3. You Build Emergency Funds   

Whether or not you have an emergency fund to manage unforeseen circumstances can mean the difference between financial disaster and a minor setback. When you’re financially aware, you plan for the unexpected. Depending on your budget, you can determine a set amount to put into a savings account from each paycheck. Some financially aware people have their employer direct deposit part of their paycheck into a savings account. Over time, you can build a budget buffer. 

4. Your Use of Debt is Strategic

Debt is borrowing money you haven’t earned yet. It is a useful way to meet goals earlier and better manage your finances, but only if you have a plan to pay off your balances. When you are financially aware, you obtain low-interest loans to acquire an asset or improvement – like a house, car or student loan. You stay current with high-interest credit cards that can become difficult to pay back if your financial circumstances change unexpectedly. Depending upon your situation, there may be options to get out of debt faster. Financially aware people might consider a debt management plan to get a handle on any outstanding debt. 

5. You Check Your Credit History and Score 

According to a Bankrate study, one in three Americans has never checked their credit history. Financially aware people keep tabs on their credit history, which is used to calculate your credit scores – those three-digit numbers that help determine whether lenders approve you for a new credit and what interest rates you will be offered. Annualcreditreport.com is a “one-stop shop” to check your reports from Experian, Equifax, and TransUnion, the three industry-standard credit bureaus. The Financial Experts at GreenPath can review your credit history with you and guide you through the steps that you can take to build your credit score, too.

Build Your Financial Awareness 

Financial awareness starts with information, and we all make the best decisions we can with the resources we have available to us. Through our partnership, we encourage you to connect with a caring, trusted and certified financial counselor to get information to build your financial awareness. MEMBERS1st has partnered with GreenPath Financial Wellness to equip you with the tools you need for financial success. It’s free, confidential, and no pressure!