etc.) and wants (dining out, entertainment, vacations, etc.). Once you have calculated your monthly needs, you’ll know what remains for wants, savings, and investments.
Key Takeaways
- Live within your means by prioritizing needs over wants
- Set clear savings goals and stick to them
- Track all spending to keep an accurate record
- Establish a rainy-day fund for unexpected expenses
Team One has the digital tools to help you on your journey toward financial well-being. With our Mobile Banking app, you can establish a budget, track spending with eAlerts, set savings goals, and more!
Five Steps to Homeownership
Buying your first home can feel overwhelming, confusing, and even a little intimidating—especially without a trusted financial partner by your side.
At Team One Credit Union, we are here to support you through all of life’s phases. From first savings account to first home, to retirement. We’re here – every step of the way.
Monitor Your Credit Score
A healthy credit score is essential when preparing to purchase a home.
- Get your free credit reports at AnnualCreditReport.com
- Pay bills on time and reduce Credit Card balances to maintain a healthy credit score
Start Saving Today
Before you’re ready to sign on a new home, it’s important to have dedicated savings for home expenses.
- Open a separate Savings Account specifically for down payment, closing costs, insurance, moving expenses, etc.
- Budget for at least 3-5% down payment – with our Specialty Mortgage Program, first-time homebuyers may qualify for up to 97% financing*
Update Your Budget
It’s important to get a feel for what you can afford once you factor in a mortgage, insurance, taxes, utilities, etc.
- Take time to build a new budget factoring in home costs
- Practice living off the new budget. Once you get a feel for it, adjust where needed
Avoid New Debt
When it comes time to apply for a home loan, lenders will want to see evidence of stable finances.
- If possible, don’t open new credit cards or make large purchases 3-6 months prior to applying for a mortgage
- Focus on paying down any outstanding debt
Get Pre-Qualified
Before you start house hunting, it’s important to know how much you can borrow. This amount is based on several factors including current income, employment history, credit score, debt, etc.
- Pre-qualification helps you focus on homes within your budget and shows sellers you’re a serious buyer
- Talk to a friendly and knowledgeable Team One Mortgage Specialist to get started
No matter the timeline, Team One is here to empower the financial dreams of our Members!
Boosting Your Retirement Budget
Planning for Retirement? We’re Here to Help.
If you’re nearing retirement, now is a great time to explore options that can help ease future financial strain. As your trusted financial partner, Team One Credit Union is ready to support you with strategies to stretch your income so you can enjoy your retirement – stress-free!
Consider Part-Time Work
Working just a few hours a week can help supplement your income and keep you active. Many retirees enjoy flexible jobs such as customer service, tutoring, or freelance work. Before accepting a part-time role, be sure to check with the Social Security Administration (SSA) about current income limits after retirement.
Use a Health Savings Account (HSA)
If you’re enrolled in a high-deductible health plan, an HSA allows you to pay for medical expenses tax-free—even during retirement. Funds roll over year to year and can grow over time, making HSAs a smart long-term savings and investment tool. The funds you contribute can cover medical costs for yourself, your spouse, or your dependents. Explore the benefits of a Team One HSA at TeamOneCU.org.
Downsize Your Living Expenses
Reducing housing and lifestyle costs can create more room in your retirement budget. Consider moving to a smaller home, selling unused items, or eliminating nonessential subscriptions to cut costs. Staying on top of spending and monitoring your budget closely can help ensure you’re living within your means in retirement.
Explore Relocation Options
Moving to a lower-cost state can offer tax savings, affordable living, and a slower pace. Popular retiree-friendly states like Florida, Texas, and Tennessee have no state income tax and active retirement communities. Some even choose to venture abroad in their retirement years. Countries like Germany, Spain, and Portugal offer a lower cost of living for retirees. If you're considering retiring overseas, check with the SSA to ensure your benefits will continue.
With the right plan in place, you can thrive in retirement!
Looking for additional guidance? Many of our team members are now Certified Credit Union Financial Counselors (CCUFCs), ready to help you budget, manage debt, and plan confidently for the future. Additionally, through Team One Investment Services, you are entitled to a free review of your finances and professional guidance on investment options. Call or book an appointment with a Wealth Advisor today!
Team One now offers a Free Financial Empowerment Program that provides personalized guidance on budgeting, saving, managing credit, and paying off debt.