Create Your Own Financial Plan

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Cover for National Police Credit Union
Today’s episode of Mortgage Beat focuses on Killed in the Line of Duty Loan Protection,” a special debt cancellation benefit created exclusively for sworn Law Enforcement Officers.

To hear the episode, visit the Mortgage Beat podcast page on the Police Mortgage website: https://policemortgage.com/mortgage-beat-episodes/.

#Mortgages #PoliceMortgage #LawEnforcement #FirstResponders #EverybodyGoesHomeLetsGetHomeTogether

Today’s episode of Mortgage Beat focuses on "Killed in the Line of Duty Loan Protection,” a special debt cancellation benefit created exclusively for sworn Law Enforcement Officers.

To hear the episode, visit the Mortgage Beat podcast page on the Police Mortgage website: policemortgage.com/mortgage-beat-episodes/.

#Mortgages #PoliceMortgage #LawEnforcement #FirstResponders #EverybodyGoesHomeLetsGetHomeTogether
... See MoreSee Less

22 minutes ago
Welcome and thank you, Officer Culianos! Stay safe!

Welcome and thank you, Officer Culianos! Stay safe!Join us in welcoming Officer Anthony Culianos to Nanuet! Officer Culianos is the new School Resource Officer (SRO) at A. MacArthur Barr Middle School. He has been with the Clarkstown Police Department since 2014 and is now part of the #NUFSD family! #newtonanuet ... See MoreSee Less

13 hours ago

4 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

💙👮‍♀️💙👮‍♀️💙👮‍♀️💙👮‍♀️🙏🙏🙏💙💙💙

Congratulations Lord PLZ keep him safe in this cruel world💙🫡🙏🙏🙏🙏🙏🙏💙💙💙🫡🙏🙏🙏🙏

Welcome,be safe

Thank you!
#PinkPatchProjectImage attachmentImage attachment+3Image attachment

Thank you!
#pinkpatchproject
... See MoreSee Less

13 hours ago

1 CommentComment on Facebook

Thank you from a Breast Cancer survivor...God survivor...God Bless you all......

Thank you!
#PinkPatchProjectImage attachment

Thank you!
#pinkpatchproject
... See MoreSee Less

13 hours ago
Thank you!
#PinkPatchProjectImage attachmentImage attachment

Thank you!
#pinkpatchproject
... See MoreSee Less

13 hours ago

Thank you!
#pinkpatchproject
... See MoreSee Less

13 hours ago
Hello and thank you, K-9 Vita! Stay safe!

Hello and thank you, K-9 Vita! Stay safe!We are excited to introduce our newest partner in crime-fighting: Meet K-9 "Vita" from the Czech Republic, who specializes in drug detection. Let's give her a warm welcome! #toledopolice ... See MoreSee Less

13 hours ago

4 CommentsComment on Facebook

💙💙💙💙💙💙🙏🙏🙏🙏🙏💙💙💙

Welcome!

Hi there Gorgeous ! Stay Safe and watch over Your Partner / Handler.🐶🖤💙🖤💙

💙💙💙👮‍♀️👮‍♀️🐺🐺💙💙👮‍♀️👮‍♀️🐺💙👮‍♀️👍👍👍👍💙💙💙💙💙🙏🙏🙏🙏🙏

This is so precious!!!!
Stay safe, K9 Jocko! and K9 Officer Prichard!

This is so precious!!!!
Stay safe, K9 Jocko! and K9 Officer Prichard!🐾👮‍♂️ Exciting Adventures with K9 Jocko! 📝💪

Check out this pawsome pic of K9 Officer Prichard with our incredible K9 Jocko! 🐶⚡️ This dynamic duo just proved that Jocko is more than just an amazing apprehension and narcotics detection K9, he's also an emotional support pup for his handler! 🥰

In this photo, you can see K9 Officer Prichard holding Jocko's paw while typing up a police report. Jocko knows that writing reports can be tough, so he's right there by his handler's side, providing that much-needed support. Talk about teamwork! 👏🙌

We're incredibly grateful to have such a talented and caring K9 like Jocko on our force. He's always ready to lend a helping paw and make a positive impact in our community. Together, K9 Jocko and Officer Prichard continue to keep our streets safe and bring smiles to our faces. Good boy, Jocko! 🐾💙

#k9handler #k9jocko #teamworkmakesthedreamwork #emotionalsupportpup #plainfieldpd #havingfun
... See MoreSee Less

13 hours ago

3 CommentsComment on Facebook

💙🫡🫡🫡🙏🙏🙏🙏💙💙💙💙💙🫡🙏🙏🙏

Beautiful Thank You

Awwww

What a beautiful picture of a very special moment! Congratulations and thank you both!! Stay safe!

What a beautiful picture of a very special moment! Congratulations and thank you both!! Stay safe!From the New Port Richey Police Department. Like father, like daughter! Officer Negersmith is following the footsteps of her dad, who has spent his entire career in law enforcement. An affinity for policing seems to run in the family. ... See MoreSee Less

2 days ago

8 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

Salute💙🫡🫡🫡🙏🙏🙏🙏🙏💙💙💙

Awesome stat safe 💙

👏🇱🇷

Be safe and thank you 🙏🙏🙏

Be safe and thank you 🙏🙏🙏

View more comments

Thank you, #Hero!

Thank you, #Hero!Night side Officer Roman was happy to reunite an important family member with their family tonight ... See MoreSee Less

2 days ago

3 CommentsComment on Facebook

Awesome👏👏👏👏👏👍😊

Good Bless you

Congratulations!

Congratulations!Congratulations to the South Suburban Association Chiefs of Police 2023-2024 Executive Board Members! #NOBLEProud ... See MoreSee Less

2 days ago
Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!Last year these three chose to fill out an application and toss their name into our candidate pool. Jump forward to today, they have completed their Field Training Program and start solo patrol, serving our awesome community. Congratulations to Officer Talg, Officer Frick and Officer Shoemaker. Thank you for choosing #Wausau! ... See MoreSee Less

2 days ago

1 CommentComment on Facebook

Congratulations 🎊

Welcome and thank you, K9 Batman and Officer Dillard! Stay safe!

Welcome and thank you, K9 Batman and Officer Dillard! Stay safe!Meet K9 Batman! K9 Batman is a German Shepard mix and is approximately 2 years old. His handler is Officer Dillard and he is one of our new Greene County Jail K9s.

K9 Batman is also featured on our newest Greene County Jail K9 Swag! This apparel can be purchased from The CrackerJack Shack using the link below!

www.crackerjackshack.com/gcsok9

This is a pre-sale. Orders will be produced and shipped after the selling period ends. A portion of every sale goes to the Greene County Sheriff’s Office K9 Unit.
... See MoreSee Less

2 days ago

5 CommentsComment on Facebook

Salute💙🫡🫡🫡🙏🙏🙏🙏💙🫡🙏🙏

❤️

Ty

Looking Good. Now, Go get the Bad Guys and find all those Drugs.

View more comments

Welcome, K-9 Havik Officer Stockdale! Thank you! Stay safe!Image attachment

Welcome, K-9 Havik Officer Stockdale! Thank you! Stay safe! ... See MoreSee Less

2 days ago

5 CommentsComment on Facebook

Welcome! Congratulations on your new job! Stay safe!

Salute💙🫡🫡🫡🙏🙏🙏🙏🙏

Awesome duo 💙

Awesome

Beautiful 😍

View more comments

Rest in Peace, K-9 Rico. Thank you for your service, #Hero 
💙🐾Image attachment

Rest in Peace, K-9 Rico. Thank you for your service, #Hero
💙🐾
... See MoreSee Less

2 days ago

4 CommentsComment on Facebook

So very sorry for ur loss💔may he rest in eternal peace over the rainbow bridge🙏🙏🙏🙏🙏💔💔💔

😢🙏🇱🇷

Thank you for your service. Rest in peace.

RIP Rico

Congratulations! Thank you! Stay safe!Image attachmentImage attachment+7Image attachment

Congratulations! Thank you! Stay safe! ... See MoreSee Less

2 days ago
Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!The Lovington Police Department would like to extend a warm welcome and introduce Officer Berenice Vega to our community.

Officer Vega was born in Jerecuaro Guanajuato, Mexico and came to the United States when she was 9 years old. Officer Vega graduated from Lovington High School in 2017 and was granted citizenship in 2018. Officer Vega will begin our Field Training Program and attend the Southeastern New Mexico Law Enforcement Academy at a later date.

We are delighted to have Officer Vega join our ranks at the Lovington Police Department!
... See MoreSee Less

2 days ago
Thank you for 33 years of service!!Image attachmentImage attachment+5Image attachment

Thank you for 33 years of service!! ... See MoreSee Less

5 days ago

6 CommentsComment on Facebook

Thank you Sir for your service to your community..... Enjoy your retirement... God Bless you and your family.....

Congratulations

👏🇱🇷

Salute💙🫡💙🫡🙏🙏🙏🙏🙏💙💙💙💙💙🫡🫡🫡

View more comments

Thank you, SRO, Private Chestnut! Stay safe!

Thank you, SRO, Private Chestnut! Stay safe!Congratulations to our newly promoted School Resource Officer, Private Chestnut. Thank you for keeping us safe and mentoring our students. We appreciate you!
#schoolrescourceofficers #eastpointsc
West Columbia Police Department
... See MoreSee Less

6 days ago

8 CommentsComment on Facebook

👏🇱🇷

Salute and Honor

Congratulations

Thanks prayers stay safe and well in Jesus name

Congratulations 🎊

Congratulations!!!👮🏿‍♀️👍

Congratulations lord keep her n r kids safe in this cruel world🙏🙏🙏🙏🙏🙏🙏💙🫡🫡🫡🫡💙💙

View more comments

Latest Tweets

Rate Limited Exceeded. Please go to the Feed Them Social Plugin then the Twitter Options page for Feed Them Social and follow the instructions under the header Twitter API Token.No Tweets available. Login as Admin to see more details.

Create Your Own Financial Plan

Whether you consider yourself a savvy investor with money to burn or you feel as though you are struggling to make ends meet, the act of creating a plan to understand and manage your own personal finances is a necessity for anyone who hopes to gain and maintain control of their own financial situation. 

Next to our health and our family, our finances are the next largest contributor or detractor to the quality of our life, but not for the reason you might think.  Many of us associate having more money with having less stress.  The fact is, stress comes from the unknown and we feel better when we manage our own lives in a way that minimizes what we don’t know.  Creating and following your own personal financial plan will reduce stress and it works regardless of how much money you have.  If you believe that you are better off not knowing the status of your finances, you are kidding yourself.  If you do not have a good handle on your finances, the bottom line is you are paying more for your money and achieving less with your money.  Ignorance is not bliss when it comes to your finances!

No matter what shape your finances are in, you will benefit from the peace of mind to be gained from understanding your own financial situation and developing a plan that works for you.

So, let’s get started.  The following ten steps form an outline for your personal plan and the details that follow will give you a basis for determining where you are and what you are capable of achieving.

Ten Steps

  1. Discuss your financial situation with your spouse
  2. Choose a financial mentor
  3. Complete a list of your assets and liabilities
  4. Obtain a copy of your credit report
  5. Detail your monthly income and expenses
  6. Review and balance your checking account
  7. Review all associated rates and fees
  8. Set your own financial goals
  9. Shop for rates, services, and a financial institution that will support your goals
  10. Commit to your financial plan and repeat steps as necessary

 

  1. Start by sitting down with your spouse or anyone else who is either influenced by your financial decisions or who will impact your financial situation. Inform them of your plans to take more control of your finances and start a conversation with them about their thoughts, ideas, and concerns. It is important to begin this process by setting proper expectations and ensuring that everyone involved understands the importance of these steps.

 

  1. Once you have put your thoughts and expectations together, choose a financial mentor. When you start a new job, someone who is already experienced in that role typically trains you. It is always to your benefit to learn from someone who will provide you with the benefits of what they have learned and experienced.  The same holds true when you set out to learn and follow new financial habits. 

 

Financial mentors are often family members or friends who have demonstrated sound financial decision-making.  Your local credit union is also an excellent source for financial mentors.  Credit unions are service oriented not-for-profit organizations and they are often staffed with people who pride themselves in providing personalized attention at little or no cost.  To what extent you choose to utilize this person will depend on you and your own individual needs. 

 

  1. After you have selected your financial mentor, gather all of your statements reflecting what you owe as well as what you own and what you have saved. From these statements, draw up a list of your liabilities (debts owed) and your assets (amounts owned and saved). Common liabilities include your mortgage, home equity loans, credit card balances, car loans, and student or tuition related loans.  Common assets include the value of your home, savings account balances, savings bonds, insurance and other investments.

 

Once you have completed the list and added-up your assets and your liabilities, subtract your liability total from your asset total in order to determine your net worth.  This number represents a starting point and a basis for setting your personal financial goals. 

 

  1. The next step is to contact the three major credit bureaus and obtain a copy of your credit report from each of them. Their contact information is as follows:

 

Trans Union

www.Transunion.com

(800)888-4213

 

Experian

www.Experian.com

(888)397-3742

 

Equifax

www.Equifax.com

(800)685-1111

 

If you have been denied credit for any reason within the last 60 days, you may obtain a free copy of your credit report from one of the above.  Otherwise, charges for a copy of your credit report and score range from $8 – $15.  Taking this step is important for a number of reasons.  It will provide you with a comparison between what your creditors are reporting about you and your payment history and your own records and statements.  If information is inaccurate, you can establish an avenue for correcting it.  It also provides you with another valuable starting point in determining your financial standing and understanding the importance of good credit.  If you have not previously read your credit report, ask your financial mentor to explain the terminology used, the scoring methods, and the importance of each.

 

  1. Now that you have started looking at your overall financial picture, break it down further by detailing your monthly income and your monthly expenses. Start by adding up your take home pay and any other sources of income, i.e. side jobs, rental income, etc. Next, add up your monthly expenses.  It is sometimes easier to start with your largest expenses and work your way down the list.  Your list should include everything that you regularly spend money on each month such as your mortgage or rent payment, other loan payments, credit card payments, utilities (gas, electric, water, cable, telephone), typical grocery bills, and spending money for entertainment and dining out.  When you are finished, you should know exactly how much income you bring home each month and have an excellent estimate as to the expenses you incur in a typical month.  Are there any surprises?  Take a close look at these numbers and determine if you need to make any adjustments.

 

  1. Review and balance your checking account. If it has been awhile since you have done this, or you have never done this, retrieve your last checking account statement and sit down with your financial mentor. Doing so will remove the grief, intimidation, and aggravation you would likely experience in trying to complete this step on your own.  Ask questions and commit to learning this process so that you will be able to complete this task on your own going forward.  Once you have completed this task, repeat this process at least monthly to ensure that you keep your account in balance.

 

  1. Review all associated interest rates and fees that you pay and earn on your assets and liabilities. Determine whether or not the interest that you pay on your loans is at a fixed rate or a variable rate. If you pay variable rates on your loans, understand what factors cause the rate to vary so you are prepared if and when your rate increases.  Review your statements for any monthly maintenance fees, annual fees, and other fees that you may not have been fully aware of and be sure to understand fully why these fees are assessed.  If you have been charged NSF fees, you may now be in a position to avoid those going forward after having balanced your checking account.  Once you have gained a better understanding of these rates and fees, you will be in a better position to minimize and potentially eliminate them where applicable.

 

  1. You have now completed the initial review and consultation. The next step is to set financial goals for yourself, such as a savings target you would like to reach or debts that you would like to payoff. Setting financial goals for yourself is possible now that you have gained an understanding of your personal financial situation. Ask your financial mentor to help you set realistic targets or to confirm the validity of the goals you set. At this point, you will begin to realize the many benefits associated with creating your own financial plan.

 

  1. The personal financial industry is very competitive. Recent changes in regulatory laws have made it possible for credit unions, banks, insurance companies, and credit card issuers to provide virtually all of the same types of products and services to consumers. Use the competitive nature of the industry to your advantage.  Research service and rates and shop for the financial institution(s) that will be right for you and help you to achieve your financial goals.

 

  1. Finally, make a commitment to repeat these steps as often as is necessary for you to maintain control of your own personal finances.

 

Someone once said that knowledge is power.  By following these steps, you will gain and maintain the knowledge that you will need to create financial choices for yourself, reduce stress, and take control of the financial side of your life.   Knowledge is power.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

Share This Post

Recent Posts

Group 764 (1)
Ralph is trying to learn how to play golf so that he can impress his new boss.  Ed is assisting him by reading from an instruction manual and they are both trying to figure out what addressing the ball means.  Ed lines up to demonstrate.
thumbnail
The most important step you can take toward ensuring that you maximize the quality of your life, next to having a strong self-awareness and being personally accountable, is to surround yourself with good people.
Serial Decisions
It means that yesterday may or may not have gone according to plan.  Yesterday may have been a good day or a bad day or somewhere in between.
STOP!
Before you purchase that new car, check the Credit Union website to see if we can beat that rate!

Subscribe to our Newsletter

We’d love to add you to our mailing list.