Carolina Collegiate
Federal Credit Union
710 Pulaski St.
Columbia, SC 29201
4480 Rosewood Dr.
Columbia, SC 29209
Phone Numbers
(803) 227-5555
Toll Free: (800) 476-5861
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If you're in your 20s, you have a financial asset money can't buy - time. And time makes your money grow. Making some smart money moves in your 20s pays off now and in the future. Here's a list of 10 smart moves for twenty somethings:
- Set financial goals, say, to take a vacation, go back to school, get married, buy a house, or start saving for an early retirement. Put your goals in writing, and then calculate how much you'll need to save each month to reach them. Carolina Collegiate has a Member's Financial Services Representative to help you reach your financial goals. Call us at 1-800476-5861 or (803) 251-8474.
- Make a spending plan, limit your debt, and concentrate on paying off existing bills. If you use credit, limit debt to your ability to repay. Experts say monthly credit payments, excluding a mortgage, shouldn't exceed 20% of your monthly take-home (after tax) pay.
- Build an emergency fund equal to three to six months' living expenses. It may take years to build. Use this fund only for true emergencies, such as unexpected car repairs, illness, or unemployment. Use direct deposit and payroll deduction to help build this fund.
- Save at least 10% of gross income for your emergency fund, future goals and retirement. If you can't manage 10%, start with 5% and increase it over time.
- Take advantage of the services your credit union offers. You'll save on fees and pay less when you borrow. That's a fact.
- Make it priority to get adequate health, disability, auto, personal liability and tenants' or homeowners' insurance. If someone else depends on your income, you'll also need life insurance.
- Once you've implemented your spending plan, build your emergency fund, and obtain appropriate insurance, make the most of your money by starting to invest. The key to making the most of your money is investing small amounts gradually and sensibly over time. Think in terms of at least five to ten years down the line - investments need that much time to ride out the inescapable ups and downs of the market.
- Use tax-advantaged savings plans your employer offers to save money for your retirement, such as company 401K retirement savings plan and individual retirement account (IRAs) at Carolina Collegiate Federal Credit Union. Give us a call at 1-800-476-5861 or (803) 2518474.
- Keep job options open by keeping your job skills fresh. Get necessary training and education so your knowledge and skills stay up-to-date.
- Maintain orderly financial files to keep track of your money and put your hands on important records when you need them.
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