Life’s Financial Journey

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 FREE 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!

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.

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

• 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*

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

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

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!

Learn More about mortgages

College graduation is an exciting milestone, but it can also bring uncertainty about what comes next. Whether you are starting a job search, moving to a new city, or living on your own for the first time, this transition comes with important financial decisions. Team One is here to provide practical guidance to help you feel confident, prepared, and positioned for long-term success.

Avoid Common Financial Pitfalls

Many young adults face similar financial challenges early on, simply because this stage of life brings new responsibilities. Here are some common pitfalls to be aware of:

• Using credit without understanding it – Opening your first credit card can be a smart way to begin building credit. But applying for several cards at once, carrying high balances, or missing payments can lower your score quickly. Starting with one card and managing it responsibly is often the strongest foundation.

• Overlooking student loan repayment details – When repayment timelines and monthly obligations are unclear, payments can feel overwhelming and unexpected. Reviewing your loan type, servicer, and repayment options early can help reduce stress when payments begin.

• Entering adulthood without an emergency fund – Life happens, and expenses rarely arrive at convenient times. Growing and maintaining an emergency fund (even $500 to $1,000 to start) can make the difference between managing unexpected expenses confidently and relying on new debt.

Build a Strong Foundation

Life after graduation is full of opportunities to build financial momentum. With a few intentional habits and guidance from your trusted financial institution, you can build a strong foundation early.

• Understand your income – Your salary, or gross income, is not the amount that reaches your bank account. Your net income is what remains after taxes, insurance, and other deductions are taken out. Build your budget around your net income, pay bills on time using tools like auto pay or Bill Pay, and regularly monitor your accounts to stay on track.
• Leverage the right support – Team One’s Financial Empowerment Program provides personalized, judgment-free guidance to help you build a realistic budget, manage debt, strengthen credit, and create a plan that keeps you on track.

Imagine you receive a phone call from someone who sounds distressed and claims to be a grandchild in trouble, urgently asking for money. The situation may feel emotional and convincing, especially if the voice sounds familiar.

This is how many scams begin. Unfortunately, as technology evolves, fraudsters evolve with it, becoming more sophisticated and convincing than ever before. Older adults are often targeted for a few reasons:

• 1. More established financially – Scammers believe they have larger savings and accumulated wealth.
  2. High level of responsiveness – Older adults are accustomed to resolving matters over the phone and responding quickly to official-sounding requests.
  3. Less familiarity with technology – Fraud tactics change rapidly and many older adults are less likely to recognize newer schemes.

Scams That Commonly Target Retirees:

• Grandparent scams – As described above, a caller pretends to be a grandchild or relative in distress, asking for funds to be sent immediately.
• Romance scams – An individual connects with you online, often through social media or dating sites, and gradually builds a relationship. Once trust is established, they request money for a supposed “emergency.”
• Impersonation of trusted institutions – A caller may claim to represent Social Security, Medicare, the IRS, your bank or credit union, or another trusted institution, warning of suspended benefits or frozen accounts. They may pressure you to share personal information or make an immediate payment to avoid penalties or losses.

Stay in Control:

• Pause before responding to urgent requests for money, even if they appear to come from someone you trust.
• If you receive a suspicious call, hang up and contact the person or organization using a number you look up independently. Do not return the call by tapping the number in your recent calls list, even if it appears to match a trusted contact.
• Never send wire transfers, gift cards, or cryptocurrency in response to unexpected requests.
• Do not share account or card numbers, passwords, or one-time security codes. Team One and other legitimate institutions will not request this information.
• Review your account activity regularly through Online or Mobile Banking, and verify any reported changes yourself rather than relying on what a caller tells you.